Services
Insurance
Loans
Repairs
Advice
About

How do I get a car loan?

I want to get a new car and I’ve always read that the Toyota Camry is one of the most reliable cars you can buy. I’ve never had a car loan, but I need one to purchase the Camry. How do I get a car loan?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The Toyota Camry is consistently rated among the top cars in America by numerous publications, so you made the right decision. While getting a
car loan
may seem daunting, it’s a straightforward process that involves your income, debt, and credit score.
Before you begin to apply for loans, start by shopping around and comparing rates. The best places to look include:
  • Credit unions
  • Banks
  • Third-party lenders
  • Dealerships
Once you’ve narrowed down a few options, apply for pre-approval. Car loan pre-approval entails a lender reviewing your income, debt, and credit score to estimate the interest rate and how much they’re willing to let you borrow.
When you get pre-approved, you have a concrete amount of money you can spend, which enables you to budget. You don’t have to spend every last dime of your pre-approval amount. Moreover, you can use the pre-approval amount as a bargaining tool to get a better price on your vehicle.
Keep in mind that car loan pre-approval is not a legally binding document. If you can’t find the Camry you want or you have any other issues, you can back out at any time.
If you have poor credit, finding a lender to approve you may take longer than those with good credit. But don’t despair. Keep looking and you should find someone willing to work with you. Be aware that some lenders will charge outrageous interest rates for people with poor credit. Don’t sign the contract unless you feel confident.
Once you find the car you want, simply return to your lender, give them the vehicle information, and sign the actual car loan.
During the car-buying process, think about shopping around for car insurance simultaneously. Lenders require full coverage car insurance, which can get pricey, but it doesn’t have to break the bank. Use the
Jerry
app to compare personalized quotes from the top 50 providers, including Nationwide, Allstate, and Travelers, in minutes for free. The average Jerry driver saves $879 a year on car insurance!
View full answer 
WHY YOU CAN TRUST JERRY
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.

Join 4M+ members in lowering their car insurance

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings