Can I get approved for a car loan over the phone?

Can you actually get approved for a loan over the phone? I want to get a quick, easy, and convenient car loan. My wife told me I could probably do it over the phone.

Answer
“You can’t get approved for a loan over the phone, but you might get preapproved.
Preapproval isn’t legally binding, but it does provide you with a budget and interest rates you might receive.
In most cases, you can also get preapproval via:
  • email
  • online
  • in-person
  • over the phone
Just keep in mind that this isn’t technically approval, which will require you to go to closing in person.
While preapproval is important in purchasing a car, you’ll need to bring many other documents in order to buy a vehicle.
You can’t get loan approval on the phone, but you can shop for car insurance at the touch of a button. The free Jerry app is a car insurance comparison tool that finds the best rates in your area hassle-free.”
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Eric Schad
Answered on Jul 14, 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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