18 year old trying to get a loan.

[macbethpoe]

I finally have a steady job, and opened a bank account about two weeks ago. I have had my job for about two months. Only two previous jobs and each were three month seasonals. I am curious if anyone here ever got a loan when they were 18, without any credit, and havent worked for a year yet?

Click to read more...

 

[JimJ 5,000+ posts]

You could, but you'll probably pay a steep interest rate and be subject to all sorts of terms and conditions...

Paying it off on time will definitely help your credit rating, though.

 

[soundstreamer 10+ year member]

yes. my dad cosigned on a $2000 car loan for me.

 

[SSS 18734 5,000+ posts]

what kind of loan are we talking about here?

 

[Johnny Drama 5,000+ posts]

Your best bet is to have a cosigner that way you will get what you want and build your credit in the process. I started off this way and have a very high score and limit ATM.

 

[DBfan187 5,000+ posts]

loan shark?

 

[soundstreamer 10+ year member]

btw...it was 6% interest on an 18mo loan for a used vehicle through lasalle national bank(through state farm insurance)

 

[millerscents 10+ year member]

go to the bank and get a $500 loan dont spent it save it pay it back over couple mnths

do this couple times and you will have a good line of cred. started

 

[Patrick Simmons 10+ year member]

If you had been working for at least 6 months, some places would hook you up if your not asking for much.

How much are you looking for?

 

[macbethpoe]

No one will cosign with me which sucks. I am looking for about 2-4000. So I can get a pickup.

 

[Gauntlet 5,000+ posts]

Just call the bank and ask. The interest rate shouldn't be too bad since it's secured on something. And pay off as much as you can as quickly as possible, that way you're paying more towards the prinicpal than the interest.

 

[Loudrango112 10+ year member]

I got a loan when I was 18.... was a 10K loan.

 

[bigwheel15 10+ year member]

I got a loan when I was 18.... was a 10K loan.

Jeez, what for?

 

[cappy72 10+ year member]

i had a 14K loan when I was 18 and an 19.5K loan at 19... then at 22 I went bankrupt...

 

[Shugarra 10+ year member]

I took out a $1500 car loan at 18 with 9% interest, no cosigners. From what I can tell, with my limited experience, the bank takes a look at your income and a certain percent of that (35ish % I believe) can go towards monthly payments not counting rent. If your income/mo*.35 > (current_monthly_expenses+car_loan_payment) then they really don't care. I think it also kind of helped that the amount I was borrowing was less than the wholesale value on the car.

As long as you are borrowing a reasonable amount I wouldn't suspect you'd have any problems getting a loan. My brother just got a $4,000 loan on a truck, as a matter of fact, and he is 18 with no credit.