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It is defiantly possible for a teen to get a car loan but it is really hard to do on your own. There are a few barriers that will slow or stop the process for you to get one. I’ll discuss these hurtles that you need to jump through to get a car loan.

Getting a Loan at Car Dealership

Salesman will have one or feelings about working with a teen on a loan. They may think that it is not worth working with you because you most likely don’t have a good if any credit history to see if you are a good risk. They also may want to take you for everything they can because of you lack of experience.

You need to know how to play the game so you don’t get burnt. I’m not going to go into all the detail you need to know about buy a car in this article, but there is many places you can google to find out how to not get cheated with a car salesmen

No Credit History

This in my opinion is the thing that stops most of the teenagers out there from getting the car they want. They have these big dreams of walking up to the nice salesman or loan officer and saying I need money to get my dream car and they just cut them a blank check. They get a very rude awaking. They find out that they are not ready to give them any money at all until they can show some good credit history.

To avoid this you need to check your credit before you go for a loan. That way you can fix any problem before the loan officers see it. You need to know more about your credit then they do.

Just remember that a credit score below 640 it good grounds for not even trying to get a car loan. You could go for it though if you had someone that was willing to cosign for your loan.

Dealing with the Added Cost of Owning a Car

This is a big one to consider. You know only need to pay for a car loan now, but your need to pay for its up keep. I’m not just talking about changing the air freshener every month.

I’m talking about the additional $80 to $100 a month for gas. Oil changes every 3000 to 5000 miles. Believe me you can drive that far very fast.

There is also the insurance that you need to have to drive the thing. Yes you pay for the car and the right to drive it. This cost can vary.

If you are a teenager your insurance will be higher automatically. If you are a male under the age of 25 and not married it will be even higher. This can cost upwards to about $5000 a year.

Why you ask? It is because teens have a higher car accident death rate between the ages of 16 to 25. Make sure you can handle all that is involved before you go for that dream car of yours.