car loans for teenagers – can very young people get the car financing?

I am asked about this question several times almost everyday – are car loans for teenagers really possible.The answer is quite long and i will explain it here clearly.So do not worry.Getting the car loans would require any one of the following profile:

1.a very good credit score plus a secure job,

2.or a person can have a bad credit score but a very stable income – a long employment history is going to do more good than a newly got job,

3.ready to pay down payments + a stable income,

4.or at least the person who wants the car loans must be able to produce a cosigner to cosign along with you – remember this can be your parent.There is no need to search for a cosigner if your parent itself has a good credit score and a very stable income.

But loans for teenagers needs to be given second thought ….?

Yes.If you are very young and have not established a good credit history,it is better to think again.You must keep in mind that getting the car loans and paying them without any late payments is going to massively improve the credit scores but at the same time if you are not able to manage the car loan payments,you are going to completely spoil the credit history.And also keep in mind that the cosigner is going to be held responsible and has to pay the lender instead of you.Car loans are the best solutions for the car financing but at the same time think again if the car is really needed.Getting the used car loans would also be a great way to get a new vehicle.