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Can I get a car loan if I'm 22 and make $500 a month?
"I need a car to get to work. I'm 22, and I make $500 a month part-time. I don't really have any credit built up.
Will a bank approve me for a car loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Chances are that a bank won’t approve you for a loan, or at least without a cosigner. If your parents can cosign and they have good credit, you might be able to get a car loan.
With that said, you might be underestimating the costs of car ownership through financing. Not only do you have to pay the car loan every month, but you also have to pay for full-coverage
car insurance
that’s required by the lender on every car loan. At your age, you can fully expect to pay $300 or $400 a month on insurance alone.Add insurance costs to your car note, and it’s very unlikely that you can afford a car loan. Save up money instead and pay cash for something that’s in your budget.”
View full answer
- Gregory R.
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