Is it possible to get a car loan when you're 18?
I turn 18 in a week and I want to get a car loan. Is this possible? How can I get the deal done?
Happy early birthday! At 18, you can do tons of new things, and one of them is applying for a loan! That said, you have to build credit to qualify for a car loan.
You’re going to need to prove that you have good credit, which can be hard without a long credit history. You can look for a lender who works with someone without a long credit history, or you can check with a local credit union that may have more flexibility in its lending options. You’ll also have to prove that you have the income to cover the loan.
If that’s not an option, you could consider applying for a loan with a cosigner—like your parents—whose credit history can help you secure a loan. Keep in mind, however, that your cosigner will be on the hook if you don’t make your payments.
Remember that when you get a car loan, your lender will require full coverage car insurance. You’ll want to budget accordingly and shop around for the best car insurance rates. That’s where Jerry can help. With Jerry, you can sign up in minutes and compare rates to get the best price for your car insurance needs. Jerry users generally save $879 per year!
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