Can i get a used car financed with just my learner's permit?

Question

I am 22 years old and I haven't gotten my license yet because I'm not confident I'll pass,but I really need transportation and I'm trying to get it financed so I can build some credit for myself.Are there any other options I have?

Answer 1

I had my first house when I was 22, building credit is easy but you have to be disciplined, get a credit card, pay it off monthly as you use it. Don't buy what you can't afford. Then go to the bank get a 3 month loan for the max you can get, just give the money back after 3 months it may cost you $30 or so in interest, It's basically paying to up your credit score. Then you should be able to get a good interest rate on a car. Trust me just because someone will finance you doesn't mean you should buy with 20% interest you'll pay double the price for the vehicle.

Answer 2

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RE :Can i get a used car financed with just my learner's permit?
I am 22 years old and I haven't gotten my license yet because I'm not confident I'll pass,but I really need transportation and I'm trying to get it financed so I can build some credit for myself.Are there any other options I have?
Follow 13 answers

Answer 3

The purpose of the learners permit is mostly for the purpose of gaining confidence to take the test. You are always learning and your driving skills will improve with actually driving. However, if you don't have confidence in yourself, you should get another learners permit. You have to have confidence to develop skill. Let your confidence match your skill. Remember over confidence can kill you or others just as much as under confidence.

You probably can get a car financed. You may have to have a parent co-sign for the car and they may have to get insurance. With no driving experience, insurance will cost an arm and a leg.

Answer 4

It depends on the state you are in. In Texas you can't be financed without a license. However you can pay cash. If you have never financed before you will need some cash down, and need to look at less expensive cars.

Answer 5

Having a driver's license has absolutely nothing to do with your credit worthiness! At 22, you should be able to obtain a loan for a used car relatively easily. The main requirement will be whether or not you're employed. You've got to have a source of income in order to repay any loan you may get.

Answer 6

Your driver's license isn't the thing that gets you financed. A blind person could buy a car if they wanted to -- I suspect that Stevie Wonder has a few!!

Your credit rating, along with your down payment and income / expense information, is what gets you financed.

Answer 7

You will probably need a driver's license, because you usually have to have a license to REGISTER the car after you purchase it, and if you finance it the lender requires the dealer to handle registering the car so that they can make sure the state records the lien information (so the lender gets the title).

Answer 8

You don't need a license at all to buy a car. Or to finance one.

Answer 9

Wait for your license and go take the test.
It's not that difficult, it's all in your mind and most people pass it on their first or second try.

I don't know if you can finance a car with a learner's permit.

Answer 10

Owning a car and be able to legally drive a car are two
separate issues. If you can't get a driver's license, you
don't need to get a car. I suggest that you study very
hard on getting your driver's license, if it really means
that much to you. But you have been getting along
without a license for several years, so maybe you don't
really need or want it.