The short answer is that anyone 18 and older can apply
for a car loan
The slightly longer answer is that you will need to prove that you have the necessary income
to pay back the loan, and unfortunately, you will likely have to make a large down payment
. However, getting a cosigner
—someone who signs with you and who assumes responsibility for paying back the loan if you are unable—can increase
your chances of qualifying.
As a reminder, you will also need high coverage when you finance a vehicle. Most dealers require collision and comprehensive, which can be pretty pricey. Using tools like Jerry
can be a great way to shop around for auto insurance to make sure you’re getting the best deal possible. That way, you can make the most of your new paycheck and your cosigner can rest easy!