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Bank loan for 18 yr old?

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eastAR5
Posts: 15084 - Karma: 730
I saw a car that i have to have and my parents are being
n-i-g about it,by the time they agree its gona be gone. Is it possible for an 18 year old with no credit to get a loan of some kind for something like this? It's only $8,500 such a sick deal, i would be able to pay it off quickly every month
Sep 17 2007 11:40AM
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IcePointa
Posts: 1879 - Karma: 19
good luck in this market
Sep 17 2007 11:44AM
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00000000
Posts: 11075 - Karma: 82,508
How do you plan on paying it off?
Sep 17 2007 12:03PM
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WIfreeskier
Posts: 8125 - Karma: 65
well if you haven't built up any credit history it's gonna be hard to get that much without someone to co-sign it... if you have bad credit then forget about it. you could get numerous credit cards with high enough limits and try to play that game but it gets messy.
Sep 17 2007 12:04PM
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SkiingNinja
Posts: 1964 - Karma: 880
possible i think if you have one of your parents or someone sign for it saying they can pay if you can't. it's something like that i believe.
 what kind of car?
Sep 17 2007 12:04PM
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StealthSteez
Posts: 3183 - Karma: 11
your going to need a co sign, im 18 and kinda needed the same thing...
Sep 17 2007 12:15PM
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eastAR5
Posts: 15084 - Karma: 730
its not really that much money when your working full time...



Sep 17 2007 12:23PM
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eastAR5
Posts: 15084 - Karma: 730
its a 04 white vw special edition vw with 18" black rims, presidential tint, ski rack, tweed interior, custom bose sound
Sep 17 2007 12:28PM
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SkiingNinja
Posts: 1964 - Karma: 880
what model?
Sep 17 2007 12:29PM
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eastAR5
Posts: 15084 - Karma: 730
its just a jetta 1.8T "wolfsburg edition"
but it only has 72k miles and is in super good condition comes with extra snow tires and another set of ill rims
Sep 17 2007 12:37PM
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freezed
Posts: 12973 - Karma: 500
that's still multiple months of working to pay off one purchase. maybe you shouldn't make an 8500 dollar impulse buy.
Sep 17 2007 12:40PM
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Itsbackfliptime
Posts: 18901 - Karma: 75
How often do you buy a car with cash though?
Sep 17 2007 12:55PM
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Shpadoinkle
Posts: 10437 - Karma: 84
i'd jump on it.
Sep 17 2007 12:57PM
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PASKIINGSUCKS
Posts: 9097 - Karma: 777
Some banks will give smaller loans if your lucky. You could possibly take that small loan $$ to the dealer and get financing through them. Car dealers are much more likely to get you a loan approval than just a bank. If your buying this off a private seller your probably out of luck. Good luck to ya.
Sep 17 2007 1:02PM
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00000000
Posts: 11075 - Karma: 82,508
I asked that because the banks will do the same...was just wondering
Sep 17 2007 1:23PM
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yelsel
Posts: 12967 - Karma: 3,451
dealerships will give you a loan w/like 11%..not good.

if you can get someone to co-sign you'll be set. ive had multiple car loans and personal loans have never had a problem with them and i dont have any credit either. the first car loan i had though my parents did have to co-sign and after that i was golden
Sep 17 2007 1:29PM
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eastAR5
Posts: 15084 - Karma: 730
yea thats true but i actually need a new car before winter real badly... mine costs too much to keep being repaired and ill die trying to drive it to the mountain


just sent my parents a long ass email hopefully they will see the light and just cop it quick
Sep 17 2007 1:30PM
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eastAR5
Posts: 15084 - Karma: 730
its not a dealer... private selling the guy needs to move and cant take his whip
Sep 17 2007 1:31PM
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sherpasrock
Posts: 2382 - Karma: 10
i'm 20 and for a 4,000 loan i still needed my parent's to co-sign. oh i also had perfect credit (just from a credit card i got when i was 16 that i only used when i could pay it off right away). so, good luck. granted, i also went to a credit union instead of a bank. i dunno if that makes any difference.
Sep 17 2007 2:21PM
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0123456789
Posts: 9226 - Karma: 148
i may b wrong but i read a thread about how your mom sent you to that drug campand shit and promised to buy u a car after wards?
Sep 17 2007 2:26PM
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eastAR5
Posts: 15084 - Karma: 730
theres a lot more to it then that but i dont think about that shit anymore. I moved out and im living on my own
Sep 17 2007 2:32PM
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ValPow
Posts: 1049 - Karma: 10
i wouldn't personally,

save up for it rather than going in debt, being young you will be hit by an enormous interest rate.

