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Can you get a car loan if you're under 18?
I'm 17 years old, and I'm looking into getting my first car. My parents told me that I'm on my own for it, though, so I'll need a car loan. However, I'm not sure if I can get one if I'm under 18. Can I get a car loan at my age?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“At 17, you’ve shown quite the initiative to get yourself a set of wheels, so kudos for that. Unfortunately, you can’t get a
car loan
or any other type of loan under the age of 18. However, you do have a few other options!However, you have other options to get a set of wheels. You can either use alternative transportation until you turn 18, or you can buy a car with cash if you can get parental consent. If you choose to use alternative transportation, use this time to save money for a
down payment
on a car loan.Whether or not you decide to get a car loan, don’t forget to budget for
car insurance
. Depending on where you live, car insurance can range from around $2,400 to $5,000 a year, so you’ll need to budget appropriately.One easy way to get the best deal on the coverage you need is through the
Jerry
app. We’ll get you personalized quotes from top insurers in seconds so that all you have to do is pick the deal that works best for you. Then, when you’ve picked one, we’ll even help you switch over fully!Once again, kudos to you—and good luck with the car!”
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- Gregory R.
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