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Can I get a car loan if I'm 17-years-old?
I'm 17-years-old, and I've saved up $8,000 to buy a car. That said, I want a new Ford Bronco that costs $25,000. Can I get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The new Ford Bronco is an awesome ride, so it’s great that you’re saving for one.
Unfortunately, you cannot get a
car loan
because you’re technically still a minor. If you’re willing to wait a few months, you can apply for the car loan (although you’ll probably need a cosigner due to a lack of credit history).If you’re unwilling to wait another few months or a year, you still have another alternative—using that $8,000 (or a portion of it) to pay cash for a car. You might even be able to find a prior generation of the Ford Bronco!
This may be the better idea because many first-time car buyers forget to factor in the other costs of car ownership—primarily car insurance. At 17 or 18, your car insurance can realistically cost between $300 and $500 a month! That’s something you’ll have to factor into your car budget moving forward.
Whether you wait a year to purchase a new Bronco or you pay cash for an older model now, remember that you still need car insurance. With the
Jerry
app, you can compare rates from top insurance companies to find the coverage you require.View full answer
- Gregory R.
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