Can a 17-Year-Old Actually Get a Loan With a Co-Signer?

Yes, you can usually borrow at 17 only if an adult co-signer signs the loan with you.

Most lenders will not enter a contract with a minor, so an adult co-signer with good credit and income is required. A co-signer is someone who legally guarantees repayment, which helps you qualify for autos, many private student loans, and some personal loans. Federal student loans do not require a co-signer if you qualify on your own, check eligibility with Federal Student Aid eligibility requirements. State rules and lender policies vary, so some banks or credit unions may refuse co-signed agreements or add extra rules. Before applying, review your full credit report and plan repayment with a counselor or financial pro. Also note the law requires lenders to give co-signers a written notice about their obligations, see the mandatory FTC co-signer disclosure rule. For plain-language risks and steps to protect both of you, see the CFPB guide to co-signing responsibilities.

Takeaways:

• You need an adult co-signer for most loans at 17.
• Co-signers are legally on the hook for payments.
• Federal student loans typically don't need a co-signer.
• Check state and lender rules before you apply.
• Review credit and get professional advice first.

Yes, you can access some loans at 17, but mostly only with an eligible adult co-signer or specific programs that treat you as a dependent student. Be ready to show income or school enrollment, and know that approval depends far more on the co-signer's credit and capacity than your age.

• Federal student loans
  
  • Likelihood: Possible without co-signer if you meet dependency and FAFSA rules.
  
  • Typical conditions: Enrollment, FAFSA eligibility, student status.
  
  • Pitfalls: Parent PLUS is separate; federal aid rules are strict, see StudentAid eligibility and rules.
• Private student loans
  
  • Likelihood: Usually require a strong adult co-signer.
  
  • Typical conditions: Co-signer credit score, income, debt-to-income (DTI).
  
  • Pitfalls: Higher rates if co-signer is weak.
• Auto loans
  
  • Likelihood: Often approved with a co-signer plus a down payment.
  
  • Typical conditions: Co-signer DTI, vehicle loan-to-value (LTV), proof of income or job.
  
  • Pitfalls: Repo risk and co-signer liability, per Experian on teen auto loans.
• Personal loans
  
  • Likelihood: Rare before 18.
  
  • Typical conditions: Lenders prefer adult applicants, co-signer required.
  
  • Pitfalls: Many lenders simply decline under-18 applicants.
• Niche/local loans (credit unions, youth programs)
  
  • Likelihood: Possible with membership or parental involvement.
  
  • Typical conditions: Small sums, educational or starter accounts.
  
  • Pitfalls: Limited availability and lower limits; a loan in a parent's name is not co-signing and does not build your credit.

Lenders treat a co-signed application as a joint promise, so they underwrite both you and the co-signer and often approve based on the weaker profile.

• Score: Both credit reports are pulled, and pricing or approval often follows the lower score.
• DTI: The co-signer's debts and income are combined with yours for debt-to-income calculations.
• Collateral: For auto loans, loan-to-value and vehicle condition strongly affect terms.
• History: Recent delinquencies or thin files trigger stricter overlays and higher rates.
• Income: Employment and income verification is required for both parties, including pay stubs or tax docs.
• Hard/Soft pulls: Use prequalification that uses a soft pull when possible to avoid unnecessary hard inquiries.

The co-signer's obligation appears on their credit report and can limit their future borrowing, so federal rules require clear notice; see the federal regulation on co-signer disclosure. For guidance on when a co-signer helps and alternatives, read the CFPB guide to co-signing loans. Ask lenders about soft-pull prequal and confirm what documents they will verify before you sign.

Yes - gather specific ID, income, address and loan paperwork so both of you can pass verification and underwriting quickly.

• Government photo ID for you and co-signer (driver's license or passport), proves identity.
• SSN or ITIN for both, required for credit and tax verification.
• Proof of address (utility bill, lease, or bank statement) for both, matches application.
• Income docs: recent pay stubs, W-2s, or 1099s; co-signer add year-to-date income, shows ability to repay.
• Employer contact info for both, enables verbal verification.
• Last 2–3 months bank statements, shows reserves and direct deposits.

