What is involved in getting a loan?

[One_Shot]

My mom and dad want me to get a small loan, so I can establish credit history or whatever its called. The item I am buying is already paid for, but they said its an easy way to do this. My parents are friends with the loan guy, so he knows I am coming, but I have a few questions.

I am going to the bank by myself in the morning, but what all do I need to bring?

Also, all are they going to ask me?

Thanks
Kaleb

[Burnadell]

Kaleb, you will need to be of legal age or you will need someone of legal age to sign; otherwise, it is not a legal contract of the bank to contract with a minor. Perhaps your dad is already planning to do this.

The banker will ask you how you plan to pay the loan back (from what source), questions about your job, income, etc.

[Txag96]

Well, it all depends on several things.

1. What exactly are you trying to get a loan for?
2. What kind of job history do you have?
3. It might make a difference how hold you are.


When getting a loan banks or anyone for that matter wants to make sure that you can and will pay them back. No one wants to loan money that they may never see again. I assume it is a small amount and that you are fairly young since you don't have any kind of credit history. I would bring any kind of job history that you have had, along with any good references from those jobs. Responsibility goes a long way with these folks too. Of course you will need proof of who you are, make sure you know your Social security number as they will need it also. The most important thing to know is take care of your credit now at a young age and you won't have to fight what most young (myself included back then) dumb college kids do by getting too much credit and then paying for it years after you get out of school. It is great to have credit, but don't use it unless you plan on paying it off as soon as the bill comes in. I made that mistake and it took me about 5 years to pay it all off and dig myself out of the hole. Be smart with it... good luck, and it seems like your parents are trying to impart to you what mine didn't get thru my thick noggin, like most things, I had to learn the hard way for myself.

[TxTechBowhunter]

If you already have the money, I personally would find another way to build credit besides a loan. No reason to pay intrest on something if you already have the money for it.

[One_Shot]

I am getting a $1000 loan for my senior ring "beretta xtrema2 shotgun".
I am 17, but my mom/dad have already talked to the loan guy and have told him what I am coming in there for, so he won't think I am crazy and my mom is co-signing it to be legal.
My parents are paying for part of the gun and I am paying for the rest, but they think this would be a good time for me to get a loan. Its sorta hard to explain this, but my parents are sleeping and I am extremely bored, so I thought I would ask my other family members that are still up.

I mainly wondering if I need to bring my social security card, proof of ID or stuff like that.

[One_Shot]

ya, I was wondering the same thing to!

Another reason I am going is to get a credit card to help build up my credit. They offer small credit cards up to 250 with no interest rates, so thats another way.