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How hard is it to get a car loan?
It's been over a decade since I've needed to get a car loan. My old car has just been deemed a total loss by my insurance. I will get some money from the insurance company, but it won't completely cover the cost of a new car, nor will my finances. I’ll need to get a loan to help pay for a new car. How hard is it to get a car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about the loss of your old car, but don’t worry; car loans are fairly easy to get.
To get a car loan, you will want to do the following:
- Know your credit score (660 or above will get you a better deal)
- Shop around by applying to various lenders
- Get pre-approval
Your credit score will help lenders determine how likely you are to pay them back. The more likely you are to pay them back, the better your chances are to get:
If your credit score isn’t great, you can still get a car loan, though it will be harder. You will have better chances of getting a loan if you:
There are several types of lenders you can go to, such as banks, credit unions, online lenders, and dealerships. Be sure to shop around with multiple lenders so you can find the best deal.
Once you’ve picked a lender, you can request pre-approval. Pre-approval will give you the information you need to budget and negotiate. This gives you more power with other lenders so you can find a good deal.
Don’t forget that when you buy a new car, lenders will require full coverage car insurance to protect their asset. Try using the number-one-rated car insurance app,
Jerry
, to help you find low rates. Jerry gathers competitive quotes from more than 50 top providers, including Nationwide, Allstate, and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
- 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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