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How can I make sure I qualify for a car loan?
I want to apply for a car loan, but I don't want to apply if I'm going to get rejected. How can I make sure I get approved?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s a great idea to check to see if you qualify before applying for a loan.
First, you’re going to want to check your credit report. This, along with your income, will tell you how much you’re qualified to borrow and the rate of interest you can expect. After that, the best way to check to see if you’re an eligible candidate for a
car loan
is to either get prequalification or preapproval.Prequalification can give you an idea if you’re likely to be approved, but this isn’t legally binding. Additionally, it is a soft inquiry based on limited data, and it doesn’t impact your credit score.
Conversely, a preapproval is more official and likely to be closer to your final rate. The lender also does a hard inquiry on your credit, meaning that it impacts your credit score. A preapproval is often regarded just the same as approval, allowing you to use it for budgeting purposes and negotiating with car dealers.
If you successfully prequalify or get preapproval, shop around for car insurance rates, just as you would with car loans. With the
Jerry
app, you can search dozens of rates at the same time and find which one works for you. When you find the one you like, make the choice and let Jerry do the rest.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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