Pretty dangerous to start getting loans from banks at 18
Sep 17 2007 2:38PM
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samurai_jack
Posts: 756 - Karma: 5
pic of the car or it doesn't exist haha
Sep 17 2007 3:15PM
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heath
Posts: 475 - Karma: 13
I got a 8,000 dollar loan for my car, and my parents co-signed it and I'm 18. I have car payments for 48 months (4 years) but its only 189 a month which is VERY manageable.
Sep 17 2007 3:17PM
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WIfreeskier
Posts: 8125 - Karma: 65
nice man- i have pretty much this exact car, '04 jetta 1.8T fully-loaded... great car dude, you will like it
Sep 18 2007 2:30PM
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J.D.
Posts: 21362 - Karma: 5,141
I believe that if you're under 21 you're required to get someone else to guarantee the loan.
Sep 18 2007 2:34PM
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SkierX
Posts: 16253 - Karma: 538
Want my honest opinion?

At your age, don't do it. I did the same thing. At 18 with no credit, I went and bought a 6000.00 car with a loan, (paid 15% down and financed the rest), and I regret doing it. I bought a fun car too, with 90k on it.

By the time 3 years was up on the loan it had 140k and was a pile of shit. It was regularily breaking down and I was still paying for it monthly too.

Factor in the increased costs for insurance (since collision will be required), it just isn't worth it overall.

I played the same game you are looking at now, and if I could go back in time, I would've done things differently.
Sep 18 2007 2:42PM
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TerminatorX
Posts: 3087 - Karma: 169
do work son
Sep 18 2007 2:48PM
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SteezePatrol
Posts: 10281 - Karma: 36
i wouldn't recommend buying an 8000 dollar car when you're 18 and can't pay for it straight up
Sep 18 2007 3:10PM
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JNew
Posts: 227 - Karma: 10
i think you have to have a co-sign but you should be able to get it
Sep 18 2007 3:28PM
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dave44
Posts: 11052 - Karma: 113
I think he's got something here.
Sep 18 2007 3:36PM
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Henry
Posts: 2013 - Karma: 41
you going to college? if so you could take out a college loan to pay for the car.
Sep 18 2007 3:42PM
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soulskier
Posts: 17805 - Karma: 3,821
well, i'm sure youcould find something but you would get raped with interest and other charges
Sep 18 2007 4:00PM
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Worst.NS.Member
Posts: 703 - Karma: 11
prosper.com microloans.
Sep 18 2007 4:03PM
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snwbrdmilf
Posts: 22441 - Karma: 2,805
Take his opinion. It's not worth it.

Buy a peice of crap to romp on for a few years. Then buy a decent car when you know you can afford it, and it's worth it. You won't regret it in the end.
Sep 18 2007 4:04PM
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whattheshit
Posts: 6562 - Karma: 107
you should probably learn how to manage your money first.
Sep 18 2007 4:13PM
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cobra_commander
Posts: 16909 - Karma: 4,682
you don't want to be in debt this early in the game.
Sep 18 2007 7:21PM
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cobra_commander
Posts: 16909 - Karma: 4,682
and you should try and talk the current owner down some bargin with him try and get it down below $7000
Sep 18 2007 7:22PM
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Luc.
Posts: 7540 - Karma: 59
8500? mad doubts man. you will regret this buy in the future i can garuntee it. save yo money and when u have enough buy another one straight up.

if the deal is that good then there will be another one truuuust
Sep 18 2007 9:25PM
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Static
Posts: 8494 - Karma: 4,068
if you get a car loan you'll have to have full coverage insurance like skierx said. If you're set on getting a loan get a student loan, or an unsecured load to avoid having full coverage insurance.

A lot of people pay cash for vehicles, only poor people who live above their means or trustfunders finance cars.
Sep 18 2007 9:30PM
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The_Oakley_Kid
Posts: 3128 - Karma: 179
I bought a 9000 dollar car, added in 1200 in rims, 3500 in sound systems, and 1200 in engine mods. It is such a dope car too, but there was no way that I would have done any of that off of a loan. I just worked for a year then bought it. Think about it, if you wreck it or whatever, or don't want it in a few years, your still going to be paying it off, which sucks. oh, by the way, it was a S4... $$MONEY$$
Sep 18 2007 9:35PM
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brokebutitsworthit
Posts: 2279 - Karma: 27
I had no problem getting a loan when I was 19 but I had a credit card previously that I was good at paying off, they actually said I could have got a line of credit for almost double what I asked for without a co-signer. 
Sep 18 2007 10:05PM
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WILCOX
Posts: 1259 - Karma: 108
yo buy that shit adank its all u just get your rents to co sighn the loan
Sep 23 2007 6:57PM
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