Most popular personal loan - car loan
19 February 2008
A car loan is the most popular personal loan that people apply for at the banks. Most of us will take out our first personal loan when we get our first car loan to buy the car of our dreams, this is an exciting time when you're a teenager.
However, getting that first car loan from the bank isn't as straightforward as it sounds with young people not having any credit history.
One way you can help yourself get a car loan as a teenager is by opening up a separate savings account when your first start working, even if you only have a part-time job.
Deposit a regular amount into the account each payday to show the bank that you can make a regular car loan payment, this will also enable you to either borrow less on your car loan or buy a better car.
Establishing a regular savings pattern is important to the financial institution when assessing a personal loan application from first time borrowers.
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