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How difficult is it to get a car loan?
Is it hard to get a car loan? I want to get a new car but I’m not sure if I would qualify for a loan or not.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s typically not very difficult to get a car loan, especially if you have good credit. Here are the things that lenders typically ask for when considering a loan application:
- Proof of identity. You’ll usually be asked for documentation of your name, address, and Social Security number.
- Proof of income. In order to qualify for a car loan, you’ll need a reliable source of income. Most lenders will accept a recent pay stub as proof.
- Good credit. While you can usually find a car loan with poor or limited credit, it’s much easier to qualify for a loan with good terms if you have a good credit score. If you have poor or limited credit, considerfinding a cosignerwith excellent credit to help you.
- Vehicle information. You’ll need to provide the make, model, year, and VIN of the car that you want to purchase.
- A downpayment. Most car loans require that you make some kind of downpayment. The larger your downpayment, the better the terms of your loan will be.
Many lenders will also ask for proof of insurance when you apply for a loan. Fortunately, it’s easy to find the best rates on car insurance when you use the
Jerry
app! Just download the app and answer some quick questions to see your policy options in a comprehensive list. When you find a quote you like, Jerry can help you sign up.View full answer
- Gregory R.
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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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