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How can you get a car loan from a bank?
What steps should I take to get a car loan from my bank? I want to keep my money in one place if I can, and that seems like the best way to do it.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The loan process can be tricky to navigate, so it can be helpful to deal with an entity you know and like. That said, different lenders will make you different offers, so your first option may not be your best.
You can follow these steps to get a car loan from a bank:
- Choose a car. Before you choose a loan, you’ll need to choose a car. That way, you’ll know how much money you’ll need to borrow.
- Gather your documents. Once you have a car in mind, you’ll need to gather some documents. Most lenders will require you to show proof of identity, income, and residency. They will also need information about the vehicle andproof of insurance.
- Shop around. Even if you have a bank in mind, it’s a good idea to get quotes from multiple lenders. That way, you’ll know that you’re getting the best rate available.
- Get preapproved. If you decide to borrow from your bank, it’s a good idea to get preapproved for your loan. To do this, fill out an application and allow your lender to perform a hard credit pull. If you’re approved, you’ll get a confirmation letter that you can show at the dealership. Sometimes, the dealership will offer you an even better deal when they see your preapproved rate!
- Sign the loan contract. When you’re ready to buy the car, sign the loan agreement. At that point, you’ll be responsible for making payments on time, so make sure you know when your payments are due.
Since you’re already taking steps to secure a good deal on your loan, take an extra minute to find the best rate on the car insurance coverage you need with
Jerry
. A licensed broker, the Jerry app helps users save an average of $879 a year. Just download the app, answer a few questions, and Jerry will help you compare quotes from top providers like Nationwide and Allstate for free.MORE: What is a good credit score for a car loan?
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- 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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