In general, a minor cannot enter into a contract. ... The parents of the minor will technically own the property. If a parent will agree to Co-Signer the auto loan, then the minor can buy the car.
What is the youngest age to get a car?
The process for doing so isn't that simple, unfortunately. Generally, you need to be at least 18 years old to obtain an auto loan, and things aren't much easier for minors hoping to pay in cash.Mar 2, 2021
Can a teenager buy a car?
Legally, only someone over 18 can get a loan and, even if you are 18 or older, the lender will probably ask for your parent or another adult to co-sign. However, you'll need to make the payments every month, or it will have a negative impact on your credit—and on your co-signer's credit, too.
Can a 15 year old buy a car with cash?
Teens and Car Buying The teen can simply hand you the cash for the car, so you can buy it and register it in your name until they're at least 18 years old. Even if your 16-year-old hands you cash for the vehicle, you can't use the money to take out an auto loan for them.
Can a 12 year old buy a car?
A minor typically cannot own property, his or her parents technically own that property until the child becomes an adult. In many states, a parent will have to co-sign on a loan for a car, the juvenile can buy a car, but the parent will be the legal owner.Nov 9, 2021
Can 16 year olds own cars?
A 16-year-old can buy a car with cash, but an auto loan is out of the question until the teenager is 18 years old. A minor can't register a vehicle in their name or purchase car insurance by themselves. However, there's a way to help out your teen if they want to purchase a vehicle on their own.
Can a 15 year old get a car loan?
In the U.S., you absolutely have to be 18 years old in order to legally sign a loan contract. Up until you turn 18, you're considered a minor by law and can't enter into a contractual agreement with a lender.Jan 21, 2020
How much should I spend on my first car at 16?
It's generally suggested that parents cap their spending limit at around $10,000 for their teen's first vehicle, and most stick to used ones. If you stick to this guideline, then the most you need to save is around $2,000.Dec 16, 2020
Should a 16 year old have their own car?
A 16 year old should not have their own car, even if they can pay for it themselves. At 16 you don't have a license. You only have a learner's permit and need an adult that has been licensed for three or more years with you while you're driving.May 27, 2015
Can a 15 year old own a car?
Unfortunately, you can't title a car in a minor's name. Generally, your teen needs to be 18 or 19 to legally own a vehicle, but the age limit varies by state. Register your minor's car under your name until your teen is old enough to title his or her own vehicle.