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How does an 18-year-old get a car loan?
I graduated high school early and have been working full-time for eight months. Can I get a car loan if I’m only 18?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Your ambition is impressive! The good news is that some lenders will work with you.
- Local banks or credit unions
- Looking into special financing for students through banks or dealerships, as these will favor income, grade point average, and down payment over credit history
- Getting a cosigner (if necessary)
If you have a limited credit history—no shame, most 18-year-olds do—you may need a cosigner, even if you’re earning a steady income. By having your parents or another creditworthy adult on the loan, you should qualify no problem, assuming you don’t have any delinquent marks on your credit history.
When budgeting for your new car, don’t forget about car insurance. Your lender will require
full coverage
on the vehicle. Since you’re a young driver, this can easily cost between $300 and $500 a month.One way to soften the blow is to use the
Jerry
app. With Jerry, you can compare car insurance rates from dozens of top insurers in just minutes for free. No long forms. No calling around. No hard work. And the average Jerry user saves $879 a year on car insurance.View full answer
- Gregory R.
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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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