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How do you get a loan for a car with a bank?
What’s the best way to get a loan for a car from a bank? I want to borrow from my bank, but I’ve never gotten a car loan before. I’m not really sure what to expect or what I need to do.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Navigating the world of car loans can be intimidating, but try not to worry. If you take everything one step at a time, you’ll have no problem securing a loan!
Follow these steps to get a loan for your car from a bank:
- Gather the necessary documents. Most banks will ask for proof of identity, income, and residency, along with information about the car you’d like to purchase. Typically, that means you’ll need to give themproof of insuranceand the car’s make, model, year, and price.
- Complete the application. When you ask your bank for a loan, they’ll direct you to a standard application. It should also include a reminder of which documents you’ll need.
- Shop around. While it may feel more comfortable to stick with your bank, they won’t always offer the best terms. Before you sign an agreement, compare offers from multiple lenders so you can find the best rate.
- Sign the contract. Once you find a loan that works for you, sign the agreement!
After everything’s signed and filed, your only responsibility will be to make your monthly payments. Remember, your car will likely come with a lien, so missed payments could put you at risk of repossession. Make sure you budget enough to keep up with your payments.
To help offset the cost of your monthly payments, start saving on car insurance with
Jerry
. A licensed broker, the Jerry app helps users save an average of $879 a year on car insurance. Just download the app, answer a few questions, and Jerry will help you compare quotes from top providers like Nationwide and Allstate for free.View full answer
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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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