I am 16 and i just got a job at walmart. i'm wondering, do i have to be off of probation before i can get a loan? can 16-year-olds get a loan without a parent/guardian co-signer? i live in canada so it could be different here

 

Here in the States, your parent would definitely have to co-sign for you.

 

Yup you'll need a co-signer, get a loan and make your payments, good to start building your credit young like you are, I did the same thing when I was 16 with snowmobiles, by the time I was 21 I was a home owner without a co-signer, generally after a few loans with no missed payments you'll no longer need a co-signer.

Rule number 1: don't miss any payments

Rule number 2: don't miss any payments

Rule number 3: see rule number 1 and 2

Most lenders will let you skip one payment a year if you need to but you need to fill out a form to do so, remember that if your in a bind.

Good luck

 

Can't really add anything to what the other gents have said. You will need a co-signer and it will probably help you to get a lower interest rate if your parents have a good credit history. We recently co-signed with my 20 year old son (who already paid off his quad) on a new truck. We got him a lower rate than he could have got on his own. That and I talked them down a few thousand.

 

ditto on the above statements-

I admire you wanting to pay for your own atv, but you can't get a loan at 16. Logisticaly, no bank would give any 16 yo a loan for an atv, and a lot of banks won't even give out loans for a recreational vehicle (a toy) unles you have a good 20 - 30%+ down with stellar credit and a solid work history. Even though you live in canada, most large (international) banks like BOA follow their same lending policies regardless where you live in terms of qualifing- your country / state may have different consumer laws, but that really won't effect how a bank determines how stable their investment is with you.

Today- banks won't even consider an open line of credit (which is basically what atv financing is since banks consider atv loans a high risk) for anyone under 21 over $500, and even at that, it would most likely be a secured line of credit.

20 years ago, I was easily able to get $20k in credit (and I did then ended up filing for ch 7 bankruptcy at 22 $40k in debt because I didn't understand how compound interest worked ) Banks used to mail the actual credit card (usually around $5k each) and all I had to do was call a # to activate the card! It was way too easy and they have stopped doing that.

So- Your parents will 100% have to float the loan. If I were you- I would walk up to mom or dad with $1000 in cash that you've saved over the last few months- then they will know how serious you are