For financing on a Fiat, you can get a loan through a dealership with Fiat Financial Services or opt for a traditional auto loan through a bank or credit union. Getting a car loan from the dealership is convenient, but you may get better terms or customer service from a bank or credit union.
Fiat is one of the most well-known and most established car brands in the world. While it had a long-standing on-and-off relationship with North America, since purchasing a stake in Chrysler, it’s pretty clear that Fiat is ready to commit.
So if you’re ready to commit to Fiat, you’ve got plenty of options when it comes to auto financing. So which is the best car loan for a Fiat?
Jerry, the
car insurance broker and loan expert, has put together this guide to help you out.
How to get a Fiat car loan
Scoping out the
500 Abarth, or perhaps the
124 Spider Classica? Whether you’re opting for a new or used car, getting a car loan for a Fiat takes a few simple steps.
Check your credit
Check your credit score first and foremost. Your credit score is often the most important factor when it comes to determining the conditions of your loan, including the interest rate and loan repayment terms. If your credit score is over 660, you’re already in pretty good shape.
If your credit score is below 660, however, it may be more difficult, but not impossible, to get a car loan. You may have to provide proof of income or have a cosigner, but be sure to determine whether or not your monthly loan payments in this case are doable.
Use the table below to determine your average APR and monthly payment for different Fiat vehicles based on your credit score:
Car Make | Average Annual Interest Rate | Average Monthly Payment |
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Compare lenders
You can apply for an auto loan through your bank, a credit union, or the Fiat dealership directly. But make sure you’re comparing offers before you sign on the dotted line.
You should ideally compare at least three lender offers, but don’t be afraid to shop around. Look for the following loan conditions:
- Short loan term of 60 months at most. Longer terms mean more interest paid, while shorter terms mean higher monthly payments.
- Low APR, ideally at 4.93% or lower.
- Manageable monthly payments, which shouldn’t be any greater than 15% of your monthly income.
Just as important to consider as your loan conditions, however, is the lender’s reputation. The lender that offers the best conditions could have terrible customer service or a low approval rate, which can cause other kinds of issues. Don’t sacrifice the quality of service for cheap rates—find the best of both!
Get preapproved
Getting preapproved for your car loan allows you to negotiate a better loan when you actually sign the loan agreement. Fiat Financial Services allows buyers to apply online for preapproval.
To get preapproved, you’ll need to fill out a loan application and provide your lender with the following information:
- Social Security number
- Employment documents
- Driver’s license or other photo ID
- Income documents (paystubs, etc.)
Key Takeaway To get a Fiat car loan, make sure you know your credit rating first. Then, shop around for lender offers and compare to find the best conditions and service.
Average loan term for a Fiat car loan
Deciding on your loan term is all about striking the right balance between interest and monthly payments. Longer loan terms mean smaller monthly payments, but more money paid in interest, whereas shorter loan terms mean less interest paid.
The ideal balance is a loan term of typically around 60 months. If you can afford the higher monthly payments, try for shorter terms so you can pay the loan off faster and for less interest overall.
Most car loans typically don’t carry
prepayment penalties, but the practice is becoming more widespread. So be sure to read over your loan contract carefully for any reference to penalties for paying off your loan early.
Take a look at the following table for an idea of how much your APR, interest, and monthly payments might look depending on your credit rating:
Loan Terms | Average Annual Interest Rate | Average Monthly Payment |
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Finding a Fiat car loan in your state
When it comes to auto loans, like other types of loans, what you end up paying back involves more than just the amount you borrowed. There are also interest rates that can vary depending on the state you buy in, and APR, which is dependent on your credit score.
So to get an idea of what you might be paying for a Fiat car loan in your state, take a look at the table below.
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
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Fiat car loans: new vs. used
It’s possible to get a car loan for a used Fiat, not just for new ones. But the process for used car loans can be slightly different from that for new cars, as can the approval rates.
If you opt to go through a Fiat dealership, you’ll likely only be able to get a loan for a Fiat that is certified pre-owned by the dealership’s own mechanics, and these typically have to be five model years old or newer.
So if you’re in the market for an older Fiat, your bank or credit union is likely going to be your best bet. Just keep in mind that used car loans typically carry higher APR, but since the loan amount you borrow will be smaller, that higher rate may be easier to manage.
If you want to get an idea of how your potential Fiat’s age can affect your loan, payment, and APR, take a look at the following:
Car Year | Average Annual Interest Rate | Average Monthly Payment |
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How to calculate the costs for a Fiat car loan
Get a ballpark idea of what you can expect in terms of your financing options with Jerry’s car loan calculator. Since your APR and monthly payments are dependent on a number of factors, play around with loan terms and amounts to find the right loan conditions.
Average Annual Interest Rate | Average Monthly Payment |
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Save money on Fiat insurance with Jerry
If you want to pay off your loan as quickly as possible, a great way to find extra money is to reduce the amount you pay on your
car insurance. But that doesn’t mean sacrificing coverage—it means finding better rates! And for that, there’s nothing quite like
Jerry.
Jerry is like having a fully-licensed broker in the palm of your hand whenever you need one! Jerry submits the necessary information car insurance companies need to determine your premiums to dozens of the best companies simultaneously, to bring you tailored quotes in minutes. So you can find the coverage you need at a price that can help you save, or pay off your Fiat car loan faster!