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How do I ask a bank for a car loan?
I want to get a car loan from a bank, but I don't know where to start. What do I do?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
- Check your credit score to make sure it looks good
- Pay down or pay off debt as necessary
- Research and compare quotes from several different banks
- Apply for preapproval from the bank of your choice
Preapproval is a process where the lender runs your credit and looks at your application to determine how much they can lend to you. Getting preapproval is often the smartest move, as you can gather a budget for your purchase, as well as find out what your monthly payments may look like. To apply, you’ll need to provide:
- Proof of identity
- Proof of residency
- Proof of income, such as pay stubs
- Vehicle information, such as the VIN
- Method of down payment, if necessary
You’ll also need to have proof of insurance to drive off the lot or close on the loan. For this reason, you should take a look at the
Jerry
app. In just minutes, you can compare rates from top carriers to find the best rate for your brand new car.View full answer
- Gregory R.
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