Whether you’re trying to purchase your first car or need private funding for college, it can be difficult to get a loan when you’re under 18 years old. You haven’t had the chance to establish a credit history, so lenders view you as a big risk. While it may take a bit longer and will require a few extra steps, you should be able to find a financial institution willing to grant you a loan.

Step 1

Explain why you need the loan to your parents or legal guardian, as you will be required to have a co-signer. The only type of loans to people under age 18 that don’t require a co-signer are federal student loans, as these are exempt from the legal defense of infancy.

Step 2

Make an appointment with a loan officer at a bank where your parent or guardian primarily does her banking. Since your family already has a history with the institution, they may be more likely to grant you a loan. Your lender may also grant you a better interest rate.

Step 3

Complete the loan application. The bank may ask you to do this in person at the bank or online at home.

Step 4

Review the terms of the loan application if your request is accepted. Sign and return the paperwork to the lender if you and your co-signer are satisfied with the arrangements.

Step 5

Keep trying if the first few lenders turn you down. If your co-signer has a strong credit history, you should be able to find a financial institution to lend you money.