 TITLE: How Old Do You Have to Be to Buy a Car? CONTENT: How and Where to Get an Auto Loan\n---------------------------------\nAuto loans are available through car dealerships, banks, credit unions and even online lenders. Before you fill out an application, consider crossing the following action items off your to-do list. Doing so can help streamline the process and help you save money:\n*   **Check your credit score.** Again, your credit can make a big difference when it comes to getting approved. It can also impact your interest rate and loan terms, which affect how much you ultimately pay over the life of the loan. If possible, it's wise to check your credit several months before making a purchase so you know where your scores stand. You'll also want to review your credit report to make sure there aren't any major red flags that could tank your loan application. That said, there are steps you can take to get a car loan with bad credit.\n*   **Determine your budget.** Before test driving your teen's new car, figure out how much you can reasonably afford. Will you be paying for it yourself, or will your child be contributing in some way? Either way, coming to the table with a down payment of at least 10% is typically required when seeking an auto loan.\n*   **Shop around for car loans.** Comparing quotes from different lenders can pay off in the long run. If you're worried about the impact submitting multiple credit applications can have on your credit scores, doing so within a short time frame can help minimize the impact.\nIf you end up going with a bank or credit union for your auto loan, getting preapproved can help give you some leverage when negotiating with car dealers. You may also be able to finance your teen's new car directly through a car dealership. Either way, comparing offers can save you money over the long term. END