Can someone under 18 get a car loan?

I'm turning 17 soon and I have my driver's permit. Can I get a loan?

The answer is no. Minors can’t sign legal contracts, and a car loan agreement is a legal contract.
If someone wants to buy a car and needs a loan to do it, they will need to wait until they turn 18. Because their credit history is limited, this loan is likely to need a cosigner in order to be approved.
If a minor needs a car, a parent can buy it for them as a gift or they can set up an informal agreement within the family for the minor to pay them back. A caveat, though: In some states a minor cannot be listed on a car title as the owner, so the vehicle would need to be owned by the parent.
Jim Donaher
Answered on Mar 12, 2021
Jim Donaher is a freelance writer and manager with over 35 years' experience in the insurance, banking, and investment management businesses. He provides expertise on a range of topics and is able to explain complex industry information in layman's terms. Jim is the author of two books, including Call Him, He's Home: A Guide to Prayer for Regular People and Then Larry Smiled, a novel about life, death, accountability, and salvation. Taormina, Sicily is his happy place!

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