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How do I get prequalified for a car loan?

I’m looking to get a car loan, and I want to get prequalified, but I’m not sure how to go about it. How can I get prequalified on my car loan?

Eric Schad · Updated on Dec 13, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

Good question! I’m happy to say that it’s a relatively simple process—to get prequalified for a car loan, you must either visit your preferred lender in person or fill out a form online.

Prequalification for a

is similar to the pre-approval process, but without the level of seriousness or cash-in-hand mentality you might find in pre-approval or normal approval. Unlike pre-approval, a prequalification doesn’t run a hard inquiry on your credit report, which means your credit score won’t take a significant hit.

Prequalification can also give you some insight into what your budget looks like, as well as your monthly payments and interest rates without being locked in like you would with pre-approval.

When you budget for car loans, keep in mind that lenders will require you to carry full coverage car insurance on your financed vehicle. Use the

app to find the best deals. Jerry compares personalized quotes from top providers, delivers the best deals to your phone in minutes, and saves the average user $879 a year on car insurance. And if you find a plan you like, it’ll even help you switch!

Best of luck with the loan!

MORE:

Should you get a 72-month car loan?

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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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