For financing an Oldsmobile, it’s possible to get approval through the dealer, but you might find a better deal on a car loan from a bank or credit union.
Although Oldsmobile manufacturing ceased in 2004, there are still a lot of reliable used models for sale. If you’re looking to get an auto loan, it’s important to find a trustworthy lender with terms that are fair and compatible with your budget.
These days, there are so many ways to go about financing that it can be hard to know where to start. Wondering what’s the best way to get a loan for an Oldsmobile?
Car insurance broker and loan expert
Jerry is here to guide you through the process.
How to get an Oldsmobile car loan
When you think Oldsmobile, you might envision your grandfather’s early 90’s era
Cutlass Ciera that had really low mileage because he only drove it to the grocery store. But over its 106-year history, Oldsmobile made some really sharp-looking cars like the
Toronado which is literally a collector’s item.
Today, the Oldsmobile is considered a reliable American classic. If you’re interested in purchasing one, you’ll want to look at your financing options. The first step in getting a car loan is to check your credit score. After that, compare terms and rates from no less than three different lenders and try to get preapproved if you can.
Check your credit
Knowing your credit score is a key piece of auto financing. Your credit rating plays a big part in determining certain terms of your loan such as interest rate. Anything over 660 is viewed as a good credit score for a car loan.
If your credit score is below 660, you could still qualify for financing, particularly if you go through a dealer. You’ll need to prove that you’re capable of making monthly payments on the loan. Proof of income or a co-signer are good ways to show you’re financially responsible.
Take a look at the table below. It shows the average APR (annual percentage rate) and monthly payment amounts for different Oldsmobile models based on your credit score.
Car Make | Average Annual Interest Rate | Average Monthly Payment |
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Compare lenders
Now that you’ve seen what kind of loan you may qualify for, it’s time to choose a lender. The most convenient sources for financing are through the dealership, a bank, or a credit union.
Don’t sign the first loan offer that’s placed in front of you—you should absolutely be comparing terms and rates from no less than three lenders.
As you compare loan offers be sure to look for the following:
- Short loan term: Ideally 60 months or less
- Low APR: 4.93% or lower
- Affordable monthly payments: If your payment is more than 10% to 15% of your monthly income, it may be too expensive
There’s more to a good lender than what’s on the page. While a lender who boasts low monthly payments may seem like the obvious go-to, if you struggle to get them on the phone or they have poor customer reviews, you might be better off signing with someone else.
Get preapproved
Preapproval for financing is always a good idea. It gives you a specific idea of what you can afford before you enter a loan agreement and allows you to negotiate the loan terms. Take the time to see if you qualify for loan preapproval by filling out an application.
A preapproval application will ask for the following information:
- Your Social Security number
- A copy of your driver’s license or a valid ID
- Proof of employment
- Proof of income (such as pay stubs or documentation of other money you receive)
Key Takeaway It’s fairly simple to get an Oldsmobile car loan. Once you know your credit rating, compare loan terms from no less than three different lenders, and see if you can get preapproved for financing.
Average loan term for an Oldsmobile car loan
The most common loan term in the United States is 72 months—or six years. For your Oldsmobile purchase, a 72-month loan term will almost certainly be too long. Most of the time, used car loans have higher interest rates attached than new car loans—that’s because it’s harder for lenders to determine how long an older vehicle will hold its value.
When financing an Oldsmobile, you should look for a loan term no longer than 60 months. Oftentimes, you’ll find the best deal on a smaller loan with a credit union.
Let’s look at the table below to see what your monthly payment and APR may look like according to your loan term.
Loan Terms | Average Annual Interest Rate | Average Monthly Payment |
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Finding an Oldsmobile car loan in your state
Each state has different loan payment amounts and interest rate options. You might be better off going with a local bank or credit union when you’re financing an older vehicle. Local lenders will have a better understanding of the cost of living in your state and may offer you a lower APR.
Check out the table below. It measures the monthly payment and APR of your auto loan by state.
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
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How to calculate the cost of an Oldsmobile car loan
When calculating the monthly payment and APR of your loan, remember that the number will depend on your credit score, the length of the loan, and where you live. This will be the case with any vehicle you decide to finance.
If you’re wondering how much your Oldsmobile loan will be, give Jerry’s car loan calculator a try!
Average Annual Interest Rate | Average Monthly Payment |
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Save money on Oldsmobile insurance with Jerry
No matter what car you buy, it’s a purchase that comes with a lot of commitment. Once you’ve gotten your loan situated, you’ll want to pair it with
car insurance that doesn’t break the bank and keeps you safe while you drive.
Look no further than
Jerry. Jerry isn’t just another app, it’s a pocket-sized insurance comparison and broker whiz that takes all the guesswork out of finding the best policy for you. The process is beyond easy: just download the app, put in some basic information, and let Jerry make it happen.
In under a minute Jerry scoops up the most competitive rates from over 50 of the highest-rated insurance companies and places them right at your fingertips. You won’t need to fill out a single form or wait on hold with any insurance agents—Jerry does all of that for you.
Plus, when you select your new coverage and want to switch providers Jerry even helps cancel your existing policy!
The average Jerry user saves $887 a year on car insurance!
“I wanted to buy my first car soon, so I needed cheap and fast insurance.
Jerry was a lifesaver! Their fast and friendly service got me affordable insurance quickly! Thank you!” —Parker A.
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