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Can I get a car loan at 16 to build my credit?
I want to take out a car loan to build my credit and get the car that I want. I'm 16 years old. Can I get a car loan without my parents as cosigners?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Legally, you can’t get any loan until you’re 18, even if your parents are cosigners. Furthermore, you won’t be able to start building your credit until then, either.
If you want to take a step toward adulthood, you might try to convince your parents to pay cash for a car. Then you can start paying them back every month with a small interest rate.
This will help you build good habits in the future and prepare you for loan payments as an adult. Good luck convincing your parents!”
View full answer
- Gregory R.
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