Match names and addresses across every document, and temporarily unfreeze credit with each bureau just before the lender's hard pull, then refreeze or re-freeze after.

• Down-payment or deposit proof, lowers loan-to-value and interest.
• Insurance binder for vehicle loans, required before funding.
• School enrollment and Master Promissory Note for federal student loans, links to signing. See the StudentAid MPN portal for signing details.
• Signed cosigner disclosure per the FTC credit rule, confirms the co-signer's obligations; see the FTC Credit Practices Rule.

If someone co-signs for your loan, they legally promise to cover the full debt if you do not pay. The co-signer accepts joint-and-several liability, meaning the lender can demand the entire balance from the co-signer, not just a share. Late payments and collections will appear on the co-signer's credit report. Lenders or collectors often pursue the co-signer first because they are usually older or have stronger credit. That obligation typically continues until the loan is paid off, you refinance, or the lender issues a formal release.

Co-signers must also expect notifications and required disclosures, see the federal cosigner notice rules at FTC-required cosigner notice. Some private lenders offer cosigner release, but programs are rare and strict, and release criteria vary; review options at the CFPB's guide to cosigner release for private student loans. Historically, lenders reject many young applicants even with co-signers, so set realistic expectations before you apply.

Co-signing puts credit risks and benefits on both you and the co-signer immediately.

If the lender reports the account in your name, timely payments build a credit file and raise your score. Missed or late payments hurt both of you, and collections can appear on both reports. Loan balances affect utilization and score, so paying principal down helps. Many minors start with no bureau file; reporting policies vary by lender, so confirm who will be reported. For guidance on how minors appear on credit reports. Adding you as an authorized user can jump-start credit, but it carries risks and does not replace a properly reported loan. Learn children's credit files and authorized users. Finally, co-signed debt increases the co-signer's debt-to-income ratio, which can limit their ability to get mortgages, auto loans, or better rates.

• Do: confirm who the lender will report to.
• Do: get written payment and reporting terms.
• Don't: assume authorized-user equals a loan account.
• Don't: ignore the co-signer's future DTI impact.

You may pursue a co-signed loan at 17, but most contracts are voidable unless exceptions apply.

1. Set a firm budget, include payments, fees, and realistic monthly income.
2. Pick the loan type (student, auto, personal), confirm lender accepts minor applicants.
3. Pre-qualify with 2–3 lenders using soft pulls to compare likely rates.
4. Confirm co-signer fit, check their credit, income, and debt-to-income ratio.
5. Gather IDs, pay stubs, school or vehicle docs, and co-signer consent forms.
6. Submit a joint application with your co-signer, note who signs which fields.
7. Review rate, term, APR, total cost, and ensure FTC cosigner notice appears, screenshot it; see FTC cosigner notice requirement.
8. Verify cosigner-release options and pitfalls, insist on clear release language; consult CFPB guidance on cosigner releases.
9. Sign loan documents (MPN for federal, retail contract for auto), set autopay and payment-date alarms.

A credible co-signer can lower your rate and boost approval odds, see how a co-signer improves approval.

1. Make a larger down payment, reduces loan-to-value and often secures lower interest; bring competing offers.
2. Choose a shorter term to lower interest rate and total cost, accept higher monthly payments.
3. Apply at credit unions or community banks, they often offer friendlier rates and flexible underwriting.
4. Improve debt-to-income with documented income or paid-down balances, show paystubs and account statements.
5. Pre-qualify and negotiate using quotes, ask for autopay discount and present lender comparison sheet.

If you can't find a co-signer, you still have clear, safe routes to borrowing later or to build credit now without risky debt.

1. Wait until 18, open credit then, and build history slowly – how: start small; why: you gain full legal ability; risk: delay.
2. Become an authorized user on a trusted adult's card – how: ask a parent; why: you inherit history; risk: not all issuers report minors.
3. Use a credit-builder loan at a credit union – how: you borrow to save; why: it reports payments; risk: fees and limited amounts. See credit-builder loan research.
4. Take a secured card once of age – how: deposit collateral; why: low risk for issuer; risk: limited credit line.
5. Make a larger down payment or buy a cheaper asset – how: reduce loan size; why: easier approval; risk: you tie up cash.
6. For school costs prefer federal aid over private loans – how: apply FAFSA; why: better terms and protections; risk: eligibility rules. See federal student aid eligibility.

