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Do I need a cosigner to buy a car?
Am I allowed to get a car without having a cosigner if I don’t have any credit history? I’m only 18 but I make all of my own money and I want to buy a car for myself. I don’t want my parents to be involved because they’re not always the most financially responsible people. Do I need a cosigner to buy a car?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s awesome that you’re financially secure enough to buy a car on your own! While it will be difficult to find a loan without
a cosigner
if you don’t have a credit history, you can still get a loan on your own if you find the right lender. Places to try when you’re looking for the right loan include:
- The dealership
- Private lenders who specialize in bad credit car loans
- Credit unions
However, you should keep in mind that financing a car with no credit can lead to very high interest rates. Car loan interest is largely calculated based on your credit score, so if you don’t have a credit history you’ll be considered a risky borrower. This means you’ll have to pay more for your loan if you don’t have a cosigner.
If you really don’t want your parents to cosign on your loan, you might consider asking someone else in your life who has good credit to cosign for you. They don’t have to be a family member in order to cosign for your loan!
Keep in mind that if you buy a car, you’ll also need to buy car insurance. It can be difficult to find affordable insurance as a young driver, but the
Jerry
app can help you find the best rates available on the coverage you need.All the best with buying your car!
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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