How to Get a Land Rover Car Loan
You can opt for a car loan straight through the Land Rover dealership, or you can look for better interest rates with a bank or credit union.
Written by Jacqulyn Graber
Reviewed by Christelle Agustin
When purchasing a new or used Land Rover, you can finance your vehicle straight through Land Rover Financial Group or with a bank or credit union. Getting a car loan through your dealership is quite convenient, but you may find better loan terms with traditional lenders.
From the Defender and the Discovery to the well-loved Range Rover, Land Rover offers some exciting new vehicles and certified pre-owned SUVs. But unless you have tens of thousands of dollars in cash laying around, you’ll likely need a
car loan
in order to take home one of these luxury cars. Fortunately, car financing options are robust, whether you secure a loan with your local Land Rover retailer’s finance department or contact a separate bank or credit union. We’ll explore all of your Land Rover financing options below.
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How to get a Land Rover car loan
Whether you’ve got your eye on a
Range Rover Sport
, a Range Rover Velar
, a Land Rover Defender, or some other new car, securing a Land Rover car loan is relatively straightforward. Follow these simple steps and you’ll be driving your new Land Rover vehicle off the lot in no time.
Check your credit score
Your credit history is, perhaps, the most important factor in determining your loan terms, so it’s important to
check your credit score
before you begin shopping for vehicles. In general, the better your credit score, the lower your interest rate. Plus, you’ll need a fairly decent credit score for a luxury vehicle by Land Rover, as the cheapest models (such as the Range Rover Evoque) start around $45,000, while plenty of models have MSRPs of well over $100,000. As a rule of thumb, anything over 660 is typically considered a good score.
If your score is below 660, you may still qualify for a Land Rover car loan, depending on your circumstances. For example, used vehicles—which tend to be cheaper—may be easier to purchase. Additionally, if you make a sizable down payment or have a valuable trade-in, your loan application may be more likely to be approved.
MORE: What is a good credit score for a car loan?
Compare lenders
If you’re purchasing a Land Rover straight from the Land Rover dealership, they’ll encourage you to visit their finance center and choose a loan through the Land Rover Financial Group. Financing your vehicle straight through the Land Rover dealership is certainly convenient, and could come with some exciting incentives and various perks, but it’s not your only option!
Banks and credit unions also offer car loans, and you may find much better loan terms through one of these institutions.
We recommend comparing loan offers from at least 3 lenders before signing on the dotted line. When shopping around, it’s smart to look for an offer with the following features:
- Short-term loans: 60 monthly payments or less
- Low APR: 4.93 percent or lower
- Manageable monthly payment: No more than 10 to 15% of your monthly income
Some car loan providers may have a car payment calculator on their website, which allows you to plug in your information and estimate your loan terms before speaking to a customer service representative, which can make shopping quicker and easier!
Disclaimer: You cannot forget about customer service! A loan provider may offer seemingly great deals, but if their phone numbers are difficult to find, or if customers frequently report bad experiences working with the company, you may want to steer clear.
Get pre-approved
Getting pre-approved for your car loan allows you to head to the dealership with a clear idea of what vehicle price you can afford. It also allows you to negotiate a better loan when you actually sign the loan agreement.
Many lenders, including Land Rover Financial Group, allow you to apply for pre-approval online. To get pre-approved, 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.)
Average loan term for a Land Rover
Choosing a loan term will have a major effect on your monthly payments. In the United States, the average car loan term is six years or
72 months
—but that doesn’t mean it’s the best loan term to choose.If financially feasible and available, try to find a loan with 60 monthly payments or fewer. If you can find a lender who will give you a shorter term, you’ll be able to pay off your loan faster and thus pay less interest. Although your monthly payments will be higher, a short loan term makes your loan more affordable in the long run.
If you’re getting a loan through the dealership, Land Rover Financial Group offers loans with 24-, 36-, 48, 60-, and 72-month terms.
The default interest rate for Land Rover Financial Group is 5.58% APR, but you may be able to negotiate a lower APR if you have great credit, are bringing a car with high trade-in value, and/or are submitting a large down payment. Your total loan amount will also have a major effect on your loan terms.
MORE: How to buy a car with bad credit
Buying vs leasing
Are you interested in leasing a Land Rover Discovery Sport, rather than buying one? You’re in luck! Land Rover Financial Group also finances drivers who prefer to lease their vehicles.
With a lease, you can choose a new vehicle with the latest technology and features every 12 to 48 months. You may enjoy lower monthly payments and flexible mileage options. Plus, at lease-end, you can choose to trade in your Land Rover for a new one, buy it, or select a different vehicle.
However, keep in mind that you will not have unlimited mileage—like you would if you owned the vehicle. Plus, you will not enjoy the full benefit of resale or trade-in value.
If leasing does sound like a good option for you, Land Rover Financial Group allows you to choose between a 24-, 33-, or 36-month term. You can also choose annual mileage limits of 7,500, 10,000, 12,000, or 15,000. Finally, you can submit a down payment of up to $12,500.
These selections, along with your credit score, will all dictate what your monthly lease payments end up being.
Find out if you can reduce your monthly car payments in minutes
* checking your rate won’t affect your credit score
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* checking your rate won’t affect your credit score
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FAQ
Do I need to submit a down payment to secure a Land Rover car loan?
It depends. If you have an excellent credit score and/or a valuable trade-in vehicle, you may not be required to submit a down payment. However, if you’re not trading in a vehicle, if your trade-in isn’t worth much, or if your credit score is slightly lower, you may be required to submit some sort of down payment.
Either way, a down payment can help you secure better loan terms, including a lower APR, a shorter term, and lower monthly payments.
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