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How old do you have to be to get a car loan?
I am 17 years old and want to buy my own car, not drive my mom's old minivan everywhere. I have been working since I was 14 and have a good-sized down payment saved up. Can I get a car loan to pay for the rest?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It is very impressive how prepared you are to buy your first car! A
car loan
is a contract, which means it isn’t legal and, in some ways not ethical, to hold a minor to the responsibilities of a contract. You may still have a few options available to you, though! Do you currently have a bank account? If you can work with a bank that knows you and your banking history, they may be more likely to grant a loan.
Another option is to have a parent or guardian co-sign a loan with you. Banks will be concerned about your financial stability and if you can honor the terms of the loan as a minor. Having an adult to co-sign can alleviate those worries.
If neither of these options work out for you, just keep saving your money until you turn 18. Then, once you get your new car, make sure to get the best and most affordable
car insurance
policy for it. Downloading the
Jerry
app can help you find cheaper car insurance. Jerry gathers personalized quotes from over 50 insurance providers—for free! The more money you save on car insurance, the more you can put towards your car loan. Good luck!”
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- 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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