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Is it possible to get a car loan for $5,000?
I don't have a bunch of cash for a car loan and I'm looking at a car that costs $5,000. Can I get a car loan for this amount?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Major banks: Most major banks have stipulations around minimum loan amounts, as well as the age and mileage of the car. Generally speaking, a vehicle can’t have more than 100,000 miles and can’t be over 10 years old to get a loan.
Smaller banks: A local bank or credit union typically has more flexibility and may be willing to work with you, especially if you have a long-lasting relationship with them.
Dealers: You may also be able to work with a dealer that offers
in-house financing
. They also tend to have more flexible lending policies.Whichever avenue you pursue, remember that you’ll still need
full coverage
car insurance if you finance your vehicle purchase. This can be a costly undertaking—one that may not be worth it for a $5,000 car. So be sure to take that into consideration when budgeting for your car expenses.View full answer
- Gregory R.
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