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"How do I go about getting an auto loan for a used Toyota Camry? "
"I need a cheap car to get to work and found this 2006 Toyota Camry. Other than the high mileage (120,000 miles), the car seems to be in good working order and the owner is only asking for $3,000. What do I need to do to get a loan for the car?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“At face value, without seeing the car, it does seem like you may be getting a decent deal on a vehicle that could last you a while.
That being said, if you don’t have $3,000, you should save your money until you do. Financing a high-mileage car that old for such a low amount of money is not a good idea because the interest rate will likely put the final cost above the car’s worth.
However, if you don’t want to wait to save up and you desperately need a car ASAP, getting a car loan from a bank or credit union is pretty straightforward. Essentially, you apply for the loan online, over the phone, or in person and if you qualify, the bank will give you a cashier’s check to pay for the car.
Some of the things you will need to apply are your license, proof of employment, and a down payment. You may need to get proof of
car insurance
as well. Be sure to have a mechanic inspect the Camry prior to buying it.
“
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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