Nevada residents looking to get approved for a car loan need to maintain a credit score of at least 660 and should search for the lowest interest rate possible at a term that doesn’t exceed 60 months.

The car insurance and loan experts at Jerry have created this handy guide that covers everything you need to know about car loans in Nevada.

We’ll break down the approval process so you can put yourself in a good position to secure a car loan in Nevada.

How to get a car loan in Nevada

Since cars are a big expense, a loan is a common way for Nevada residents to finance a vehicle purchase. Loans are available through banks or credit unions. It’s not uncommon, though, for the dealership where you are buying your car to offer financing options, as well.

If you’ve decided to apply for a car loan in Nevada, it’s important to prepare for the following:

Have a down payment for a minimum of 10% of the total value of the vehicle ready to go.
Choose a loan term, which reflects the duration of your loan agreement.
Accept or negotiate the interest rate with the loan provider.
Repay the principal amount of the loan every month over the duration of the loan agreement.
Pay the monthly interest stipulated by your annual percentage rate (APR).

Loan details vary based on several factors, including your credit score, the vehicle you’re buying, and the terms of your loan. Review this table to learn what both your APR and monthly payment could be with a Nevada car loan.

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment
ACURA	8.46	$361
ALFA ROMEO	8.53	$362
ASTON MARTIN	8.53	$362
AUDI	8.66	$363
BENTLEY	8.53	$362
BMW	9.17	$367
BUICK	8.56	$362
CADILLAC	8.86	$365
CHEVROLET	8.56	$362
CHRYSLER	8.89	$365
DODGE	8.69	$363
FERRARI	8.53	$362
FIAT	8.6	$362
FORD	8.56	$362
GENESIS	8.53	$362
GMC	8.49	$362
HONDA	8.32	$360
HYUNDAI	8.56	$362
INFINITI	8.69	$363
JEEP	8.32	$360
Jaguar	8.53	$362
KIA	8.79	$364
LAMBORGHINI	8.53	$362
LEXUS	8.49	$362
LINCOLN	8.66	$363
LOTUS	8.53	$362
Land Rover	8.53	$362
MERCEDES-BENZ	8.53	$362
MINI	8.53	$362
MITSUBISHI	8.69	$363
Maserati	8.53	$362
Mazda	8.53	$362
NISSAN	8.63	$363
POLESTAR	8.53	$362
PORSCHE	8.68	$363
RAM	8.56	$362
ROLLS-ROYCE	8.53	$362
Subaru	8.53	$362
TESLA	9.02	$366
TOYOTA	8.32	$360
VOLKSWAGEN	8.56	$362
VOLVO	8.36	$361

Here are the steps to take to get a car loan in Nevada.

Check your credit

First, check your credit score. The goal should be a score of 660 at the very least. This can help you secure the interest rate you want.

Let’s say you have a score of 700 or higher, then you should be able to get an interest rate of 3% or lower. This would be great considering that the national average is around 5%.

Use this table to get an idea of what your average interest rate might be in addition to your potential monthly payment according to your credit score.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment
24	11.63	$699
36	8.8	$471
48	8.25	$364
60	8.15	$301
72	8.51	$263

Compare lenders

Going with the first loan offer you get is never the best strategy. Shopping around will either help you pay less or confirm that you are getting the best deal.

Also, never feel like you need to accept the terms offered by the dealership you’re buying from. There’s a good chance that you could find a more favorable loan from a credit union or financial institution.

We recommend comparing offers from at least three lenders. Don’t settle until you believe you have found the lowest interest rate, the best approval odds, and a provider that offers excellent customer service.

Choose your loan term

While not always the case, car loan terms can be negotiable. The loan term is the period of time you have to fully repay the loan. The average car loan term in Nevada is between 24 months and 84 months.

Remember, the longer you have to repay a loan, the lower your monthly payments will be. That might sound appealing but you will pay more interest, so the total loan will cost more in the end. Try opting for the shortest loan term you can manage, preferably less than 60 months.

This table will show you how your APR and monthly payment could change according to your loan term in Nevada.

Credit Rating	Average Annual Interest Rate	Average Monthly Payment
Fair	16.92	$415
Good	8.42	$361
Very Good	5.11	$341
Excellent	3.89	$333

Get preapproved

You always want to get preapproved for a car loan before you start shopping. Knowing the amount of money you have at your disposal can help you negotiate a better deal.

At the very least, you will be able to shop confidently and more efficiently.

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

Yes, you can get approved for a loan to purchase a used car in Nevada. But keep the following in mind if you choose to go this route:

A used car loan often comes with a higher interest rate, sometimes around 8%.
A lender may refuse to give out a loan for a car that is too old.
Some banks have policies regarding minimum amounts for car loans. If you only need a small loan for a used car, consider getting a loan from a credit union.

Learn how a car’s age could affect a Nevada car loan with this table.

Car Make

Car Year	Average Annual Interest Rate	Average Monthly Payment
2021	7.73	$305
2020	8.14	$309
2019	8.28	$309
2018	8.11	$307
2017	8.31	$309
2016	8.47	$310
2015	8.67	$312
2014	8.64	$380
2013	8.71	$381
2012	9.7	$512
2011	9.7	$512
2010	9.7	$512

MORE: Seat-belt laws in Nevada

Nevada car loan calculator

Use the car loan calculator from Jerry to figure out how much you may have to pay for your car loan in Nevada. You can also learn what interest rate you may get based on your loan term, credit score, loan amount, and the specifics of the vehicle you want to buy.

The values provided are averages. When you go to sign your agreement, you may still need to negotiate certain terms. You can use this tool to inform your negotiations.

Car Make

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.59	$362

MORE: The best San Diego to Lake Tahoe road trip

How to find affordable car insurance in Nevada

Before driving your new car off the lot, you’ll need the proper car insurance coverage. Nevada law stipulates a minimum amount of insurance drivers must carry, but your lender will likely require additional coverage.

To make insurance shopping quick and easy, go to Jerry.

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.

“This was and is great service! Jerry saved me $400 on my renewal. I was super shocked!” —Jackson M.

FAQs

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

Aim for a credit score of 660 or above. Don’t fret if your credit score is below this number, though, as there are still some lenders who will approve you for a loan.

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

Yes, but keep in mind that some banks will not lend below a set minimum amount. So, if the used car you want to buy is on the inexpensive side, a bank might not be willing to make the funds available to you. In this case, you should speak to a credit union.