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Can I get a car loan as a 19-year-old if I want to buy from a private seller?
"I'm a 19-year-old server who makes $600 a week and wants to buy a $10,000 car from a private seller, but I need a loan.
I can put down $6,000, so I only need a loan for $4,000. Will I be able to get this loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You’re missing a lot of details here. How good is your credit score? Do you have any other outstanding debt?
The fact that the car is from a private seller shouldn’t be an issue. If you have good credit and don’t have much, if any, debt, you might be all right.
But because you’re so young, you might not have enough credit history to get approved. In this case, you might need to find a reliable cosigner who has great credit.
Keep in mind that you’ll also need to budget for gas, maintenance, and
car insurance
on top of your loan. Make sure to shop around for rates for both your insurance and your loan to get the best deal.”View full answer
- Gregory R.
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