Can You Be 17 and Get a Car Loan?

January 27, 2012

A question many teenagers have is can they be 17 and get a car loan? The answer is no you cannot. Getting a car loan involves a contract. A 17 year old is still considered a minor in the eyes of the law. Because of this, a minor cannot enter into a binding contract. You will not be able to enter into a loan contract while you are 17. There are some options that you may want to consider. First, you should probably just wait till you are 18 because then you are no longer a minor and can enter into a contract. However, that doesn't mean that you will automatically just get a loan. For a car loan, a credit check is always required and you probably have little to no credit as an 18 year old. Your best bet would be to get a car loan cosigner. A cosigner is someone who is willing to sign the loan with you so that you can get the loan. The cosigner must have good credit since you likely have none. The cosigner will be liable for the loan if you do not pay the dues on it. 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. Overall, a 17 year old can't get an auto loan until they are 18, and even then, they would still need a cosigner.

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