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?

Answer
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.
Jack Walsh
Answered on Dec 08, 2021
Jack is an insurance specialist and writer living in Buffalo, New York. He has a BA from Union College and worked as an insurance agent with Jerry before joining our content team. He enjoys using data and research to break down complex subjects and convey a story. In his spare time, Jack enjoys cycling, cooking, and exploring Buffalo’s beautiful waterfront.
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