money

[louise890]

how come someone under 18 can get a car on finance with parent guarentor, so why cant someone under 18 get a loan with parent guarentor?

[Ethel]

Because it is easy to repossess a car.


No so easy to repossess boob implants or a foreign holiday.

[Oneeyedvic]

A person under the age of 18 can actually get credit for any item that is deemed as a necessity.

As an example, a car could be seen as a requirement if a 17 year old needed it for work as they lived in the middle of the countryside with no public transport links.

The case law actually goes back many many years and involves a young man purchasing a number of waistcoats via a loan.

That said, finance companies are very reluctant to lend money to under 18s be it for a car or any other purchase even if a guarantor is available.

[Loosehead]

As vic says, very difficult to get a loan under 18 but for a specific item then an HP agreement can be struck, generally a guarantor is needed. Lenders will not generally lend what amounts to cash to under 18's