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Can you finance a car if you don't have a driver's license?
I've been putting off getting my license for years, but I need a car to travel for work. I’d like to start shopping for a car while I work on getting my license if possible. Can you finance a car if you don't have a driver's license?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You don’t need a driver’s license to finance a vehicle with a
car loan
, but you do need a license to meet any purchase car insurance
—and it’s illegal to drive home from the dealership without it.Typically, the only things you’ll need to get approved for financing are:
- A good credit score: You’ll get the best options for your loan terms with a credit score above 660.
- Decent income: Your monthly car loan payment shouldn’t exceed 15% of your monthly total income.
- Low debt: A low debt-to-income ratio will make it much easier to handle your car payments—and for you to get approved for financing.
However, the lender may require you to get a
full coverage car insurance
policy once you get approved. This will be considerably harder to buy from an insurance company if you don’t have an active driver’s license.View full answer
- Gregory R.
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