PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Is it possible to get a car loan for $5,000?
I don't have a bunch of cash for a car loan and I'm looking at a car that costs $5,000. Can I get a car loan for this amount?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a
car loan
for $5,000 is entirely dependent on the lender. While some may approve loans for such a small amount, others will not.Most major banks have stipulations surrounding minimum loan amounts, as well as requirements with regard to the age and mileage of the car. Generally speaking, a vehicle can’t have more than 100,000 miles and can’t be over 10 years old.
However, you can try working with a local bank or credit union. They typically have more flexibility and may be willing to work with you, especially if you have a long-lasting relationship with them. You may also be able to work with a dealer that does in-house financing. They also tend to have more flexible lending policies.
Whichever avenue you pursue, remember that you’ll still need full coverage
car insurance
if you finance your vehicle purchase. This can be a costly undertaking—one that may not be worth it for a $5,000 car. So be sure to take that into consideration when budgeting for your car expenses.To find the best deal on car insurance, use the
Jerry
app to compare rates from over 50 name-brand car insurance companies in minutes. 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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies