As a teenager, you probably don’t have a credit history. Most lenders refuse to loan money or extend credit to those under the age of 18, and at 17, you might find that securing a first time no credit auto loan is difficult. While you might have some problems finding a lender willing to work with you at first, you will learn it’s not impossible to obtain a car loan as a teenager.

On Your Own

Applying for an automobile loan on your own might leave you feeling a little nervous. After talking to your parents and other adults in your life, you discover that most lenders will only work with you when you turn 18. You might also find that some lenders look down on you because of your age and lack of credit history, making it even harder to buy a car. Before applying for auto loans, make sure that you check the following documents and bring those documents with you.

• Your drivers license
• Your employer’s contact information
• A copy of your most recent paycheck

Bringing along a copy of your most recent paycheck and information about your employer shows that you’re a responsible teenager. If you don’t currently have a job, you need to show that you make income in some way. You might mow lawns around the neighborhood, babysit for your neighbors’ children or have your own paper route. Show the lender a copy of your bank statement to show that you have money to pay for a car loan.

With a Cosigner

On top of filling out an application here at OntarioCarsOnCredit.com obtaining a car loan is easier when you work with a cosigner. Ask one of your parents or guardians to cosign a vehicle loan with you. Your cosigner agrees to take over your loan payments if you default on your car loan. Make sure that the person you ask has a good credit score. If your cosigner has a poor credit score, you might find yourself facing a high interest rate on that loan. Getting a loan as a teenager is harder than getting a loan as an adult, but you can still secure a loan for your first car with a little help.