Can I get a car loan at 18?

I'm 18 years old, and I want to buy a car. Unfortunately, I don’t have enough to buy one outright. Is there any way for me to get a car loan at 18 years old?

Answer
Car loans can be complicated, especially when you’re a young driver. So the short answer is: Yes, you can get a car loan at 18 years old—but you’ll need to find the right lender.
When lenders assess your loan application, they’ll usually look into your:
  • Credit history
  • Credit score
  • Income
  • Expenses
  • Liquid assets
Unfortunately, 18-year-olds haven’t had much time to build a credit score, secure a reliable income, or collect liquid assets. The result is a limited selection of lenders who will offer loans with high interest rates and inflexible terms.
You may be able to find good deals with local credit unions or lenders who have students or first-time car buyers discounts. Take some time to shop around before you settle for a lender—it can save you loads of money in the long run.
After you buy your car, you’ll also need to get it insured while keeping up with your loan payments. For help keeping up with the bills, start saving on car insurance with Jerry.
A licensed broker, Jerry helps users save an average of $879 a year on car insurance. Just download the app, enter your information, and let Jerry send you personalized quotes from over 50 top providers like Progressive and Allstate.
Liz Jenson
Answered on Nov 18, 2021
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