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How do you take a loan out for a car?
I'm thinking of buying a car. It won't be my first car; I have my mom's old car she kept after she bought a new one, but it has since gotten too old. This will be my first time buying one. So I want to take out a loan to help me get the car of my dreams. How do I take a loan out for a car?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Buying a car is very exciting! What you need is to check your credit score, pick out your car, and start shopping around with various lenders, such as at your local banks and credit unions.
Your credit score is critical when it comes to getting a car loan. It’s how a lender determines how trustworthy you are and the terms they’ll give you. A score of 660 or more will get you better terms loan terms, which include:
If your credit score is below 660, you can help your chances by getting a cosigner or by paying a larger downpayment.
Knowing the car you want can help you work with lenders to draft up the agreement specific to your situation. That means you should know the approximate value of the car so that you can be sure to get a loan large enough to purchase that vehicle, or else you will need to shop for a different vehicle.
When you’re budgeting for a car, don’t forget that lenders will require you to have full coverage car insurance. Full coverage can be pricey, but it doesn’t have to break the bank. Try using the number-one-rated car insurance app,
Jerry
, to help you find the lowest rates. The average Jerry driver saves $879 a year on car insurance!Enjoy the new car of your dreams!
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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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