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Will I be able to get an auto loan as an 18-year-old with a 650 credit score?
I need a car to get to work and I found one I like for $20,000. I need a loan to buy it, but I'm worried about approval. Can I get a $20,000 car loan as an 18-year-old with a 650 credit score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you’re bringing in some income, maybe $1,500 to $2,000 a week, you can probably find a lender to approve you.
Note that the interest rate is going to be outrageous, and you may end up paying a huge amount in interest over the life of the loan.
To compound matters, you’re also going to need full-coverage insurance, so don’t forget about this. At your age, you can realistically expect to pay $3,000 to $4,000 a year for
auto insurance
, which is something many young buyers forget about.So see what you can get approved for and add in the cost of insurance. You might decide that a $2,000 car will be a better option than a $20,000 one.”
View full answer
- Gregory R.
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