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How can I convince my parents to get me a car loan as a 16-year-old?
I'm 16 and I've proven my responsibility to my parents, and I currently have a job. I have my eye on a used car to get to work and for leisure. How can I convince my parents to get me a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Because you’re a minor, the only way that you’d be able to get a vehicle financed is if you somehow convince your parents to take out a loan in their name and you pay it off.
Keep in mind that your lender will likely require you to have full-coverage
car insurance
on your vehicle. At your age, you’d reasonably have to budget $500 or more per month just for insurance.It might be a better idea to find a cheaper used car that can be bought outright, meaning you wouldn’t need a loan.
If your parents have the cash to buy a car outright, you might try to convince them that you can pay them back in monthly installments. By doing so, you can negotiate an interest rate with them and terms that fit your budget.
If the car is owned outright, you can get away with just having
liability insurance
, though this will probably still cost hundreds of dollars.”View full answer
- Gregory R.
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