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"How much money should I ask for when applying for a loan for a $25,000 car? "
"The kind of car I am looking to buy is in the $25,000 range. I haven’t found the exact car I want to buy yet, but I do want to get a loan before going to the dealership. How do I know how much to apply for?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You should talk with your lender and see how much they will
pre-approve
you for based on factors like your income and credit score. Once you know that number, you can go to a dealership and shop for cars in that price range. But whatever you do, do not tell the dealership how much you are
pre-approved
for or how much you are planning on spending. After finding the right car for your budget and negotiating the best final asking price, you can contact your lender and finalize the loan that you were pre-approved for.
“
View full answer
- Gregory R.
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