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Car Loan
carolann312
Posts: 70 Forumite
in Loans
Is there a lower age limit for taking out a loan. My son wants to get a car loan and he is 20 years old. I know with Santander that you need to be 21 before you can apply for a loan. Is this the same for other banks? Thanks
0
Comments
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Your son should try his own bank first as they'll have a fair idea of how he conducts his accounts.
Does he have any form of credit history i.e. credit card?
It's usually 18 or older for credit facilities.It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.0 -
He is with Santander so not old enough for them. He has a debit card but no credit card.0
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I managed to get a loan @ 18 with Tesco bank for £5000 over 24 months.
Very reasonable APR too.
However that was a fair few years ago....LBM(2) Jan 2014 - Debt £17500 :eek:
Current Debt: £16411.26
Weight Lost: 10.25/60 lbs :j0 -
Best advise you could give your son is to save up for his wheels.
Dont help him on the road to livelong loan and card repayments (And cost him tens of thousands over his working life)0
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