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In Ky, how old do you have to be to get a auto loan?

I am 16 almost 17 and would like to get a car loan, and I know my parents aren't able to help. I have a job and I am able to make payments.

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Asked by Anonymous at 1:42 PM on Jun. 1, 2009 in Money & Work

Answers (2)
  • Do you have a bank in mind or were you going to go to the dealership? I would find a bank that you have an acct with, even if its just a savings acct and go in and talk to them. They might require you to be 18, but Im not sure. If you have had a banking relationship with them, they might do it. I have always felt that things like that should be individualized and left up to the person getting the loan. Because youre a minor, they have no one to come to if you default or need help. Your parents are still legally responsible for you. Now if you were to be emancipated, the scenario might change. Just go ask them.

    Answer by momofsaee at 1:46 PM on Jun. 1, 2009

  • You will have to be 18 to get a loan. The reason....a minor under the age of 18 cannot sign and be held responsible for a contract. The best thing you can do is save some money and buy a cash car. And that's the best thing you can do whether you are 16, 18, or 35.

    Answer by slw123 at 2:48 PM on Jun. 1, 2009

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