If you’re applying for a car loan in Idaho, having a credit score of 660 or above will get you a better rate. Try to get a low-interest rate for a loan term of 60 months or less.

The car loan process may seem intimidating, but the car insurance app, Jerry, has created this guide to help you secure the best loan you can.

This guide will walk you through how to get a loan, why you should compare different lenders, and the importance of your credit score when it comes to getting a car loan in Idaho.

How to get a car loan in Idaho

In an ideal situation, you would pay for the entire car with cash. However, most people will get a car loan from a bank, credit union, or dealership. This allows you to get the car right away and pay the lender back in installments over time.

Here’s what getting a loan in Idaho would look like:

You will need to pay a down payment of 10% or more of the car’s value.
You and the lender will negotiate and settle on the interest rate and loan term.
You will pay back the loan principal (the total amount to be paid back) over the loan term.
You will also pay a monthly interest, calculated by your annual percentage rate (APR).

The amount of loan that you will get approved is dependent on several factors, mainly what type of car you are purchasing, the loan term, and your credit score.

Below, you can get a better idea of your potential APR and monthly payments for a car loan in Idaho.

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment
ACURA	8.29	$360
ALFA ROMEO	8.36	$361
ASTON MARTIN	8.36	$361
AUDI	8.48	$362
BENTLEY	8.36	$361
BMW	8.95	$365
BUICK	8.39	$361
CADILLAC	8.66	$363
CHEVROLET	8.39	$361
CHRYSLER	8.69	$363
DODGE	8.51	$362
FERRARI	8.36	$361
FIAT	8.42	$361
FORD	8.39	$361
GENESIS	8.36	$361
GMC	8.33	$360
HONDA	8.17	$359
HYUNDAI	8.39	$361
INFINITI	8.51	$362
JEEP	8.17	$359
Jaguar	8.36	$361
KIA	8.6	$363
LAMBORGHINI	8.36	$361
LEXUS	8.33	$360
LINCOLN	8.48	$362
LOTUS	8.36	$361
Land Rover	8.36	$361
MERCEDES-BENZ	8.36	$361
MINI	8.36	$361
MITSUBISHI	8.51	$362
Maserati	8.36	$361
Mazda	8.36	$361
NISSAN	8.45	$361
POLESTAR	8.36	$361
PORSCHE	8.5	$362
RAM	8.39	$361
ROLLS-ROYCE	8.36	$361
Subaru	8.36	$361
TESLA	8.81	$364
TOYOTA	8.17	$359
VOLKSWAGEN	8.39	$361
VOLVO	8.2	$359

If you want to proceed with finding a car loan in Idaho, here are a few tips for you to get started.

Check your credit

Checking your credit score will give you an idea of what interest rates you’ll be approved for. The average interest rate is around 5%, but if you have a score of 660 or higher, you could get a better interest rate. In some cases, if you have a credit score that’s above average (around 700), you may even secure an interest rate at 3% or lower.

To get an estimate of your average interest rate and monthly payment based on your credit rating, refer to the table below.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment
24	11.42	$698
36	8.62	$470
48	8.09	$362
60	7.97	$300
72	8.34	$261

Compare lenders

The lender you choose can play a big role in what you will pay in total once you pay off your loan. Instead of going with the first offer you receive, you should take your time to compare different offers to get the best loan possible.

When shopping for a car loan, compare at least three lenders before you pick who to go with. Although getting a good rate is important, you should also consider which lender will most likely approve your loan. Take note of each lender’s customer service as well since you will be dealing with them for your loan term.

Choose your loan term

Your loan term can be negotiated so that your payments fit your budget. This is the period in which regular installments are paid towards your loan balance, usually monthly. The average car loan term in Idaho can range from 60 to 72 months.

Your payments will be less per month on a longer loan term. However, the longer your term, the more interest you would pay, so your total cost for the car would increase. Getting the shortest loan term that is within budget, ideally 60 months or less, would be the best.

The table below shows how the loan term in Idaho can change your APR and monthly payment.

Credit Rating	Average Annual Interest Rate	Average Monthly Payment
Fair	16.44	$411
Good	8.24	$359
Very Good	5.07	$340
Excellent	3.88	$333

MORE: Should you get a 72-month car loan?

Get preapproved

Before you go shopping for a car, try to get preapproved for a car loan first. This will give you an idea of what your budget is so you can walk into a dealership ready to bargain for the price you want. You’ll have more buying power since you’ll be more confident in negotiating for the best price for your car.

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

You can get a car loan to finance a used-car purchase in Idaho. However, there are some disadvantages and restrictions to keep in mind:

A loan for a used car will usually have a higher interest rate, as high as 8%.
The lender may have a car age limit and reject your loan if the car is too old.
The lender may have a minimum loan requirement and may reject your application if the amount is too low. If you only need a small loan, you can look into getting a loan from a credit union instead.

The age of the car you purchase can impact your car loan in Idaho, as seen below:

Car Make

Car Year	Average Annual Interest Rate	Average Monthly Payment
2021	7.6	$304
2020	7.98	$308
2019	8.1	$308
2018	7.95	$306
2017	8.14	$308
2016	8.29	$309
2015	8.48	$310
2014	8.46	$379
2013	8.53	$379
2012	9.51	$511
2011	9.51	$511
2010	9.51	$511

MORE: How to determine the retail value of your used car

Idaho car loan calculator

Now that you know the steps to getting a car loan, which loan term would be the most advantageous, and what car you want to get, it’s time to tally it up. Jerry’s car loan calculator can give you a ball-park figure of what your car loan payments in Idaho would be. Keep in mind that the numbers are based on the interest rates you can be approved for, the loan amount you’ll get, the loan term you choose, and the car model.

The calculated values are only averages since the total amount can be negotiated, including any additional fees or potential penalties. Each lender can offer a loan that is slightly different depending on the terms that are agreed upon. This tool is to give you a general idea of what amounts to expect so you can negotiate a better loan.

Car Make

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.41	$361

MORE: How to calculate total interest paid on a car loan

How to find affordable car insurance in Idaho

Once your loan is approved, you’ll need to start shopping for car insurance that meets Idaho’s minimum legal requirements. We recommend getting additional coverage to keep your new car protected. Before, you would have to spend a lot of time filling in forms just to get a quote. Now? The Jerry app makes it quick and easy to find multiple quotes.

After downloading the app and signing up, you just need to answer a few questions and Jerry will gather quotes that fit you. Within 45 seconds, you’ll be able to compare competitive quotes from 50+ insurance providers.

To switch policies, you just need to pick the one you want and Jerry will hand the paperwork and help with canceling your old insurance. Jerry users have easily saved $887 every year on car insurance.

“I was tired of looking around multiple websites, so I decided to give Jerry a try. Let me tell you—the process is so easy and simple, and they really find you the best prices for your coverage level. Getting insurance for my new car was quick and easy!” —Joanna D.

FAQs

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

You will need a credit score of 660 or above to get a car loan with a good interest rate in Idaho. However, some lenders may also approve a loan even if your credit score is lower than the requirement.

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

Banks are likely to have a minimum loan amount requirement, so you may not be able to get approved if your loan amount is too low. Instead, you can try approaching a credit union if you just need a small loan.