How do I apply?

Once you’ve eliminated loans for which you are ineligible, turn to lenders most likely to give you a loan. Many lenders offer to prequalify or preapprove you with a soft inquiry. Prequalification or preapproval does not guarantee you will get the loan—only that you fit the general financial profile of people to whom the lender has lent money in the past.

Getting prequalified typically means filling out a short form online in which you provide your name, address, income, and the amount you want to borrow. The lender will conduct the soft credit inquiry mentioned above and notify you—sometimes within seconds, sometime a couple of days later—that you have or have not prequalified for a loan.