How do I get a car loan as a teenager?
I'm 17, and I've been working nonstop the past year and a half to save up for a truck. I want to buy an F-150, but I'm still going to need a small loan of about $5,000. Can I get a loan?
An F-150 is an awesome truck, so hopefully, you can drive one home soon!
Unfortunately, you can’t get a car loan, simply because you aren’t 18 years old. Because you’re only 17, you’re still technically a minor, which excludes you from entering into any type of contract.
Your best bet is to raise the money upfront or see if you can borrow the money from a family member.
If that’s not an option, you’ll have to wait till you turn 18. Just know that even if you’re allowed to apply for a loan at 18, you may not get approved if you have no credit history. In that case, find a lender that specifically works with borrowers with no credit history or see if you can have a family member cosign with you.
Keep in mind that you’re going to pay a pretty penny for car insurance because of your age. At the age of 17 or 18, you’re looking at about $400 or more each month for car insurance. Make sure to budget accordingly.
But you can still save more money on your car insurance policy by using the Jerry app. Sign up in just minutes to compare quotes, so you can save the most money possible for your new F-150. Average Jerry users save $879 per year.
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