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?

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.
Chloe Jenkins
Answered on Nov 17, 2021

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