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Can I get a new car loan if I'm only 19?
I want to buy a new car, but I don't want to drop $20,000 at once. Can I get a car loan even if I'm only 19 years old?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Anyone 18 and older is legally eligible to take on debt, such as a credit card or a
car loan
. So as a 19-year-old, you can certainly apply for a car loan.However, the main problem with getting a car loan at 19 is finding a lender that will accept you. Even if you have steady income, you may not have enough established credit history to get approval.
That said, you can always have a parent become your
cosigner
, which can significantly improve your chances of getting a car loan.Before you apply for a loan, follow these steps:
- Check out your credit report to know your score
- Look at lenders to see what the best car loan rates are
- Save up about 10-20% of the car’s value to use for a down payment
Doing all of these things will put you in the best position to secure a loan. However, you should also budget for your
car insurance
, as the average price of full coverage car insurance (which your lender will require) is about $366 a month.Want to find the best rate for your car insurance? Download the
Jerry
app to compare rates from over 50 top insurance companies hassle-free.View full answer
- Gregory R.
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