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How can I get a car loan?
I need to get a car loan, but I’m not sure how to get started.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a car is an exciting time! To get a car loan, you want to make sure you have good credit, a good debt-to-income ratio, and reliable income.
To get a car loan, you need to do the following:
- Check your credit. If you don’t have credit yet (or if your credit score is low), it might help tofind a cosignerwith excellent credit.
- Find a car. To know how much you’ll need to finance, find the car that you want to buy. Make sure that the car you choose is reliable, has enough space, and meets any other needs that are important to you. You also have to balance your car needs with any budget limitations.
- Shop around. Get quotes from multiple lenders to make sure that you secure the bestAPRavailable to you. It’s usually a good idea to get all of the quotes within two weeks, as you’ll only need to undergo one hard credit check. Credit unions are a great option for first-time borrowers, as they tend to offer flexible terms and rates.
- Compare quotes. Once you have some quotes, compare rates to find the best deal. Make sure to take a look at fees, interest rates, repayment periods, and any other terms that are important to you.
- Sign the contract. Once you find a lender that you like, it’s time to sign the contract and start making payments. Make sure to read the contract thoroughly so that you can make your payments on time!
While you’re looking for the best deal on your car loan, why not take a minute to shop for better car insurance rates, too? It’s easy when you use the
Jerry
app! Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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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.
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