How can you get a car loan at 20?

I’m 20 years old and am currently a college student. I’ve decided to live off-campus this year, and the best housing I can find is pretty far away from campus. It’d be easier to get to my classes and to my job if I had a car. The problem is that I can’t afford a car outright, so I’m going to need a loan. Is that even possible?

Answer
It is possible to get a car loan at age 20, although it might be difficult because you probably have a limited credit history. For the best chance of getting a car loan at your age, you should:
  • Seek out lenders that specifically work with students
  • Ask your bank or credit union what their offer might be
  • Find someone with a good credit score to cosign a loan with you
  • Compare offers from multiple lenders
  • Consider making a significant down payment on the car (if you are able)
Once you secure a loan, it’s time to find cheap car insurance for your new ride. The Jerry app can compare over 50 quotes from top insurance companies to make sure you’re getting the best rate.
Lauren Smith
Answered on Nov 18, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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