PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What's the easiest way to get a car loan at age 16?
I'm 16 and I've been saving my whole life to get a car. The only problem is that I'm about $6,000 short of what I need to get the Mustang I want. Can I get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Saving up your entire life to buy a Mustang is amazing for a 16-year-old. You’re certainly a motivated individual.
Here’s the bad news: you can’t legally get a
car loan
until you reach the age of 18. Since you’re 16, you’re still technically a minor, which means you can’t sign any legally binding contracts such as loans.However, you may have some alternatives. If you can wait two years, you can get a car loan. Judging by your savings rate, however, you might even have enough money to pay cash for the car by then.
Alternatively, you can buy a used Mustang for cash. If you buy from a dealer, the dealership guarantees the mechanical integrity of the car through a warranty, which might be a better option than buying from a private seller who offers no promises or warranty.
Whatever you choose, just remember that car insurance payments for younger drivers are expensive—especially for a sports car like a Mustang. To save some money, you should definitely use
Jerry
to shop around for car insurance rates. Jerry will let you compare rates from up to 50 providers in just minutes!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies