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Can I get a car loan at 18?
I just turned 18 a few weeks ago, and it looks like I might need a car loan. I'm looking for work, but the only places that are hiring are too far to walk to—and since I haven't started working yet, I don't have the money to buy a car outright. Given my age, will anyone be willing to give me a loan?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The slightly longer answer is that you will need to prove that you have the necessary income to pay back the loan, and unfortunately, you will likely have to make a large
down payment
. However, getting a cosigner—someone who signs with you and who assumes responsibility for paying back the loan if you are unable—can increase your chances of qualifying. As a reminder, you will also need high coverage when you finance a vehicle. Most dealers require collision and comprehensive, which can be pretty pricey. Using tools like
Jerry
can be a great way to shop around for auto insurance to make sure you’re getting the best deal possible. That way, you can make the most of your new paycheck and your cosigner can rest easy! 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.
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