PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
"Is it a good idea to finance my first car at age 18? "
"I just turned 18 and have been driving a beater for two years. It broke down for the fourth time and I am tired of fixing it. Should I finance a better car? If it matters, I make about $200 per week, I can put $2,000 down, and I have a minimal credit history.
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Financing a car is not a good idea right now, as you would need a cosigner because of your low income. Lenders almost always require a minimum income of at least $1,500 a month, and at $200 a week you are short of this amount.
Lenders also require you to carry full-coverage
auto insurance
, which at your age could cost you more than the car itself. You would be better off saving up and paying cash for a cheaper car. “
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
