Most people don’t have the capital to buy a car outright, which is why car loans are often a necessity for financing cars in Oklahoma. When you apply for a loan with a bank, credit union, or dealership, you can spread out the cost over a given period instead of paying for everything at once.

That said, here are a few things to expect when getting a car loan in Oklahoma:

You should make a downpayment of at least 10% of the car’s total value
You’ll need to work with your lender to decide how long your loan will last (loan term)
You’ll need to pay interest each month in addition to your normal monthly payments—the amount will depend on your annual percentage rate (APR) The loans you’ll be eligible for depend largely on the car you buy, your credit score, and your loan term. Here are the APRs and monthly payments you can typically expect for an Oklahoma car loan based on your credit score.

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment
ACURA	8.58	$363
ALFA ROMEO	8.66	$364
ASTON MARTIN	8.66	$364
AUDI	8.8	$365
BENTLEY	8.66	$364
BMW	9.31	$370
BUICK	8.69	$364
CADILLAC	9.01	$367
CHEVROLET	8.69	$364
CHRYSLER	9.05	$367
DODGE	8.84	$365
FERRARI	8.66	$364
FIAT	8.73	$365
FORD	8.69	$364
GENESIS	8.66	$364
GMC	8.62	$364
HONDA	8.43	$362
HYUNDAI	8.69	$364
INFINITI	8.84	$365
JEEP	8.43	$362
Jaguar	8.66	$364
KIA	8.94	$366
LAMBORGHINI	8.66	$364
LEXUS	8.62	$364
LINCOLN	8.8	$365
LOTUS	8.66	$364
Land Rover	8.66	$364
MERCEDES-BENZ	8.66	$364
MINI	8.66	$364
MITSUBISHI	8.83	$365
Maserati	8.66	$364
Mazda	8.66	$364
NISSAN	8.76	$365
POLESTAR	8.66	$364
PORSCHE	8.82	$365
RAM	8.69	$364
ROLLS-ROYCE	8.66	$364
Subaru	8.66	$364
TESLA	9.17	$368
TOYOTA	8.43	$362
VOLKSWAGEN	8.69	$364
VOLVO	8.47	$362

Check your credit

The first step you should take when applying for a loan is checking your credit score. If you have a score of 660 or better, you can typically secure a good interest rate. You can usually qualify for interest rates as low as 3% if your score is above 700. That said, the national average interest rate is around 5%—so don’t worry if you don’t qualify for a lower rate.

If you’re worried about what kind of rates you’ll qualify for, use the following table to estimate your APR based on your credit rating.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment
24	11.48	$700
36	8.95	$473
48	8.4	$366
60	8.34	$303
72	8.63	$265

Compare lenders

Comparing lenders is key to securing good loan terms. While a dealer or local bank might seem convenient, taking the first loan you find could lock you into worse terms than you’d otherwise get.

That said, it’s best to consider offers from at least three lenders to get a feel for what’s out there and make sure you’re getting a good offer. While it’s a good idea to seek out lenders with low interest rates, it’s best to consider factors like your odds of approval and customer service.

Choose your loan term

One major element of any auto loan is the loan termor the amount of time you have to pay off the loan. Since the length of your loan will typically dictate how much you pay, it can have a big impact on your loan terms.

In general, you can expect to make lower payments over longer periods. That means that you’ll typically make smaller monthly payments on long-term loans. On the other hand, short-term loans typically come with higher monthly payments.

You’ll end up paying more interest on long term loans—meaning they’re more expensive in the long run. To make sure you hit the right balance between monthly payments and overall cost, it’s usually best to aim for loan terms of no more than 60 months.

Use this table to see how your loan term could affect your APR in Oklahoma.

Credit Rating	Average Annual Interest Rate	Average Monthly Payment
Fair	17.01	$421
Good	8.78	$363
Very Good	5.18	$341
Excellent	3.91	$333

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

Get preapproved

It’s always best to get preapproved if you have the option. Preapproval gives applicants an idea of how big of a loan they can expect to receive, which makes bargaining much easier. Negotiating a deal for your car is much more manageable when you have an idea of what you can afford.

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

Yes, you can get a car loan for a used car in Oklahoma. But you should keep the following in mind before you take out a loan:

Used car loans typically come with higher interest rates
Most lenders will only hand out loans for cars that meet certain requirements, such as age
Banks usually have a minimum car loan amount, so small loans may not be an option
Credit unions often offer more flexible loans

Curious about how your car’s age could impact your Oklahoma car loan? Use the following table to find out.

Car Make

Car Year	Average Annual Interest Rate	Average Monthly Payment
2021	7.86	$307
2020	8.29	$311
2019	8.47	$311
2018	8.27	$309
2017	8.46	$311
2016	8.62	$312
2015	8.83	$314
2014	8.79	$382
2013	8.88	$383
2012	9.75	$514
2011	9.75	$514
2010	9.75	$514

Oklahoma car loan calculator

Now that we’ve gone over how loans work and what factors impact your loan terms, you should have a better idea of what to expect.

But we know that loans can be a little abstract. Luckily, you can use Jerry’s car loan calculator to find out what interest rate you can expect and approximately how much you could pay for your car loan in Oklahoma.

Remember that the numbers in our calculator are averages that don’t entirely account for your situation. The offers you receive in real life will likely differ from the estimates you find here. Instead of taking our calculator as a final number, use it to get a better idea of what you can expect in your negotiations.

Car Make

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.72	$364

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

How to find affordable car insurance in Oklahoma

Once you finance your car and buy it, you’ll need a car insurance policy to match. To make the process as easy as possible, try the Jerry app.

A licensed broker, Jerry helps users find and compare the best deals from over 50 insurance companies, including top names like Progressive, Nationwide, and Allstate. Once you review your offers, all you need to do is pick the provider that works best for you. From there, Jerry can switch policies and even help cancel your old one.

Users save an average of $887 a year on car insurance with Jerry—and it only takes a minute to sign up.

“The savings are real! Jerry saved me almost $1000 a year for my car insurance. Was I surprised? Yes. Was I happy? Yes!” —Sonia Z.

FAQs

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

While you can typically find loans from private lenders no matter what, you’ll get the best offers with a credit score of at least 660. To qualify for loans with certain banks or lenders, you may also need to meet a minimum credit rating.

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

Banks may give you a loan for a used car, but it will come with conditions. Most banks require lenders to borrow a minimum amount and they’ll have specific regulations regarding the age and condition of the vehicle you buy. In short, *you can probably get a loan from a bank for a used car, but you may not want to.