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Will I be approved for a car loan?
How do I know if I’ll be approved for a car loan? I’m not sure what I need to have in order to take out a car loan so I don’t even know if I qualify.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting approved for a
car loan
can seem overwhelming, but there’s a few things to keep in mind to make it easier:- Have good credit. Most lenders base their loan rates largely on your credit. If you have bad credit or limited credit history, considerfinding a cosignerto help improve your chances of approval.
- Show verifiable income. To get approved for a loan, you’ll need to prove that you have a reliable source of income. Your lender may ask for pay stubs as proof.
- Provide proof of residency. You’ll also need to provide proof of residence, such as a recent utility bill or a lease document.
- Make a downpayment. Generally, car loans require adownpaymentof some kind. Usually, lenders offer better terms to borrowers who can make a large downpayment, so you may want to save up before applying for a loan.
- Provide proof of insurance. You’ll usually need to show the lender proof that you have car insurance.
With these steps, you should get approved for your car loan!
If you haven’t found insurance for your new car yet, check out the
Jerry
app. Jerry makes it quick and easy to find the best rates available on the insurance coverage you want. Just download the app and answer a few questions to see a comprehensive cross-analysis of the best car insurance policies that work for you and your budget. The average user saves $879 per year!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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