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How do I get a small car loan?
I've been saving for a new car for a while now. I figured I'd save up enough to buy it outright without the need for a loan. But the car I have been driving got totaled over the weekend. So how do I get a small car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m so sorry to hear your car got totaled. I hope you are okay!
To get a small
car loan
may be difficult, depending on how small you’re talking. Many lenders have a minimum loan amount. This number will vary by lender, so you’ll need to shop around to find out what’s available.You can get quotes from:
- Local banks
- National banks
- Online lenders
- Dealerships
Before you begin shopping around, try to figure out:
- The car you want (make, model, year, VIN)
- The payout you’ll receive from your insurance company for yourtotaled vehicle
- The down payment that you can afford
With that information, you should be able to estimate the loan amount you need. Then, you can ask lenders if they’re able to accommodate.
If you can’t find a willing lender, here are some alternatives to auto loans:
- Private party auto loan: Private party auto loans are used to buy a car from a person instead of a dealership. However, lenders usually slap on high interest rates because they deem these riskier.
- Personal loan: Personal loans are used if the amount you need is less than the minimum a lender will offer for an auto loan.
If you were unhappy with your car insurance and how they handled your accident, you can shop around insurance companies, too. The
Jerry
app makes it effortless.Jerry will pull quotes tailored to you and your coverage needs from 50+ top insurers—like Nationwide, Allstate, Safeco, Progressive, and Travelers—in minutes. Choose a policy that better suits your needs and budget, and Jerry will even help cancel your old insurance for you.
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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