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How do I get a personal loan for a car?
What do I need to do to get a personal loan for a car? It seems like a good way to avoid repossession.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re correct! As most personal loans don’t require collateral, you have a lower chance of repossession. To get a personal loan for a car, here’s what you need to do:
- Find your car. Before you can take out your loan, you’ll need to know how much the car will cost.
- Find your loan. Look around for a lender who offers good terms and interest rates. Personal loans require very good credit. They often carry higher interest rates than car loans do, so you’ll need to do your research to ensure you’re getting the best deal.
- Gather your documents. Once you’ve found a lender you like, fill out an application and collect the required documents. You’ll likely need to present proof of identity, proof of income, and proof of address.
- Use the money to purchase the car. Once you’re approved and receive the money, you can sign the check over to the seller of your car.
- Transfer the title. After finalizing the purchase, the seller can transfer the title into your name.
- Pay off your loan. After you’ve bought your car, you’ll need to continue making payments for the entire loan term. If you miss a payment, it’s unlikely the lender will repossess your car. However, missing loan payments can increase your risk of financial troubles, so you must make payments on time.
After getting a personal loan for a car, you’ll still need an insurance policy for it. Luckily,
Jerry
can help you compare personalized quotes from over 50 top providers like Progressive and Nationwide for free. Jerry will even send you new quotes before your policy renews, so you always know you’re getting the best rate.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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