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Can I get a car loan as a 21-year-old?

I'm 21 years old and I'm looking to get my first car after I graduate college and get my first job. However, I'm pretty sure I won't have enough to pay for the car up front—but I don't know if I'm too young to finance it. Can I get a car loan as a 21-year-old?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
At 21, you legally qualify to get your own
car loan
. The legal age to sign a loan contract is 18 years old.
But age alone won’t guarantee a car loan: You also need to meet other criteria to garner consideration for a car loan. Exact requirements may vary somewhat depending on the lender.
Here are some common requirements to get approved for a car loan:
  • Proof of income
  • Debt-to-income ratio of 43% or less
  • Good credit history
As a 21-year-old, establishing credit is perhaps the most difficult aspect of getting a car loan. However, you could consider asking someone to act as a
cosigner
if it’s deemed necessary by the lender. As a young borrower, this is probably the best way to get a car loan. 
MORE: How to get a car with no credit or cosigner
Car LoanYoung DriversCosignersCar Buying
View full answer 
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