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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?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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. View full answer
- Gregory R.
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