Jul 11
Question by Sera B: What is are the laws regarding minors and car loans?
My younger brother is 17. He wants a car and neither his mom or my dad will co-sign for him. My husband and I told him we would, but my brother’s mom told him that he can’t legally get a loan without her concent. I used to work at a bank and I know that minors cannot open a bank account without an adult, but the adult does not have to be the minor’s parent.
I have been searching the internet for the law in Illinois regarding this issue, and I can’t find anything. Can someone help?
you have to be 18 years old to enter a legal contract so, there isn’t anything you can do for him, and purchasing a car is a legal contract.
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