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Can I get a car loan if I'm 19 and put down half of the value as a down payment?
"I'm 19 and I currently make about $2,400 a month after tax. I saved up $7,000 to put toward a car, and the one I want is $13,000.
Can I get a car loan for the remaining amount if I don't have much credit history?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“With that big of a down payment and decent credit, even though you don’t have much, you should be able to find a lender.
But because of your lack of credit history, you might need a cosigner. Ask a parent or other family member to sign for you, as long as they have good credit.
Because you made the smart move and saved, the down payment should get the deal done. Just remember that you’ll also have to pay for full-coverage
car insurance
as a stipulation of the loan.At your age, full-coverage insurance might cost you $300 or more a month, so budget wisely. Make sure to check out
Jerry
to see if you can find a quality rate from a reputable insurer.”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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