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How do I get a signature loan for a car?
I want to purchase a car from my neighbor for $4,000, but I don't have the cash. I also can't get a car loan because the amount is too low. How can I get a signature loan for it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s good you’re thinking about options, but before you try to get a signature loan, you might still want to shop around for a
car loan
, as some lenders, like Capital One, often will approve loans for this amount.If that doesn’t work, you can attempt to get a signature loan. Also known as a personal loan, a signature loan is an unsecured loan that doesn’t require any collateral. Instead, you simply have to qualify based on your credit score and income. If you have a strong credit score and the income to cover the loan, you shouldn’t have too many problems qualifying for a signature loan.
The downside with a signature loan, however, is that you typically will have higher interest rates and less time to pay back the loan.
You’ll also need to make sure that you have car insurance for your vehicle. To get the best rates possible, use the
Jerry
app. Sign up in less than a minute to compare quotes from dozens of providers. Jerry will even take care of the paperwork for you! View full answer
- Gregory R.
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.
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