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Do you need a driving license to get car financing?
I recently moved out of the city where I didn’t need a vehicle to get to work. But with the exorbitant cost of living, I moved to a rural area where I now need a car for errands, groceries, and entertainment. Before I go through the steps of getting a license, I want to make sure I can secure financing. Do I need a driver’s license to finance a vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your recent move! Since you’re in an area where car ownership is all but mandatory, you’ll be glad to know that you do not need a driving license to get car financing. However, lending practices vary from lender to lender. Some may **require a driver’s license for a
car loan
, while others won’t care.Because these lending practices vary, shop around and compare lenders to make sure they will extend credit to you. Even if you don’t have a license, you usually need a state ID or passport to get a car loan.
You might think about getting your driver’s license regardless of whether a lender will accept your car loan application. Since you’re going to drive the vehicle, you’re going to need a driver’s license at some point. By focusing on getting it before the car loan, you can pass all the required tests and increase your chances of car loan approval.
If you decide to move ahead with your purchase, remember that lenders require full coverage car insurance on financed vehicles. This can get super expensive, especially if you don’t shop around. So before you buy an insurance policy, shop for affordable options with the
Jerry
app.Jerry is a licensed insurance broker that will collect quotes from over 50 top-rated insurers in minutes. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $887 per year.
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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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