I'm 16, I'm looking to buy a wrx when I get my license. I get my license in 3 months, and I'll be buying it myself since my bank does loans and credit-building opportunities for minors. How much would a 16 year old pay for insurance if he takes driving school to get his license? My mom's making me take driving school to get my license because she says it will lower insurance costs, even though I have much driving experience for a minor. I make about $700 a month and dont have any other bills to pay. I have had a credit card, not under my parent's name, for about 2 months so that I could build credit. Would I even be approved for a loan for the amount of a 04-07 wrx? Or do I have to build up my credit longer? The lady at the bank didn't give me any straight forward answers at all on how much I would be approved for.