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Car Loan in New Hampshire 2024

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If you live in New Hampshire and need to get approved for a car loan to buy your next vehicle, you need a credit score of at least 660. Try to find the lowest interest rate at a term that doesn’t exceed 60 months.
The car insurance and loan experts at Jerry are here to help you get approved for a car loan in Nebraska by making sure you have all the information.
Learn more about how a credit score can influence a loan, how to compare various lenders, and more, so you can buy a new vehicle with a loan in New Hampshire.

How to get a car loan in New Hampshire

Most people in New Hampshire can’t pay for a new car out of pocket. They often need the help of a lender.
The most common lenders in New Hampshire are banks and credit unions. Sometimes, the dealership you’re working with can offer a loan or apply for one on your behalf.
If you need a loan to buy a car in New Hampshire, remember the following:
  • You will be required to make a down payment—typically a minimum of 10% of the total value of the car.
  • You’ll need to choose a loan term—how long it will take you to pay back the loan. Decide on the duration that works for you based on the available options.
  • You’ll need to negotiate an interest rate, if possible, or accept the one offered by the lender.
  • Once the loan is in effect, repay the principal amount every month over the duration of the loan agreement.
  • In addition to repaying the principal amount, you will have to pay the monthly interest stipulated by your annual percentage rate (APR).
Your credit score, the vehicle you’re purchasing, and the terms of your loan will determine your overall agreement. This table will help you learn what your APR and monthly payment could be for a car loan in New Hampshire.
Car MakeAverage Annual Interest RateAverage Monthly Payment
ACURA8.46$361
ALFA ROMEO8.53$362
ASTON MARTIN8.53$362
AUDI8.66$363
BENTLEY8.53$362
BMW9.17$367
BUICK8.56$362
CADILLAC8.86$365
CHEVROLET8.56$362
CHRYSLER8.89$365
DODGE8.69$363
FERRARI8.53$362
FIAT8.6$362
FORD8.56$362
GENESIS8.53$362
GMC8.49$362
HONDA8.32$360
HYUNDAI8.56$362
INFINITI8.69$363
JEEP8.32$360
Jaguar8.53$362
KIA8.79$364
LAMBORGHINI8.53$362
LEXUS8.49$362
LINCOLN8.66$363
LOTUS8.53$362
Land Rover8.53$362
MERCEDES-BENZ8.53$362
MINI8.53$362
MITSUBISHI8.69$363
Maserati8.53$362
Mazda8.53$362
NISSAN8.63$363
POLESTAR8.53$362
PORSCHE8.68$363
RAM8.56$362
ROLLS-ROYCE8.53$362
Subaru8.53$362
TESLA9.02$366
TOYOTA8.32$360
VOLKSWAGEN8.56$362
VOLVO8.36$361
Now that you know what to expect, follow these steps to get a car loan in New Hampshire.

Check your credit

Your credit score plays a big role in getting approved for a car loan. You want a score of 660 or higher to secure a great interest rate.
With a score of 700 or higher, a lender should be able to approve you for an interest rate of 3% or lower. When compared to the national average of roughly 5%, that’s excellent.
Use this table to get a better idea of what your average interest rate and monthly payment could be with your credit score.
Loan TermsAverage Annual Interest RateAverage Monthly Payment
2411.63$699
368.8$471
488.25$364
608.15$301
728.51$263

Compare lenders

Never go with the first offer. By seeing what a few lenders have available, you could end up with more favorable terms for your car loan.
If the dealership you’re buying from is offering to finance your car, don’t feel pressured to accept it without shopping around. There’s a strong chance that a credit union or financial institution can beat their offer.
You can’t go wrong comparing offers from three or more lenders. Ask for the lowest interest rate, how likely you are to get approved, and try to get a sense of what level of customer service you will receive.

Choose your loan term

In some cases, car loan terms in New Hampshire are negotiable. The loan term reflects the period over which you must repay the loan in full. The average car loan term in New Hampshire is between 36 months and 84 months.
This part can get a bit tricky—the longer you have to repay a loan, the less your monthly payments will cost. While that might sound appealing, remember that you will have to pay more interest, so it will cost you more over time. If possible, go for the shortest loan term, preferably under 60 months, as long as you can handle the higher monthly payments.
This table shows you how your APR and monthly payment could change based on your loan term in New Hampshire.
Credit RatingAverage Annual Interest RateAverage Monthly Payment
Fair16.92$415
Good8.42$361
Very Good5.11$341
Excellent3.89$333

Get preapproved

Before signing the contract for your new car, you should always get preapproved for a car loan. This will help you shop with more purpose and confidence and could benefit you during negotiations.

Can you get a car loan in New Hampshire for a used car?

In New Hampshire, you can get approved for a loan for a used car. If you’re planning to go this route, remember these points:
  • You may get hit with a higher interest rate, possibly around 8%.
  • You can be refused a loan for a used car if the car is too old.
  • Some banks stipulate a minimum amount for a car loan. If you are only looking to borrow a small amount, try visiting a credit union.
This table shows you how the age of a vehicle can impact a New Hampshire car loan.
Car YearAverage Annual Interest RateAverage Monthly Payment
20217.73$305
20208.14$309
20198.28$309
20188.11$307
20178.31$309
20168.47$310
20158.67$312
20148.64$380
20138.71$381
20129.7$512
20119.7$512
20109.7$512

New Hampshire car loan calculator

This car loan calculator courtesy of Jerry can help you determine how much a car loan in New Hampshire might cost. It will also help you learn what interest rate you could receive based on your loan term, credit score, loan amount, and the car you are looking to buy.
Keep in mind that these values are only averages. This tool is designed to help you negotiate the best possible loan. When you speak to your lender, try to negotiate your interest rate, your loan term, and any fees and penalties that may be part of your agreement.
Average Annual Interest RateAverage Monthly Payment
8.59$362
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How to find affordable car insurance in New Hampshire

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.
Have a question about your coverage? Jerry’s friendly agents are here to answer your questions and provide advice on the best coverage options. Users save an average of $887 per year.
“They get the job done! Jerry saved me about $25 a month, which is pretty great in my opinion.” —Vivian S.

FAQs

What credit score is needed to buy a car in New Hampshire?

Most lenders want a credit score of at least 660. That said, some lenders will still approve those with a low credit score as long as they meet other criteria or pay a higher interest rate.

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

Some banks will not lend an amount below the minimum that they have set. If you are looking to buy a used car that doesn’t cost a lot, some banks might refuse you the loan. If this happens to you, you should apply for a car loan at a credit union.

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