It depends on where you live. with a parent or guardian co-signers, for many people it can be as young as 18 (or even sooner).
working full time and stable employment are also variables to look into when considering whether someone is able to finance a car.
most banks require an individual to be at least 18 years old before qualifying for personal lines of credit, though 18 year olds may qualify if they have a co-signer who meets the bank's general criteria and does not own any other vehicle. a person could also make monthly payments through financing rather than buying outright; this would involve having enough cash upfront to pay off the purchase price over time without requiring the borrower to make monthly payments. ideally such people
can you buy a car on finance at 17?
yes, you can.
financing a car at 17 is not impossible depending on how much risk the lender wants to take. getting a loan for a car at this age is possible and it won't be hard to do if you're determined and know your credit score (you'll need that). remember that while reviewing your options, you can consider other factors like whether or not the lender prefers debit over credit. if that's the case, then there should be more available loans for people with poor credit scores than those with good ones.
can i finance a car at 16?
bigger question is, what's your family's income? it sounds like you're not old enough to legally purchase a car. cars depreciate gradually in value and cars at 16 years of age will come with higher rates than cars bought when new so it can be difficult to get a good deal on financing at the later time even if the car was purchased at a below market price originally.
reasons why someone might finance:
– wanted earlier than their 18th birthday
– working and unable to afford buy outright for range provided by credit union or bank
– lack of reliable transportation during their teen years due to family circumstances such as divorce or death
– unwillingness/unability to stay eligible for lower
can a 16-year-old get a car loan with a cosigner?
a 16-year-old cannot get a car loan on their own. however, if they have a credit history and can cosign on the loan (with someone who has enough income to make the payments), then it's possible.
a 16-year-old cannot get a car loan directly from an auto dealer or lender; instead they must gain access to one through their parent's lending institution and go through both due diligence and underwriting processes required by that institution. most banking institutions will not allow a cosigner to be over 50 years old because of the risk of death or disability which could create payment issues late in the life of such debts, so this is something else to keep in mind when considering such financial responsibility for
can i finance a car when i turn 18?
absolutely.
there are a few things to consider when qualifying for auto loans, and it's best to meet with a professional before committing. when you're planning what kind of vehicle to purchase, make sure you calculate your monthly payments in accordance with the amount of money (including student loans) you will be making over the next 24 months. don't forget about insurance, either; roadside assistance coverage saves millions of people every day from expensive tows and repair bills. when meeting with financial experts or potential lenders face-to-face, remember that honesty is key: don't bring in your paycheck stub if you haven't been employed long enough and don't try to cover up speeding tickets or other legal problems – they can end up causing
