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How do I obtain a car loan?
I’m really sick of driving junky used cars. I think I’m ready for something new! I hear car loans are a good way to afford a better car, but I’m not sure how to go about getting one. What’s the best way to get a car loan?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Obtaining a
car loan
can be a little confusing if you’ve never had one, but I’m happy to help walk you through the process!The loan terms and interest rate for which you qualify will be contingent upon your credit history, so you’ll want to start by looking up your credit score. You can check your score for free on websites like Credit Karma and Experian.
Next, you’ll want to get quotes from multiple lenders. These lenders could be banks, dealerships, or online lenders. Do some research to figure out which will offer you the best deal.
Once you’ve found a lender, you can start looking for cars within your budget. You can do so online or visit dealerships in person.
But before you sign any paperwork, be sure to thoroughly review your loan agreement and ensure you’re comfortable with the loan terms. You’ll likely be paying for your new car for several years—so it’s a pretty big decision!
Once you’ve made several on-time loan payments, if your credit score has improved, you can always try refinancing your loan with the
Jerry
app to save money on interest!Jerry allows you to compare quotes from multiple lenders without the hassles of research and paperwork. Get instantly connected to top companies that will give you the best rate for your budget. On average, car owners pay $85 less every month by refinancing.
MORE: Does refinancing a car hurt your credit score?
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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