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What are the requirements to get a car loan?
I'm buying my first car. I'm pretty young, but I need to take out a loan. What is needed to get a car loan?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car loans are definitely a great option if you want to make buying a car more affordable, but there are quite a few requirements to get a car loan. First and foremost, lenders will want to see proof that you’re financially stable.
When you apply, you’ll likely be asked to show that you have good credit and a good debt-to-income ratio. Lenders will use this information to determine that you are able to make your payments on time.
Car loan payments aren’t the only expense that comes with a new car, though! You’ll also need to purchase car insurance before you can get behind the wheel. An easy way to shop for insurance is by using the
Jerry
app, where you can check out rates and coverages for over 50 top companies for free.View full answer
- Gregory R.
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