If you’re ready to apply for a car loan in Nebraska, you should do everything you can to get your credit score to 660 or higher. You will want to secure a low interest rate and a term that doesn’t exceed 60 months. Super
car insurance and loan app
Jerry is here to help you get approved for a car loan in Nebraska by making sure you have all the information.
Keep reading to learn how to secure a loan, how to compare lenders, and how a credit score impacts getting a car loan in Nebraska.
How to get a car loan in Nebraska
A car loan is the most common way to buy a new (or used) car. Your loan details will specify the loan amount, the interest rate, the loan term (duration), and any associated fees.
Borrowers can apply for a loan with a bank or a credit union—or even directly from the dealership.
You should expect the following if you want to get approved for a car loan in Nebraska:
- You need to have a down payment. This is usually at least 10% of the total vehicle value.
- You will have to select a loan term.
- You will either be assigned an interest rate or can negotiate one with your loan provider.
- The loan will require you to repay the principal amount, most likely in monthly installments, for the loan term until the loan is repaid.
- You will need to pay monthly interest according to your annual percentage rate (APR).
Check out this table to see what your APR and monthly payment could be with a Nebraska car loan.
Car Make | Average Annual Interest Rate | Average Monthly Payment |
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Here’s what you need to do to get approved for a car loan in Nebraska.
Check your credit
First, check your credit score. Your credit score should be
at least 660 or higher to have the best odds of approval. A good score can also help you get an affordable
interest rate.
A score of 700 or higher is above-average and could help you qualify for an interest rate of 3% or lower. That’s pretty good considering that the national average is around 5%.
Use the table below to estimate your average interest rate and monthly payment according to your credit rating.
Loan Terms | Average Annual Interest Rate | Average Monthly Payment |
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Compare lenders
Shop around for the loan that’s right for you and never feel pressured to accept the terms that a dealership or bank is offering. There’s a chance that you can find a better deal by shopping around.
Compare quotes from three lenders. If you aren’t happy with what you’re being offered or think you can do better, then keep shopping. And bear in mind it shouldn’t only be about the interest rate. Exceptional customer service goes a long way.
Choose your loan term
You can usually negotiate the loan term of a car loan. This is the period over which you must fully repay the loan. The average car loan term in Nebraska is between 24 months and 72 months.
Here’s the thing: the longer the loan term, the lower the monthly payments. That might sound appealing—but remember, you will pay more in interest in the long run. So, secure the shortest loan term (optimally, under 60 months) you can afford.
Here’s how your APR and monthly payment could change based on your loan term in Nebraska.
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
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Get preapproved
Don’t start shopping for vehicles until you have been preapproved for a car loan. Getting preapproved will empower you during negotiations. You can choose a car and confidently tell the salesperson your spending limit. If it’s a reasonable amount, there’s a good chance you’ll land the car!
Can you get a car loan in Nebraska for a used car?
Yes, you can finance a used car with a loan in Nebraska. Here’s what you should know:
- Used car loans usually have a higher interest rate, sometimes closer to 8%.
- There are lenders that will refuse loan requests for cars that are too old.
- Many lenders stipulate a minimum amount for car loans. If you only need a small loan for a used car, try getting a loan from a credit union.
Want to see how the age of your car could affect your car loan in Nebraska? Review this table.
Car Year | Average Annual Interest Rate | Average Monthly Payment |
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Nebraska car loan calculator
Now that you’ve learned all about Nebraska car loans, you need to figure out what it means for you.
Use Jerry’s car loan calculator to figure out how much your car loan in Nebraska might cost and what interest rate you could reasonably get based on your credit score, loan amount, and the make and model of the vehicle you are buying.
Remember that these values are only averages. Also, certain aspects of your loan agreement may be negotiable like the interest rate, loan term, and any additional fees or penalties. This tool is meant to help you get a general idea and inform your negotiations.
Average Annual Interest Rate | Average Monthly Payment |
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How to find affordable car insurance in Nebraska
Once you’ve locked down the financing for your new car, you need the
right car insurance. The car insurance comparison and broker app Jerry can help you find the coverage you need at a price you can afford.
Jerry is an insurance comparison app that shops for low prices with over 50 insurance companies for free. You will get quotes in seconds, and if you ever have any questions, agents are just a text away. The average Jerry user saves $887 a year on car insurance.
“I wanted to stick with only the insurance my state requires for now. Jerry helped me save $75 a month on my premium!” —Nora H.
FAQs
What credit score is needed to buy a car in Nebraska?
You should aim to have a credit score of 660 or above. This will make getting approved for a car loan in Nebraska much easier.
Will a bank give me a loan for a used car?
Some banks will refuse a request for a loan that’s below a certain amount. This means if the used car you’re buying is under a certain price threshold, you might need to find another lender, like a credit union.