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?"

“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).”
Eric Schad
Answered on Jun 07, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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