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Can I get a car loan at 19?
I just turned 19 and am attending a commuter college. I need a car, but I can't afford to pay for the full thing. How can I get a car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on looking into car ownership. That’s a big step!
While you’re legally able to apply for a car loan at 19, you may run into trouble with the application process. Most lenders look for applicants who have good credit scores or a history of positive borrowing.
Because you’re 19, you likely don’t have enough credit history, nor will you have a long history of borrowing money and paying back your loans.
Fortunately, there are some options you have. First, you can find lenders that specialize in working with borrowers who have less credit history. While these lenders may give you a loan, it’s likely that your interest rates could be a little higher.
Another option is to find a cosigner. A cosigner is usually a trusted friend or family member with a long history of good credit. As a cosigner, they are essentially saying that they will pay for the loan if you don’t make your payment, so it’s imperative that you and your cosigner have a strong relationship.
Remember, you’ll also need to budget for full coverage
car insurance
as a stipulation of your loan. To find the best rates on car insurance quotes, shop with Jerry
. Jerry collects all of your information from your existing insurer. Choose from competitive quotes from over 50 top insurance companies and Jerry takes care of the rest. The average Jerry user saves $879 a year on car insurance.
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