18 years old
Seventeen-year-olds can’t take out a car loan, or even become a cosigner or co-borrower on one. In the U.S., you absolutely have to be 18 years old in order to legally sign a loan contract. Up until you turn 18, you’re considered a minor by law and can’t enter into a contractual agreement with a lender.
Is it easier to get a car loan with a cosigner?
A cosigner can definitely make it easier to get an auto loan if you’re struggling with credit. Even if a lender doesn’t require you to have one, you should consider having one available, just in case. Make sure your cosigner knows what their role is and what they’re agreeing to in order to avoid confusion.
Can you be denied a car loan with good credit?
While a good credit score definitely helps you get approved for loans, it’s not a magic key. Even someone with an excellent score can be turned down for a new loan.
Can a minor get a car loan as a cosigner?
Teens under the age of 18 are not permitted to enter into contracts in most states. They will need a cosigner to obtain a car loan. The first step to obtaining a car loan as a minor is to ensure the loan is legal.
Can a 16 year old get a car loan?
While you can’t do it alone at age 16, you could get a car loan with a co-signer such as a parent. Alternatives include getting a private loan from your family or settling for a car you can afford without needing a loan. At 16, you’re considered a minor, which means you can’t enter into legal contracts without parental consent.
Can a parent sign a car loan with you?
Your parent can sign the loan with you, and you will still gain the benefit of owning the car and paying off the loan. If you default on the loan, however, your parent will be held responsible as well, and this can present a problem.
Can a 18 year old be a cosigner?
To be a cosigner for an 18 year old is very risky. It is likely that your cosigner will be a family member though. It makes the process easier since you can just give your payment to your parent or relative, and then they submit the payment for you.
