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Can someone under the age of 18 get a car loan?
I just turned 17, and I've saved money for a nice down payment for a car. I'm just worried that I won't be able to get a car loan because of my age. Is this the case?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on saving a huge down payment for a car. That’s quite an achievement for a 17-year-old, so kudos!
Unfortunately, you can’t get a
car loan
at 17 years old as you’re legally not old enough to enter into a legally binding contract such as a car loan. However, you still have some other options.If you’ve already saved up money, you might want to consider buying a used car or a less expensive new car for which you can pay cash. If you have your heart set on a particular model and you need a loan, you will have to wait until you’re 18. At 18, you can enter into a car loan, although you may need a cosigner due to your limited credit history.
Whether you pay cash for a car or wait a year to get a car loan, make sure you get the right insurance for your needs. Download the
Jerry
app to compare quotes for liability, collision, comprehensive, and other coverages from over 45 different insurers.View full answer
- Gregory R.
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