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Find the best car loan by comparing rates from multiple lenders and learn everything you need to know about an auto loan before you make a decision.
We’ll walk you through each step to help you understand how to get a car loan. Learn more about how to buy a car. 1. Check your credit report. Since your credit reports are used to calculate your credit score, it’s important to check them before applying for a car loan.
You can finance a car purchase by applying for an auto loan and getting approved by the lender. You can use the car dealer’s in-house financing or find your own through banks, credit unions and online lenders.
How to get preapproved for a car loan. To get preapproved for a car loan, you’ll need to do some prep work in advance. Start by setting a budget to be sure your new ride won’t break the bank and use a car affordability calculator to help you plan your purchase.
Depending on your current auto loan balance and credit profile, you could potentially save thousands of dollars by refinancing your car loan to a lower rate. You can also refinance multiple times to maximize your savings.
A private-party auto loan is a type of car loan that can be used to finance a car purchase from an individual seller rather than a dealership. You can typically find these loans at banks, credit unions and online lenders.
Bank of America offers competitively priced auto loans for new and used vehicles with a quick application process.
Before you borrow money to buy a car, look closely at your finances to make sure you can afford the monthly car payments. Some second-chance auto loans come with extra fees, so be sure to add these when looking at your budget to decide whether the cost fits your budget.
On the surface, shopping for a used car loan looks just like shopping for a new car loan: you need to review your credit and budget before you apply for a loan, and then compare offers from multiple lenders to find the best deal.
Compare top insurance companies and get affordable, customized coverage for your car, home and more. Our network of lenders will compete for your business, so you can get the funding you need for yours. Track your credit score, get personalized financial recommendations, and grow your credit health — all in LendingTree Spring.