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?
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Answered on Apr 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“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!”
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