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im 16 years old and i have two jobs and i make about 500$ a month. my parents pay for my car insurance but i want a new car. is there a way about going and finding a loan for myself? i was looking at a car for about 7500$

Answers from the Automotive Experts

Jenny Trostel, Partner at Anderson of Hunt Valley I think that because you are under 18, you cannot get a loan. You need to work with your parents if you would like a new car. Or keep saving and when you are 18, you can try to buy one yourself.

Shelly LoCascio, Dealer Principal  at Irwin Lincoln Mercury Mazda Beau, I don't believe you are old enough to get a loan on your own. Most banks would want your mom or dad to be responsible for the loan, even if you are the one making the payments. Shelly

Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company  (Retired) In most states you must be 18 years old to secure a loan. You will have to work with your parents if you hope to get a new vehicle before your 18th birthday. Always be very careful with your credit and know exactly what it shows on your credit report.

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