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How can I get a car loan as a 21-year-old?
"I want to get a car to be able to get out of the city at my leisure. The car I'm looking at is about $10,000. Because of my age, my credit score is only 660.
How can I get a car loan as a 21-year-old?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Because you’re young, and your credit score is below average, you might have a tough time finding a loan.
To exacerbate the problem, $10,000 means you’re probably buying a used car, which can also increase your rate.
Your best bet is to start at a credit union—these organizations can offer lower rates because they’re nonprofit.
There’s no telling what your interest rate will be until you apply. However, try to find a loan for 60 months or less. Any length longer than that, and you could end up upside-down (meaning your loan balance will be higher than the car’s value).”
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- Gregory R.
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