To finance the purchase of an Audi, you can either get a loan through a dealership with Audi Financial Services or go with a traditional auto loan through a bank or credit union. If you’re looking for convenience, the dealership might be your best bet, but to get the best terms and customer service, you might prefer a bank or credit union.
With its solid line-up of sleek sedans and agile SUVs, Audi is known for its high-end interiors and cutting-edge tech features. Audi is one of the luxury brands sold by Volkswagen Auto Group. These premium vehicles can come with a bit of a price tag, so you’ll want to get the best possible rate for your loan terms.
Your options for auto financing might seem endless, but you don’t have to be overwhelmed when you’re looking for a car loan for an Audi. Car insurance broker and loan expert Jerry is here with a breakdown of your options so you can secure the auto loan that’s best for you.
How to get an Audi car loan
It’s relatively easy to get a car loan for an Audi, whether you’re eyeing a brand-new Q7 Premium Plus or a new-to-you TT Quattro.
Your first step should be to check your credit. Then, compare the rates and terms from at least three different lenders and get preapproval, if possible.
Check your credit
You should always check your credit score before you shop for a loan. It’s an essential factor a lender will use to determine your loan terms—including the interest rate. Generally, a score over 660 is considered a good credit score when you’re getting a car loan.
That doesn’t mean you’re out of options if your credit score is below 660, though. If you’re buying your car at a dealership, you may still qualify for an Audi car loan through Audi Financial Services. Just be prepared to show that you can make the payments by providing personal references, proof of income, or a co-applicant.
Check out the table below to see the average APR and monthly payments for different Audi vehicles based on your credit score:
Once you’re familiar with the kind of loan you might qualify for, it’s time to look at lenders. Generally, your options are to get a loan through your bank, a credit union, or a dealership that participates in Audi Financial Services.
To make sure you’re getting the best rate, compare offers from at least three different lenders before you choose one. Here are some things to look for:
Short loan term: 60 months or less
Low APR: 4.93% or lower
Manageable monthly payment: No more than 10 to 15% of your monthly income
There’s more to it than just numbers, though—make sure to look at the lenders’ customer service record, too. If a lender is hard to get in touch with or has a reputation of being difficult to work with, it may not be enough that they have high approval rates or low monthly payments.
If you can get preapproved for your car loan, it will be easier for you to negotiate when it’s time to sign the final loan agreement. You can even apply online for preapproval through Audi Financial Services.
To get preapproved, you’ll need to complete an application for a loan. The lender will need the following information:
Social security number
Proof of employment
Driver’s license or photo ID
Proof of income (paystubs, W2, etc.)
Key Takeaway To get an Audi car loan, check your credit rating, compare lenders, and try to get preapproved so you can get the best rate.
Average loan term for an Audi car loan
When you’re securing your auto financing, you may have the chance to choose your loan term or how long you’ll make payments. The most common loan term in the US is currently 72 months, or six years. However, that doesn’t always mean it’s the best loan term.
Consider asking your lender if they’ll give you a repayment term of 60 months or less. Your monthly payments may be a little higher, but if you can pay off your loan faster, you’ll pay less interest, so you’ll actually save money in the long run.
If you’re obtaining your loan through a dealership, Audi Financial Services offers loan terms ranging from 12 to 72 months. Also, there’s no prepayment penalty, so if you want to pay off your loan early, there won’t be any extra fees added to the total cost of the vehicle.
This table should give you an idea of what your monthly payments and interest rate might look like, depending on the loan term you choose:
Car-related expenses can vary a lot from one state to another, so it shouldn’t be a surprise that auto loan payments and interest rates are different depending on where you live. To make sure you’re getting the lowest possible APR for your credit score, look for a lender who’s familiar with the financial situation where you live.
This table shows how much you might pay for an Audi car loan in your state:
You can get financing for both new and used Audis, although your loan offers will look different depending on the vehicle’s model year. Fortunately, Audi Financial Services will approve loans for new, used, and certified pre-owned (CPO) Audi vehicles.
If you’re looking for a car loan for an older Audi, you may be better off going through a bank or credit union. You may still see a higher APR because the vehicle is pre-owned, but the total amount of the loan will usually be smaller, so the higher interest rate will be more manageable.
Check out this chart to see how your Audi’s model year could affect your monthly payment and APR:
With any Audi vehicle, your monthly payment and APR will be based on various factors, including your credit rating, loan term and amount, and location. Luckily, you can use Jerry’s car loan calculator to get an estimate of what you might pay with an Audi car loan!
Average Annual Interest Rate
Average Monthly Payment
Save money on Audi insurance with Jerry
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