Can you get a car loan after buying the car?

I’ve managed to save up just enough money to finally buy my dream car, a Ford Mustang. I want to get it ASAP, but I’m afraid if I rush and spend all of my money now, some unnecessary expenses may come up that I can’t afford. I would get a loan, but I’m trying to get the car like yesterday. Can you get a car loan after buying the car?

Unfortunately, you are unable to get a car loan after buying a car. But don’t worry; you have options!
Having saved up enough money to cover the value of the car is extremely helpful in this scenario because you can spend most of that money on a large downpayment for a loan. This is the best of both worlds, as you can get the car you want while keeping some money in your pocket for any unexpected repairs. You’ll also build your credit if you make regular, on-time payments to your car loan.
Don’t forget to budget for car insurance when you buy a new car. If you opt to get a partial loan on the car, then your lender will require full coverage. A brand new sports car will be expensive to insure, but there are still ways to save.
Try using the number-one-rated car insurance app, Jerry, to find the best deals. Jerry compares rates from more than 50 top providers, including Nationwide and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry user saves $879 a year on car insurance.
Michael Miserendino
Answered on Jan 12, 2022

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.
Let Jerry’s experts help you find savings on your car insurance!
No long forms or spam · Get quotes from 40+ carriers
Find insurance savings (100% Free)
rating primary
4.7/5 Rating on App Store

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
Find insurance savings — it's 100% free