I’m turning 16 in a couple months. Now that I’m going to have my driver’s license, I’m looking to purchase a vehicle. What are my options? Can I buy a car at 16 years old?
Reviewed by Shannon Martin, Licensed Insurance Agent.
Happy early birthday! The short answer is yes—you can buy a car at 16 years old. The long answer is that you may have limited options as a minor. Let’s break it down.
A 16-year-old can certainly pay for a vehicle in cash, but the seller may still request your parent’s approval to complete the transaction.
Unfortunately, a 16-year-old can not enter into a car loan agreement on their own. Your parents can co-sign on a loan, but that’s only if they trust you to begin paying the debt yourself once you turn 18. Otherwise, they will be obligated to be responsible for the loan.
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