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Can I get a car loan if I only have a learner's permit?
I'm a few months away from my driver's license, but I have a learner's permit. I'm thinking about purchasing a car soon. Can I get a car loan only with a learner’s permit?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Surprisingly, most lenders don’t care if you have a driver’s license for a
car loan
! They’re more interested in your income and credit, which can be tough to come by if you’re still young.But if you’re an older driver that just waited a few years to pursue your license, you may already have great credit and a full-time job. In this case, securing a car loan becomes much easier.
As with any other type of loan, you should shop around with numerous lenders to find the best rate. Credit unions and local banks are a great place to start. But don’t forget about promotional rates periodically offered by dealerships and banks, which may be even better.
One tricky part of getting a car loan you may not anticipate is that many lenders want proof of
car insurance
. Unfortunately, car insurance companies hesitate to provide policies to people without a driver’s license. It’s a vicious cycle, for sure.So, what’s the rush? If you’re only a few months away from your license, cool your jets, turbo! Applying for a car loan and getting car insurance doesn’t take nearly as long as you think. Use the next few months to look around for cars and shop for loan and insurance rates.
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- Gregory R.
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