Loan for under 18's

candlegirl

My son is age 17 works full-time and desperate to get a loan for a car - is there anywhere that will give him a loan before 18?

anotherpaul_2

candlegirl wrote: »

My son is age 17 works full-time and desperate to get a loan for a car - is there anywhere that will give him a loan before 18?

I believe the loan would be unenforceable if he's under 18, so no - they couldn't collect if he decided not to bother paying. The only option would be someone over 18 to take a loan on his behalf.

IWantToBeFree_2

If I was you i'd tell him to save his money and buy a car rather than take out a loan in the current climate.

jonesMUFCforever

The answer is no - it will also be no when he turns 18 as he will have no credit history.
If he cannot afford to save now, how can he afford a loan repayment?
I would follow IwantToBeFree 's advice.

Robert_Sterling_3

candlegirl wrote: »

My son is age 17 works full-time and desperate to get a loan for a car - is there anywhere that will give him a loan before 18?

You could get a loan yourself.
You could lend him the money.
He could make the repayments on your loan.
You know if you can trust him.
The lender is not quite so sure and a contract with an under 18 is not legally enforceable.

candlegirl

thanks everyone for the advice was what I had thought but wanted other people to tell him this!

cheers