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?

Answer
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!
Eric Schad
Answered on Oct 21, 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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