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How do I get approved for a car loan?
I’ve never had a car loan before, but I’ve had numerous personal loans. Paired with my credit cards, I have a decent credit score of around 720. But now that I’m shopping for a car loan, I’m not quite sure what the next step is. How can I get approved for a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on improving your credit score! To get approved for a
car loan
, all you need to do is shop around, apply, and get accepted by a lender willing to work with you. However, you can do a few things to improve your chances of qualification.Some aspects to focus on include:
- Paying down any extraneous debt.
- Moonlighting or getting a second job to increase your cash flow or earnings.
- Deciding how much of a down payment to make. The more of a down payment you make, the better your chances of approval.
- Choosing a term for your loan. The longer the loan, the more you pay in interest, but the lower your monthly payments are and vice-versa.
- Checking your credit score to make sure you don’t have any delinquencies or erroneous information.
- Shopping around to get the best rate
If you have the credit and income that can support the car you want, you shouldn’t have any problem finding a lender to work with you. Just note that no matter what lender you choose, they’re sure to require full coverage car insurance. So don’t leave money on the table. Download the Jerry app to search insurance policies for your vehicle.
As a licensed broker,
Jerry
helps you find and compare quotes from over 50 top providers in minutes. When you find an excellent rate, Jerry will help you buy the policy for your new or new-to-you car. The average Jerry customer saves nearly $900 per year!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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