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Car Loan in Georgia 2024

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Car Loan in Georgia 2024

Make auto loan refinancing easy with PriceProtect™
No long forms · No spam · No rush
Jerry, Inc.
If you want to get a car loan in Georgia, you’ll need a credit score of 660 or above and you should try to get a low-interest rate for a 60-month term or less.
The process to get a car loan in Georgia can be confusing, but the car insurance app, Jerry, can walk you through the process.
In the article below, we’ll cover what steps you need to take to get a loan, how to compare options from lenders, and how your credit score can affect getting your car loan in Georgia.

How to get a car loan in Georgia

Although the quickest way to pay for a new car is to pay the total in cash, most people can’t do that. Instead, they get a car loan from a bank, credit union, or dealership to finance their purchase. This allows the borrower to pay their lender back in installments over the agreed timeframe.
When taking out a loan in Georgia, you can expect the following to occur:
  • A down payment will be required—usually 10% or more of the total value of the car.
  • You pick the length of your loan term and agree on an interest rate with the lender.
  • You’ll pay the loan principal (the total amount to be paid back) in monthly payments over the loan term.
  • There will also be a monthly interest calculated by your annual percentage rate (APR).
The approved loan amount will depend on several factors, including the type of car being purchased, the loan term, and your credit score. The table below shows what your potential APR and monthly payments are with a car loan in Georgia.
Car MakeAverage Annual Interest RateAverage Monthly Payment
ACURA8.62$363
ALFA ROMEO8.69$363
ASTON MARTIN8.69$363
AUDI8.84$364
BENTLEY8.69$363
BMW9.39$369
BUICK8.73$364
CADILLAC9.05$366
CHEVROLET8.73$364
CHRYSLER9.09$366
DODGE8.88$365
FERRARI8.69$363
FIAT8.77$364
FORD8.73$364
GENESIS8.69$363
GMC8.66$363
HONDA8.47$361
HYUNDAI8.73$364
INFINITI8.88$365
JEEP8.47$361
Jaguar8.69$363
KIA8.98$366
LAMBORGHINI8.69$363
LEXUS8.66$363
LINCOLN8.84$364
LOTUS8.69$363
Land Rover8.69$363
MERCEDES-BENZ8.69$363
MINI8.69$363
MITSUBISHI8.87$365
Maserati8.69$363
Mazda8.69$363
NISSAN8.8$364
POLESTAR8.69$363
PORSCHE8.87$365
RAM8.73$364
ROLLS-ROYCE8.69$363
Subaru8.69$363
TESLA9.23$368
TOYOTA8.47$361
VOLKSWAGEN8.73$364
VOLVO8.51$362
If you’re ready to find a car loan in Georgia, you’ll need to follow these steps.

Check your credit

The first thing you need to do is check your credit score. A score of 660 or higher is ideal to get a good interest rate. The average interest rate is around 5%, but you may qualify for interest rates at 3% or lower if you have a credit score that’s above average (700 and above).
You can use the table below to get an estimate of your average interest rate and monthly payment based on your credit rating.
Loan TermsAverage Annual Interest RateAverage Monthly Payment
2411.85$701
368.97$473
488.42$365
608.32$303
728.67$264

Compare lenders

Getting a loan can take some time, but don’t be tempted to go for the first one that’s offered to you. Choosing the best offer can make a significant difference in what you end up paying in total.
Compare offers from at least three lenders before you choose who to get a loan from. While you do want to get a good rate, you should also consider how likely your loan will get approved by that lender and if they have good customer service. After all, you will be locked in with them for a few years.

Choose your loan term

The loan term (the timeframe in which you will be locked in to make regular payments towards your balance) is negotiable. In Georgia, the average car loan term can range from 60 to 72 months.
While you can make smaller monthly payments on a longer loan term, you end up paying more interest. Simply put, the longer the term, the more expensive it is in total. Try to find the shortest loan term that is within budget. A loan term of 60 months or less would be ideal.
Below is how your APR and monthly payment could be affected depending on your loan term in Georgia.
Credit RatingAverage Annual Interest RateAverage Monthly Payment
Fair17.39$420
Good8.6$362
Very Good5.14$341
Excellent3.9$333

Get preapproved

Try to get preapproved for a car loan before shopping. This will give you better bargaining power since you know how much you’ve been approved for. In other words, you’ll have more confidence in negotiating with the dealership to give you the best price for your car.

Can you get a car loan in Georgia for a used car?

Yes, a used-car purchase in Georgia can be financed by a car loan. However, there are a few disadvantages to financing a used car:
  • A used car loan will have higher interest rates, often as high as 8%.
  • If a car is too old, the car loan will not be approved by the lender.
  • A minimum loan amount is common amongst many banks. You may want to consider a loan from a credit union for small loans instead.
The age of the car can greatly affect your car loan in Georgia, as seen below:
Car YearAverage Annual Interest RateAverage Monthly Payment
20217.87$306
20208.31$310
20198.46$310
20188.27$309
20178.48$310
20168.65$311
20158.85$313
20148.82$382
20138.9$382
20129.89$514
20119.89$514
20109.89$514

Georgia car loan calculator

After going through how to get a car loan, what loan terms are more advantageous, and accounting for what car you’re buying, it’s time to add it all up. Jerry’s car loan calculator can help you get an idea of what you would be paying for a car loan in Georgia and the interest rates you can be approved for according to your credit score, loan amount, loan term, and car model.
The values from the calculator are only averages, as most aspects of a loan are negotiable, including any additional fees or penalties you may incur. This tool is aimed to help you get a ball-park figure of what to expect so you can walk in confidently to negotiate your loan.
Average Annual Interest RateAverage Monthly Payment
8.76$364

How to find affordable car insurance in Georgia

Once you’ve got your auto financing lined up, you will need to get car insurance that at least meets Georgia’s minimum legal requirements. This process is often dreaded, but the Jerry app can make it quick and easy.
Jerry is a licensed car insurance broker that has access to exclusive quotes from 50+ top insurance companies. Not only will you find competitive quotes in under 45 seconds, but you can compare them in the app and pick the best policy at the best price for your budget.
You won’t have to worry about the rest since Jerry also handles the paperwork and helps cancel your old policy. On top of making policy-switching a breeze, Jerry also helps its users save an average of $887 each year on car insurance.
Jerry is a great product with great customer service! The quote comparison found me lots of options being in Georgia.” —Gregory K.

FAQs

What credit score is needed to buy a car in Georgia?

Having a credit score of 660 or above generally qualifies you for a car loan in Georgia. However, there are instances where lenders are willing to approve a loan even if your credit score is lower than 660.

Will a bank give me a loan for a used car?

It depends on your bank. While a loan can be taken out for a new or used car, many banks pose a minimum loan amount. Your loan may not be approved if the cost of your car is too low. Rather than getting a small loan from a bank, you can try approaching a credit union instead.

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