"Do I need to have the car’s VIN to get approved for a loan? "

"I have a friend who frequents car auctions and he said he can get me a good deal on a car. Is there a way that I can get financing before the auction without the VIN?


Answer provided by
Johnny Puckett
Answered on May 05, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
“The only way a lender is going to give you a car loan is if you have the VIN. That is their collateral for the secured loan. You do have a few options, though.
First, you could try to qualify for a personal loan. The interest rate is going to be higher, the maximum line of credit is going to be lower, and the term will likely be shorter, but it may be an option if you have a good credit score.
Another—and possibly better—option is to get pre-approval from your bank on a car loan, just as you would if you were going to a dealership. Depending on the auction house’s rules, you may be able to get the VIN after winning the auction and secure financing relatively quickly. “

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