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Will I be able to get a loan?

I'm 18 years old and have no credit but I have a very good paying job and I have 6 months worth of pay stubs that can prove my income. There's a car that I want to buy and it's almost $30,000.. do you think the bank would give me a loan for that car if I gave them pay stubs?

14 Answers

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  • Anonymous
    4 years ago

    no chance and slim chance and slim's out of town... banks want 2 year's employment before they'll even think about a loan...

  • Anonymous
    4 years ago

    Minimum wage full time is not good money.

  • R K
    Lv 7
    4 years ago

    probably no chance unless you have a co signer. you don't have a long enough job history.

  • Scott
    Lv 7
    4 years ago

    With no credit? Probably not, unless you put something like 50% to minimize the lender's risk. You have no proven track record of paying your bills on time.

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  • 4 years ago

    You could get a co-signer which would take care of your credit problem, but my guess is that you don't make enough income for a $30,000 car, and a co-signer can't solve that issue for you.

  • Anonymous
    4 years ago

    no chance.

  • 4 years ago

    No.

    Buy a cheaper, used car.

  • JetDoc
    Lv 7
    4 years ago

    No, Skippy... You WILL NOT get a loan for $30,000 at 18 years old and with no credit history. Either get mommy and daddy to co-sign for you, or buy a cheaper car and build up some credit so you can buy your NEXT car in a couple of years.

  • Jay P
    Lv 7
    4 years ago

    I doubt you could get a loan on your own but you won't know the answer unless you apply for a bank loan.

    My guess is that you will need a co-signor and/or a substantial down payment to qualify for a $30K loan at your age.

  • 4 years ago

    The dealer has influence with banks and can probably help you get a loan. The question you should be asking is what interest rate will you have to pay. You might have to pay more in interest and bank fees than the cost of the car.

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