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What do I do after I get approval for a car loan for $20,000?

"I went to my bank and got approved for a car loan up to $20,000.

What's the next step in the loan or car-buying process?"

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Once you’ve been approved for a
car loan
, the next step is to go to the dealer and pick out what car you want. 
After your car loan approval, here’s what you can expect next: 
  • You might have to pay a small deposit to hold the car.
  • Next, the dealer starts the paperwork.
  • Call your bank to give them the car’s VIN and let them know you’re going to buy the car.
  • Shop around for
    full coverage car insurance
    , as comprehensive and collision coverage are stipulations of a car loan.
  • Your bank will call you when the loan is approved and the check is ready. Zip into the bank, collect the check for the amount of the car, and head to the dealer.
  • Hand the dealer the check and drive away in your new car.
Pro Tip: Since you’ve been preapproved for your car loan, this can give you some extra leverage in negotiating with the dealership if you find a car you like. Just be sure to read the fine print before signing any paperwork.
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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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