Can I get a car loan if I'm 19 and put down half of the value as a down payment?
"I'm 19 and I currently make about $2,400 a month after tax. I saved up $7,000 to put toward a car, and the one I want is $13,000.
Can I get a car loan for the remaining amount if I don't have much credit history?"
Answer provided by
Answered on May 21, 2021
“With that big of a down payment and decent credit, even though you don’t have much, you should be able to find a lender.
But because of your lack of credit history, you might need a cosigner. Ask a parent or other family member to sign for you, as long as they have good credit.
Because you made the smart move and saved, the down payment should get the deal done. Just remember that you’ll also have to pay for full-coverage car insurance as a stipulation of the loan.
At your age, full-coverage insurance might cost you $300 or more a month, so budget wisely. Make sure to check out Jerry to see if you can find a quality rate from a reputable insurer.”
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