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Is it possible to get a car loan when you are 17?
Can my daughter get a car loan now, while she is 17? She has been working and saving for a car for the past few years. I would like to get a loan for her, but sadly my credit isn't the best.
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It is great that she has worked so hard for her new car! You both may have a few options.
Most banks will not issue a
loan
to a minor since a minor can not be expected to live up to all of the contract terms. In that case, you may be able to co-sign a loan with her, even if you have less than stellar credit. When she is over 18, she can try to
refinance the loan
and get a lower interest rate. This is where
Jerry
can help! Jerry will generate competitive quotes from top providers, such as Nationwide and Allstate, in less than a minute. The average Jerry driver saves $879 a year on car insurance!Good luck getting a car for your daughter (and good luck once she has her own car)!”
View full answer
- Gregory R.
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