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How much can I get for a car loan?
I’m in the market for a new car and cannot pay the total amount upfront, so I’m going to take out a loan. However, I’m not sure how much I can get for a car loan. How can I figure out my car loan amount?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Shopping for a new car is always exciting! Figuring out the financial side can be challenging.
Determining how much you can borrow for a
car loan
isn’t black and white, and lenders determine the amount on a case-by-case basis, so it is best to shop around and compare offers from multiple lenders.Lenders look at many factors when determining the amount you can borrow, including, but not limited to:
- Credit score
- Income
- Employment status
- Debt-to-income ratio
- The vehicle you are purchasing
Keep in mind that you can get approval for more than you can afford, so you should review your budget before signing an agreement. A good rule of thumb is to put 20% down, have a loan term of four years or less, and the total car payment should not exceed 10% of your income.
Once you have your new vehicle, don’t forget lenders will require full coverage insurance on your financed vehicle. Full coverage
car insurance
can cost be expensive, but it doesn’t have to drain your pockets.Try using the number-one-rated car insurance app,
Jerry
, to help you find the lowest rates. A licensed broker that offers end-to-end support, Jerry gathers affordable quotes from more than 50 top companies, 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.
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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