What's the single most important aspect of getting a car loan approval?

I want to get a car loan, but I'm not sure how to make my application more attractive. What's the most important aspect of car loan approval?

Answer
Although several factors help lenders determine whether or not your car loan will be approved, perhaps the most defining factor is your credit score.
Credit scores also play the biggest role in what interest rate you might receive. For example, a credit score of 600 might qualify you for an interest rate of 10%, while a credit score of 800 might get you a 4% interest rate.
As a result, you should check your credit score regularly to see if you can pay down debt or eliminate delinquent accounts. Other factors that lenders also consider include:
If you meet or exceed most or all of these aspects, you’ll likely be approved for a car loan, but always shop around to get the best rate possible.
If you get approval, make sure to budget not only for your monthly payment, but also gas, maintenance, and car insurance. To get the best deals on car insurance, hop onto the number-one-rated car insurance app, Jerry. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!
Eric Schad
Answered on Nov 24, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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