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Can you get a car loan after buying the car?
I’ve managed to save up just enough money to finally buy my dream car, a Ford Mustang. I want to get it ASAP, but I’m afraid if I rush and spend all of my money now, some unnecessary expenses may come up that I can’t afford. I would get a loan, but I’m trying to get the car like yesterday. Can you get a car loan after buying the car?
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, you are unable to get a car loan after buying a car. But don’t worry; you have options!
Having saved up enough money to cover the value of the car is extremely helpful in this scenario because you can spend most of that money on a
large downpayment
for a loan. This is the best of both worlds, as you can get the car you want while keeping some money in your pocket for any unexpected repairs. You’ll also build your credit if you make regular, on-time payments to your car loan. Don’t forget to budget for car insurance when you buy a new car. If you opt to get a partial loan on the car, then your lender will require full coverage. A brand new sports car will be expensive to insure, but there are still ways to save.
Try using the number-one-rated car insurance app,
Jerry
, to find the best deals. Jerry compares rates from more than 50 top providers, including Nationwide and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry user saves $879 a year on car insurance.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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