How do I get a car loan if I'm 17?

I'm 17, but I've been saving up for three years to buy a car. I still need a few grand, but my down payment is over half. Can I get a car loan?

Answer
That’s an amazing achievement to save up that much money at your age! However, you cannot legally enter into a car loan unless you’re at least 18-years-old.
But don’t stress about this too much. You still have other options:
  • Keep saving until you hit the age of 18, then get the loan
  • If you need a set of wheels now, consider buying a car you can pay cash for
You should also consider the insurance costs of owning a car, which is something that younger drivers overlook. The average cost of insurance for a teenager is around $400 a month, which is an astronomical cost for most teenagers. As a result, you may want to rethink the purchase of a car via a loan, simply to skirt these expenses.
When you do get the car loan for a car, you’ll be required to carry full coverage car insurance. Use the Jerry app to compare quotes from dozens of insurers. Sign up in minutes to maximize your savings and get coverage behind the wheel of your awesome new ride.
Eric Schad
Answered on Nov 02, 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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