Credit Cards Key » CreditCardsKey » Best Credit Cards » Taking out a personal loan at 18?

  #1 (permalink)
: I'm turning 18 soon so I'm going to set up and get a credit card. I'm a very responsible person. I want to buy a jet ski in the spring (april-may) for about $4,000-$5,000. I could dump all of my money into it, but then i'd be broke. I would have had the card for a few months, so can I get a loan for maybe $3,000-$4,000? What is the deal for getting loans at a young age?

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  #2 (permalink)
: You will NEVER qualify for a personal loan as a teenage kid.
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  #3 (permalink)
: As of February 2010, you have to be 21 and employed full time 12/18 months without a cosigner
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  #4 (permalink)
: as above, skip in debt for 'toys'
u forgeting insurnaaces, taxes,
registration, Trailers cost also.
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  #5 (permalink)
: To get a loan you have to have a good credit record (which would probably require a credit history of more than a few months), proof of employment (i.e. proof of income that you'll be able to make the payments), and at your age I'd definitely expect them to require a cosigner.

Bottom line: Why would you WANT to take out a loan (and pay way more in interest by the time you're done) rather than just buy it outright if you've got the money? Save up for a few extra months so that it doesn't totally wipe you out. You don't want to take on debt lightly; especially not for something a frivolous as a jet ski.
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  #6 (permalink)
: Not a chance in hell.

Most 22 year olds couldnt borrow $2500 let alone an 18 year old.

You'd need a couple years of good credit and a full time job.

Saying you are responsible doesnt equal good credit.
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