How do I ask a bank for a car loan?

I want to get a car loan from a bank, but I don't know where to start. What do I do?

Answer
To get a car loan from a bank, start off by following these steps:
  • Check your credit score to make sure it looks good
  • Pay down or pay off debt as necessary
  • Research and compare quotes from several different banks
  • Apply for preapproval from the bank of your choice
Preapproval is a process where the lender runs your credit and looks at your application to determine how much they can lend to you. Getting preapproval is often the smartest move, as you can gather a budget for your purchase, as well as find out what your monthly payments may look like. To apply, you’ll need to provide:
  • Proof of identity
  • Proof of residency
  • Proof of income, such as pay stubs
  • Vehicle information, such as the VIN
  • Method of down payment, if necessary
You’ll also need to have proof of insurance to drive off the lot or close on the loan. For this reason, you should take a look at the Jerry app. In just minutes, you can compare rates from top carriers to find the best rate for your brand new car.
Eric Schad
Answered on Nov 15, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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