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Can you get a car loan with no credit?

I just turned 18 years old and moved away from home to a new state with my girlfriend. We both have good jobs and want to purchase a car, but neither of us has any credit. Can you get a car loan with no credit?

avatar
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That sounds like a big move, and I hope you’re enjoying it!
Fortunately, you can get a
car loan
with no credit, although you may have a higher interest rate, and your lender options will be limited.
Lenders rely on your credit to determine if you’re a safe borrower, and without it, you are automatically considered high-risk. However, at 18 years old, it is expected not to have any credit, so lenders may be more willing to work with you, especially because you have a good job.
Some lenders offer loans specifically for young individuals who haven’t had an opportunity to gain credit yet, and you should compare a few offers to find the best loan agreement. Additionally, it would help to find a cosigner and make a sizeable down payment.
Once your lender gives you the go-ahead, and you’ve found your vehicle, you’ll need
car insurance
that has
comprehensive
and
collision
coverage.
To ensure you’re not overpaying for coverage, use
Jerry
. The Jerry app can collect quotes from 50+ top insurance companies, like Travelers, Nationwide, and Progressive, in seconds, and if you ever have any questions, agents are just a text away!
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