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?

Answer
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.
Eric Schad
Answered on Dec 03, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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