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Can I get a car loan for a used vehicle?
I just found a great deal on a car at Autotrader. Can I get a loan for a used vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can certainly get a
car loan
for a used vehicle. However, you will likely need to meet certain eligibility requirements to get approved.Speak with your lender to learn about the minimum requirements regarding your income, debt-to-income ratio, and credit score. You can even apply for preapproval to make sure that you’re eligible for the loan.
In fact, this is a great idea, because it can help you determine your budget, which you can use to your advantage when negotiating the car’s price with the dealership.
Remember that you will also need to get
car insurance
before Autotrader will hand over the keys. Since you’re financing the vehicle, the lender will require full coverage insurance.To get the best rate on car insurance, check out the
Jerry
app. The Jerry app can collect quotes from 50-plus top insurance companies, like Travelers, Nationwide, and Progressive, in seconds. The average Jerry user saves $879 a year on car insurance.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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