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Can I get a car loan as an older teen?
I'm 19-years-old, but I want to get a car loan. Is it possible to get a car loan at my age?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since you’re 19-years-old, you can legally get a
car loan
. However, the ability to get a car loan is based on more than just age.If you want to get a car loan, you also need to have a steady income to pay for the loan, a low debt-to-income ratio, and good credit. As a 19-year-old, you may not have enough credit history for lenders to approve your loan.
The good news is you still have other options. If you have a trusted family member, you could have them become your cosigner. A cosigner acts as a financially responsible party if you default or fail to pay your car loan. Again, this person must have a good income and excellent credit to be accepted as your cosigner. If you’re approved, you may be able to get a lower interest rate based on the cosigner’s credit rather than your own.
The final step is to shop around for car insurance, as this will likely be just as expensive as your car loan each month. To cut these costs and save yourself some cash, download the
Jerry
app. Sign up in minutes to compare dozens of quotes to get the best rate for your new car!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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