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Can someone under 18 get a car loan?
I'm turning 17 soon and I have my driver's permit. Can I get a loan?
Jim Donaher · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The answer is no. Minors can’t sign legal contracts, and a car loan agreement is a legal contract.
If someone wants to buy a car and needs a loan to do it, they will need to wait until they turn 18. Because their credit history is limited, this loan is likely to need a cosigner in order to be approved.
If a minor needs a car, a parent can buy it for them as a gift or they can set up an informal agreement within the family for the minor to pay them back. A caveat, though: In some states a minor cannot be listed on a car title as the owner, so the vehicle would need to be owned by the parent.
View full answer
- Gregory R.
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