Because Geo is now defunct, you can only obtain them as used cars through private sellers or used car dealerships. Not all dealerships offer used car loans, which are markedly different from traditional new car loans, so you may have to go through your bank or credit union.
Geo was born in the North American car market to parent company Chrysler and GM in order to compete in the subcompact car market that was otherwise dominated by Japanese and European imports. Although Geo made a few successful entries in the subcompact market, it ultimately folded in 1997 after eight years.
Finding a Geo and buying one with a car loan is a little bit trickier than it is for new cars. Luckily for the would-be Geo owner,
Jerry, the
car insurance broker and loan expert, is here to help!
How to get a Geo car loan
Whether you’ve got your eye on Geo’s iconic and economical
Metro LSI Abarth or the sporty and long-lasting
Tracker, getting a loan for a Geo takes just a few simple steps.
Check your credit
First things first: check your credit score. It’s typically the most important part of the equation when working out the conditions of your car loan. It’s largely responsible for determining your interest rate and loan repayment terms. Ideally, you’d want your credit score to be over 660—the higher, the better.
A credit score that is below 660 may make it more difficult, but doesn’t make it impossible to get a used car loan. It may require you to provide proof of income or you may need a co-signer. In addition, the loan conditions may be more prohibitive, including higher interest rates and monthly payments.
Use the table below to determine your average APR and monthly payment for different Geo vehicles based on your credit score:
Car Make | Average Annual Interest Rate | Average Monthly Payment |
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Compare lenders
Because you can only buy Geos used, you’ll most likely have to get your auto loan financed through a bank or credit union. Used car dealerships do offer financing through their own banks, but you’ll also be subjected to whatever inventory they have, so you’re most likely going to find a Geo through a private seller.
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. Aim for 60 months at most.
- Low APR Ideally your rate should be 4.93% or lower.
- Manageable monthly payments. Plan to spend no more than 15% of your monthly income.
Be sure you’re also considering the lender’s reputation. Favorable terms can quickly become less appealing if your lender has a poor reputation for customer service or low approval ratings. Don’t sacrifice service for convenience!
Get preapproved
Getting preapproved for your car loan gives you the best idea of what you can qualify for. This puts you in a more advantageous position when negotiating with a lender. It also helps protect you from being coerced into unfavorable terms.
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 Make sure you know your credit rating before applying for a loan. Then, get preapproved before you shop around for lender offers, and finally compare them to find the best conditions and service.
Average loan term for a Geo car loan
When deciding on your loan term, make sure you’re balancing the pros and cons of longer terms and shorter terms. Longer loan terms mean smaller monthly payments, but more money paid in interest. On the other hand, shorter loan terms mean less interest paid, but more expensive monthly payments.
So ideally, a good middle point between the two is usually a loan term of 60 months. If you can afford the higher monthly payments, however, shorter loan terms are still on the table, and can save you money in interest.
Before you sign the loan contract, be sure to read it over carefully for any reference to penalties for paying off your loan early. These are typically known as
prepayment penalties, although they can be called a number of different terms. Car loans typically don’t carry these types of penalties, but the practice is becoming more widespread, so be on the lookout.
Use 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 Geo car loan in your state
All loans accrue interest, and auto loans, even used auto loans, are no exception. This comes from interest rates, which vary depending on the state you buy in, and APR, which is dependent on your credit score. 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.
To get a better idea of what you might be paying for a Geo used car loan in your state, use the table below.
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
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And if you want to know how the age of the Geo you’re planning to buy can affect your loan, payment, and APR, use this table:
Car Year | Average Annual Interest Rate | Average Monthly Payment |
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How to calculate the costs for a Geo car loan
With Jerry’s car loan calculator, you can get a quick and comprehensive look at what your car loan may cost. Just input your ideal terms, how much you want to borrow, and what state you live in to calculate what your APR and monthly payments might look like.
Average Annual Interest Rate | Average Monthly Payment |
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Save money on Geo 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 Geo car loan faster!