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Can you take out a car loan at 18?
I turned 18 a couple of weeks ago and have been saving up to get a car. I’m not quite there, but I heard I could get a car loan to cover the rest. I know I can’t rent a car until I’m 25, but can I get a loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can get a
car loan
at age 18, but it may be difficult if you don’t have much of a credit history. Your chances of getting approved for a loan will be higher if:- You apply with a cosigner who has good credit
- You can find a lender that works with students or people with short credit histories
- You’re able to make a relatively big down payment on the car
Once you purchase your first car, you’ll also need car insurance. To find cheap car insurance fast, use the
Jerry
app. Jerry compares insurance quotes from over 50 providers and can help you get signed up for the policy of your choice.View full answer
- Gregory R.
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