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How do you get bank approval for a car loan?
What steps can I take to make sure I get bank approval for a car loan? I really need a car, but I’m worried that my application will be rejected.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Finances can be tricky, especially when it comes to car loans. But try not to worry! You can use these tips to raise your chances of getting bank approval for a car loan:
- Come prepared. Walking into your meeting with all your paperwork in order will show them you’re serious and help them assess your financial situation. Remember to bring proof of identity, proof of residence, proof of income, proof of insurance, and information about the car you want to buy.
- Save up for a large down payment. Lenders are much more likely to approve your loan if you can make a large down payment. Plus, it can help you secure better terms and lower interest rates!
- Find a cosigner. If your credit score is low, a cosigner will go a long way. Since they agree to take on your debt if you can’t pay, cosigners make your loan far more likely to be approved.
Remember, when you buy a new car, you’ll also need to buy an insurance policy. To help make the process as easy as possible, try the
Jerry
app.A licensed broker, the Jerry app can help you compare personalized quotes from over 50 top providers like Progressive and Nationwide for free. With Jerry, users save an average of $879 a year on car insurance—and it only takes a minute to sign up.
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- 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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