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How do you get the best car loan?
I'm looking for a new car, but I'll need a loan. I'm on a pretty tight budget. What's the best place to get a car loan?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a new car is exciting! It’s definitely possible to get a good
car loan
, even on a tight budget.To get the best car loan, there are a few things you can do.
- Shop around: Likecar insurance, shopping around with multiple lenders is a great way to find the best loan. Every lender offers different terms, conditions, andinterest rates, so looking at several will give you the best options.
- Check your credit: Having good credit is one of the best ways to get a good car loan. Lenders look at financial stability and debt-to-income ratio when extending credit or loans. A good credit score shows lenders you’re reliable and less of a risk.
- Budget: Since you’re already on a tight budget, knowing exactly how much you can spend on a car payment each month is important. If you already have a car in mind, you’ll need to make sure you find a loan that comes with a payment you can afford.
- Be flexible: Even if you have a car in mind, be flexible. If you can’t find a loan with payments that are within your budget, you may need to consider a more affordable car.
While the process might seem overwhelming, the best way to get a good loan is to be prepared. Be sure you make thoughtful decisions and don’t rush into anything! Taking your time will ensure you’re getting the best loan for you and your situation.
Once you do get a loan, be sure you budget for car insurance, as well! Most states require car insurance, so you’ll need a policy to take home your new car. A simple way to find the best deals is with the
Jerry
app. Jerry gathers personalized quotes from up to 50 top insurance providers, meaning you’ll always get the best price for the coverage you need.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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