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Who can get a car loan?
My friends and I are having a debate. They think you have to have a high credit score to get a car loan and that you have to be over 25 years old. Would you mind helping us settle this debate? Who qualifies for a car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’ve got your answers! You only need to be 18 years old to get a car loan. And you don’t have to have a good credit score, either! You could even have no credit and still get a car loan.
The most significant determining factor of a car loan is your credit score. Your credit score, which is part of your credit report, is what lenders look at to determine how financially responsible you are. For the best deal on a car loan, you want a credit score of about 660 or higher.
If you don’t have a good credit score, you can still get a car loan. Some specific lenders work with people with no credit or bad credit. Unfortunately, these lenders often have unfair stipulations, such as high interest rates and long loan terms. This may mean going
upside-down on the loan
, meaning the lendee owes more on the loan than the car is worth for a period of time.However, you can mitigate bad loan terms by enlisting the help of a cosigner with good credit or by putting more money down up front. This will help you qualify for better interest rates or reduce the total amount of money you need to borrow.
You can also refinance into a better loan upon improving your credit score after making several on-time loan payments. Refinance quickly and easily by downloading the
Jerry
app. On average, car owners pay $85 less every month by refinancing.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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