Can I get a car loan at 16 to build my credit?
I want to take out a car loan to build my credit and get the car that I want. I'm 16 years old. Can I get a car loan without my parents as cosigners?
Apr 27, 2021
Answer provided by
Answered at Apr 27, 2021
“Legally, you can’t get any loan until you’re 18, even if your parents are cosigners. Furthermore, you won’t be able to start building your credit until then, either.
If you want to take a step toward adulthood, you might try to convince your parents to pay cash for a car. Then you can start paying them back every month with a small interest rate.
This will help you build good habits in the future and prepare you for loan payments as an adult. Good luck convincing your parents!”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Does your carmaker's location affect how much you pay for auto insurance?
I own a Hyundai. Does owning a South Korean-manufactured car have any impact on my insurance rates?
Feb 22, 2021
How can a high-risk senior get good, cheap coverage?
I think my dad's considered high-risk because he previously filed an insurance claim for a fire, he has bad credit, and he's retired with few assets. He was recently dropped by his insurer and he's looking for coverage elsewhere. How can a high-risk person like him get good, cheap coverage?
Mar 12, 2021