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How do I get a car loan from my bank?
My bank has been sending advertisements to me for great deals on car loans. What they’re offering sounds excellent, and I've been saving up to buy a car anyway. So, how do I get a car loan from my bank?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That sounds like great timing! Before getting a car loan from your bank, do a little homework first:
- Check your credit score
- Choose the car you want (if you know the VIN, that’s even better)
- Figure out how much you have available for a down payment
Your credit score: A score of 660 or higher will qualify you for a lower-APR loan.
If you have bad credit or no credit, getting a cosigner may also help you get approved easier and earn more favorable loan terms.
Your car: Bringing the vehicle identification number (VIN) to the bank will show that you are serious and already have a car in mind. It will also help your bank figure out the loan amount and terms of the deal.
Your down payment: This is how much of your savings you can part with to pay for the car up front. The more you pay on day one, the less you’ll end up spending in interest on borrowed funds. It also can mean a
shorter term length
and a smaller, more manageable monthly loan payment.You can also ask the bank for preapproval. Depending on your bank, you may even be able to do this online. They will need:
- Your birthday
- Your Social Security number
- Your income
- Your job information
Preapproval causes a hard inquiry on your credit score, but it will help you negotiate the car’s price when you head to the dealership. This way, you can focus on getting your new set of wheels.
But before you drive off, make sure you get
car insurance
! It’s illegal to drive without it! Getting car insurance is easy with the Jerry
app.In seconds, the Jerry app collects quotes from 50+ top insurance companies, like Nationwide, Allstate, Safeco, Progressive, and Travelers. Let us handle the hard work so you can enjoy the joys of the open road.
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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