18 & I need a car loan. I don't have a job & I have no credit
I don't want anything expensive I'm not sure the maximum or the minimum of a loan you can get, but I'm just looking to buy a cheap used car that can get me from point A to point B. My aunt just bought a 2003 Honda Accord for $2500 & it runs so good! I'm thinking all I'll need is like a $5,000 loan
No chance. Need a job and credit.
Lenders require no less than six months of full-time employment history, and a minimum verifiable income of at least $1700-$2000 per month, in addition to sufficient credit/credit history. Not meeting income requirements is going to get you denied automatically.
No lender would even think of approving you for a vehicle when you have no way of paying for it. In addition, you'll need to obtain full coverage insurance, which will be just as much as, if not more than, your payment. Save up, and buy a beater beater for cash, put liability insurance on it, and drive it until the wheels fall off. When you're in a better place in life (working full-time for more than minimum wage), then consider a new(er) car.
Sorry it's not what you want to hear.
It's a good thing you say you need something cheap to go from point A to B. Because a car loan is only possible by being able to prove steady income (same job for at least a year) and credit history. If either is missing, a car loan, or any loan for that matter is pretty much impossible. If you can get any job, even if it's just mowing lawns, save up your money and pay cash. Local salvage yard here had a car for sale for $800 (it may have had a reconstructed title.). I've seen some cars for such price on craigslist too. You don't need much, just save a little cash and it's yours.
Gosh, life is tough.
Without a job how would you pay for it?
Do you have that much cash on hand?
With no job and no credit how do you intend to pay back the $5000 that you borrowed? Nobody is going to give you a loan. You have no means for repaying the debt.
You can't get a loan. Even if you got a job tomorrow you'd need at least 6 weeks worth of pay stubs to prove that you are working and earning enough money to repay the debt.
And people in hell want icewater. They have as much chance as you.
A couple of things… With no job, no bank is going to loan you money, period. With no credit, no bank is going to loan you money. If they do, it will be at a predatory interest rate. Most banks will not make a car loan for a small amount like $5000. The minimum is $7000-$10000. The reason is a less expensive car may not last the duration of the loan.
I'm in serious doubt any lender would want to loan money to someone with no reasonable ability to repay it.
Would you loan money to someone that was 18 and does not have a job
neither will a bank
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