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How can a 18 year old get a 22k loan?

Discussion in 'General Business' started by toytown, Mar 14, 2008.

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  1. #1
    I will be 18 in 1 month and wondering how I can get a 22k loan. I am wanting to start a business and need 22k. I have money for licenses and stuff but not product. I will be selling online and found a great collection of inventory. I am on my own and wondering how I can get a loan for 22k when I turn 18.

    I do not have established credit and looking at a credit card and paying monthly payments. How much would monthly payments be?
    SEMrush
    Thank You.
     
    toytown, Mar 14, 2008 IP
    SEMrush
  2. renwickftw

    renwickftw Banned

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    #2
    Your very high risk, depending on what business you are starting etc, i can offer loans

    PM me a pitch for your product
     
    renwickftw, Mar 14, 2008 IP
  3. immortality

    immortality Peon

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    #3
    I would suggest starting off small. You wont be able to to get a loan even close to that without a job and no credit.
     
    immortality, Mar 14, 2008 IP
  4. mentos

    mentos Notable Member

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    #4
    borrow from your parent
     
    mentos, Mar 14, 2008 IP
  5. toytown

    toytown Peon

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    #5
    I will be selling Hot Wheels and Die-Cast and spread out to other toys or hobbies.

    For now im just selling Hot Wheels. I am starting in the old ones from the 60's and 70's only. The market demand for these old toys are huge, ive been buying and selling these for 4 years in town and always can get them sold and always make profit depending on the markup I want I can get most sold in a matter of a week or two. I am in organazations and clubs and have a somewhat huge client base as it is at 17. I have sold hundreds of these toys and want to grow. I have taken out small loans like $500 and paid it back in no time. I have never really kept a lot of cash extra as I repurchased old hotwheel collections and grew inventory. I had to sell of for a family emergency and want to get back into it. I have taken into account that selling online can be risky with saturated markets. I have chosen a niche market and want to become the main online seller for this particular niche market.

    My mother will not let me get a loan untill I am 18 as I need to finish up my Eagle Project for Eagle Scout. I will work on a speech for you if your interested in helping me fulfill my dreams.

    I was also looking at credit cards

    would I be able to go with this one if I cant find a loan?
    http://citi.bridgetrack.com/usc/06/...4&ProspectID=A2454747DB3D47AB9BFDDBA13A82C94A

    -Thank You.
     
    toytown, Mar 14, 2008 IP
  6. toytown

    toytown Peon

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    #6
    Mentos:
    borrow from your parent

    I only have one parent and she would do it if she was able to however being a single parent with no college education and living in a home it is tough. I have talked with other family members and they said they do not have the time to lend right now.
     
    toytown, Mar 14, 2008 IP
  7. Jim4767

    Jim4767 Prominent Member

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    #7
    If you have a credit-worthy parent or other relative willing to co-sign with you on the loan, that will do it. They, of course, run the risk of your business potentially failing, in which case they would have to cover your loan if you couldn't. That's why probably only a close family member would take the chance.

    The nice thing about it is, if you do then get the co-signed loan and make your payments ontime, you'll be building your own credit-worthiness. Then before too long you'll qualify for modest-sized loans on your own, depending on the success level of your business.
     
    Jim4767, Mar 14, 2008 IP
  8. toytown

    toytown Peon

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    #8
    my mother had one of the best credits out there until the Family Emergency. She cant get a loan for 2 years. This has put this on me making it difficult. I have the passion, skills, excitement and understnading how to sell in this market with a great track record of success. I have sold approx 300 old hotwheels in the past 4 years and lost money on just a few around like 5 to be exact and I did not lose much money it was like $5. Loses occur in business but if you are making much more than you are losing you are profiting and running a good business.

    I have been collecting in this market for almost 10 years and been selling for 4 years.
     
    toytown, Mar 14, 2008 IP
  9. silveraden

    silveraden Banned

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    #9
    You should have a solid collateral I guess...
     
    silveraden, Mar 14, 2008 IP
  10. eddy2099

    eddy2099 Peon

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    #10
    Probably the best idea would be to start small. Continue to do it on a part time basis and save up during that time. It would be difficult for a 3rd party to loan you the money if you do not have a solid business plan, collateral and the willingness to put up your side of the investment in the business.

    Friends and family would be your best choice for raising the initial funding.
     
    eddy2099, Mar 14, 2008 IP
  11. zacharyptaylor

    zacharyptaylor Peon

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    #11
    I am in a similar bind but instead of requesting a loan for a business, it is for a vehicle. Does anyone have any advice. I've been at my place of employment for a little over a year now and, obviousley being a minor, have never had any credit issues. I do have someone who is willing to co-sign on the loan that has as close to perfect credit as you can get but I wasn't sure if that would help considering the amount of the loan. Any advice would be greatly appreciated and I thank you in advance for any and all responses.
     
    zacharyptaylor, Aug 7, 2009 IP
  12. Dougal888

    Dougal888 Peon

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    #12
    Why do you need the $22k? What are you going to spend it on? Surely you can start small on EBay or the likes and build it up by reinvesting everything you make.
     
    Dougal888, Aug 9, 2009 IP
  13. n-james

    n-james Well-Known Member

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    #13
    Create a business plan if you're going to go to the bank for the loan.

    If not and you are buying it from a car dealership most offer finance packages on the car and if someone has a near perfect credit rating and is willing to co-sign as you say then you will easily get a fiance package off the car dealership ;)
     
    n-james, Aug 9, 2009 IP
  14. dhuang90

    dhuang90 Peon

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    #14
    Very hard unless you have some credit history, which is probably minimal given that you're 18. Like above poster suggested, get some money from parents and start off small
     
    dhuang90, Aug 9, 2009 IP
  15. wisdomtool

    wisdomtool Moderator Staff

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    #15
    Don't ever try credit cards. The interest rates will kill. Try to work within your needs and within the borrowing limits.

    BTW something I notice, isn't this an extremely old thread?

     
    wisdomtool, Aug 9, 2009 IP
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