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How much is a $20,000 car loan?
I’ve been shopping around for my first car, and I think I’ve finally found it, but I need to take out a loan to purchase it. The vehicle is listed for $20,000, but how much is a $20,000 car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Shopping for your first car is undoubtedly a memorable experience. I’m happy you’ve found the vehicle you want!
Unfortunately, there is no standard price for how much a $20,000
car loan
is. Lenders charge different fees and use a variety of factors to determine your interest rate, including: - Credit score and history
- Income and employment history
- Debt to income ratio
The best way to understand how much a $20,000 car loan will cost is to apply and read through the lender’s offer. Additionally, to find the best rate, you should shop around and compare offers from multiple lenders, including:
- Local and national banks
- Credit unions
- Online lenders
- Dealerships
Lastly, after getting approval for a loan, you’ll need to provide
proof of insurance
to your lender and dealership. To find the best rate on insurance, you should compare quotes from multiple companies. If you’d rather leave the hard work of gathering quotes to someone else, use
Jerry
. The Jerry app can collect quotes from 50+ top insurance companies, like Travelers, Nationwide, and Progressive, in seconds, and if you ever have any questions, agents are just a text away. 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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