Avoid buy-here-pay-here dealers and any offer with triple-digit APRs; they wreck credit and cost you heavily.

Yes - with a willing, creditworthy co-signer a 17-year-old can be approved in realistic, common situations.

1. Used Car
2. Private Student Loan
3. Small Personal Loan

Used Car

(assumptions: income none, dependent; co-signer age 45, FICO 760, steady income $60k). Decision: dealer loan with parent co-signer. Outcome/terms: $8,000 loan, 5-year term, 7.5% APR because borrower under 18 requires co-signer. Monthly math: payment ≈ $160/mo (assumes 60 months). What we'd do differently: larger down payment ($1,600) to cut principal and get 6% rate from a local credit union.

Private Student Loan

(assumptions: part-time job $6k/yr, co-signer FICO 780, income $95k). Decision: bank private loan for tuition gap. Outcome/terms: $12,000, 10-year term, 6.99% fixed, interest-only while in school. Monthly math: interest-only ≈ $70/mo during school; full amortization ≈ $137/mo after. What we'd do differently: exhaust federal aid and scholarships first, then seek a lender offering co-signer release after 12–36 months of on-time payments.

Small Personal Loan

(assumptions: teen earns $200/mo from gigs, co-signer FICO 740). Decision: online lender for $1,500 laptop and startup costs. Outcome/terms: $1,500, 24 months, 9.9% APR. Monthly math: payment ≈ $69/mo. What we'd do differently: borrow $1,000 instead, delay nonessential purchase, or use a short-term credit-union installment loan with the co-signer to lower APR.

Three quick lessons:

• Always compare a local credit union with national lenders, assume CU often yields lower APRs.
• Put more down to both lower payments and improve approval odds.
• Use federal student aid and scholarships before private borrowing to reduce reliance on a co-signer.

Yes - emancipation can let you sign contracts, but lenders still set their own age and policy rules and may deny loans without an adult co-signer. Emancipation creates legal capacity to contract, yet many banks and major lenders keep an 18+ policy or require a co-signer for credit risk reasons, so court status alone does not guarantee approval. For background on the legal capacity emancipation creates see emancipation gives contract capacity.

If you are emancipated, bring certified proof, steady income records, and proof of residency when you apply, and ask lenders to confirm their policy in writing. Rules and procedures vary by state, so check local procedures before you apply; a state survey is helpful for specifics. See state-by-state emancipation procedures.

Checklist:

1. Carry court emancipation papers, pay stubs, and lease or utility bills.
2. Ask lenders their minimum-age policy and get any exceptions in writing.
3. If refused, consider credit-builder loans, secured cards, or a trusted co-signer.

Yes - with a qualified adult co-signer you can usually get a loan at 17, though approval, loan types, and legal details vary by lender and state.

Does my co-signer have to be a parent?

No, any qualified adult with good credit and income can co-sign. Some lenders prefer a parent or legal guardian, and some banks restrict who they accept. Check the lender's rules before you apply.

Can we remove a co-signer later?

Sometimes, yes. Many lenders allow a formal co-signer release after you meet payment and credit requirements, or you can refinance the loan in your name alone. Requirements and availability vary by lender, see Bankrate explanation of co-signer releases for common paths.

Will applying hurt my co-signer's credit?

Yes, the lender typically runs a hard inquiry and the new debt appears on both credit reports. That raises the co-signer's debt-to-income ratio and can affect their ability to borrow. Have a credit professional review your co-signer's report before applying to spot issues and improve odds.

Do federal student loans require a co-signer if I'm under 18?

No, federal student loans do not use co-signers; the Master Promissory Note binds the borrower under federal rules. For verification, read the federal student loan Master Promissory Note guidance. Private student or personal loans may still need a co-signer, check lender policies or the Consumer Financial Protection Bureau guidance.