Question

If you were trying to decide whether to take out an auto loan for $6500 to buy your first car, thereby allowing you to commute for an impressive summer internship program next year, would that loan meet the requirements?.

Answer 1

The requirements for taking out a loan tend to be very strict, and therefore, an impressive internship program would not be something that can meet the requirements to obtain a loan of $6500.

The highest chance of obtaining a loan for $6500 on the basis of an internship program would be if the program was a paid internship that allowed for a net income of above $1500 a month. Even in this case, the likelihood of obtaining the loan would be very low considering the unstable nature of internships.

This is due to the fact that banks require anyone who applies for a loan to be able to provide proof of income. This proof of income must also be enough to cover the regular payments as well as the interest rates on the loan.

Since internships are unstable and often not paid, and considering that banks do not tend to be very generous, I would say it does not meet the requirements for a loan.

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