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What do I need to do to get a car loan?
I want to get a car loan, but I'm not sure where to start. What do I need in order to get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you’ve never had a
car loan
before, you might be surprised at how easy it is to get one! To get a car loan, you just need to qualify. To qualify for the loan, you must have:- Good to great credit (varies by lender)
- Steady income, usually a bare minimum of $1,500 a month
- A debt-to-income ratio of 43% or less
It’s also smart to shop around for different loan rates so you can make sure you’re getting the best one.
You may also want to attempt to get preapproval for your loan. Preapproval is when you go to a lender to make sure you can qualify for a car loan. In return, the lender gives you an idea of what your interest rate and monthly payments might be, as well as how much you qualify to spend.
After you find the car you want, you can return to the lender to finish the loan. At this point, you need documentation consisting of:
- Proof of residency
- Proof of income
- Proof of insurance
- Vehicle information number (VIN)
- Driver’s license or ID
And that’s all there is to it! Just make sure that you also shop around for car insurance while you’re looking for cars. To do this easily, check out the
Jerry
app—we’ll get you customized quotes in minutes, so that all you have to do is is pick the plan that works best for you. And once you pick one, we’ll help you switch!Best of luck with the loan!
View full answer
- Gregory R.
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