Services
Insurance
Loans
Repairs
Advice
About

Can you get a car loan after buying the car?

I’ve saved 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?

avatar
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You cannot get a car loan after buying a car. But don’t worry; you have options!
Having saved up enough money to cover the car's value is extremely helpful in this scenario because you can spend most of that money on a
large down payment
for a loan. This is the best of both worlds, as you can get the car you want while keeping some cash 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 vehicle, then your lender will require full coverage. A brand-new sports car will be expensive to insure, but there are still ways to save by comparison shopping for a good price that gives at least the state minimum coverage.
MORE: How to refinance a car loan in six easy steps
View full answer 
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.

Join 4M+ members in lowering their car insurance

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