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How do I get a car loan if I'm 19?
I'm 19, and I got my first credit card about a year ago. Now I want to finance a car, but I'm worried I won't be able to get a loan. Can I get one?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re legally allowed to get a
car loan
when you’re 18, so you shouldn’t have a legal problem if you’re 19-years-old.However, the problem with getting a car loan at that age hinges almost completely on your credit score. Most 19-year-olds only have maybe one or two credit cards, which means they have a severely limited credit history or even no credit history at all.
As a result, you’ll likely
need a cosigner
to secure the loan. But this isn’t the end of the world. Many young buyers require a cosigner or co-borrower for car loan approval. You may want to ask your parents or close family members who also have good credit to become your cosigner. This is probably your best chance for car loan approval.You should also note that another major expense is often overlooked by younger buyers—car insurance. Car insurance can cost several hundred dollars a month on top of your car payment, so you should definitely shop around to get the best car loan and car insurance rates.
To find the best insurance rates, use the
Jerry
app. Sign up in just minutes to compare quotes from up to 50 different providers and save the money for some of the other things in life.View full answer
- Gregory R.
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