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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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