If you want a car loan in Oregon, it’s important to have a credit score of at least 660 to qualify for good terms and a low APR. Remember to search for a loan with a low interest rate and a 60-month term at most.

Learning what to look for in an Oregon car loan can be challenging. That’s why the car insurance and loan super app Jerry has put together this article with everything you need to know about car loans in Oregon.

Here, you can learn everything from the impact of credit scores on your monthly rate to what you should look for when comparing lenders.

How to get a car loan in Oregon

Car loans are essential for anyone who doesn’t have the resources to pay for their car outright. Luckily, loans from banks, credit unions, or dealerships can help you pay off your vehicle at a reasonable rate.

Here are a few things you should expect to do when you take out a loan in Oregon:

Make a downpayment of at least 10% of the car’s value
Negotiate a loan term—how long you have to pay off the loan
Pay off the loan in monthly installments
Pay an additional amount of interest each month—the amount depends on your annual percentage rate (APR) In general, the loan you secure depends on the car you buy, your credit rating, and the loan term you decide on. Use the table below to estimate your APR and monthly payments on an Oregon 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

If you’re ready to start looking for an Oregon car loan, be sure to do the following.

Check your credit

Before applying for a loan, check your credit score. Most applicants will need a score of 660 or better to secure a loan with a good interest rate. If your score is above 700, you may even qualify for interest rates of around 3%.

You can use the following table to estimate your interest rates and monthly payments based on 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

It may be tempting to take the first loan you find. But your first off will rarely be your best. For instance, financing your car with the dealership that’s selling your car is often convenient—but the agreement may be skewed in their favor.

Try to find and compare offers from at least three lenders before settling for a loan. While you’ll need to find a loan with low interest and reasonable terms, you should also take other factors like your odds of approval and customer service into account.

Choose your loan term

One factor that can have a big impact on your monthly payments is the loan term, or the time you have to pay off your loan. On average, borrowers set car loan terms of 60 to 72 months.

As a general rule, the longer your loan term the lower your monthly payments. But that comes with a catch. Long loan terms typically require you to pay more interest—so while it may be lower on a month-by-month basis, you’ll pay more in the long run.

Alternatively, shorter-term loans come with higher monthly payments and interest. While that may be challenging to keep up with, you could end up saving a significant sum of money.

Use this table to find out how your Oregon car loan term could impact your APR and monthly rate.

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

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

Get preapproved

If possible, get preapproved for a car loan before shopping for a car. Preapproval helps buyers understand exactly how much money they can expect, which gives them an upper hand in negotiations with dealers or private sellers. Without preapproval, you’ll be bargaining with money you aren’t sure you’ll have.

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

You can get a car loan for a used car in Oregon, but consider the following before you apply:

Used car loans come with higher interest rates
Many lenders won’t finance older cars
Most banks have a minimum loan amount
Credit unions tend to be more flexible than banks with used car loans

The following table can help you understand how your car’s age could impact your Oregon car loan.

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: [Car insurance for used cars]

California car loan calculator

Now that we’ve covered the car loan essentials, it’s time to learn more about your specific situation with Jerry’s loan calculator. With our calculator, you can estimate what you’ll need to pay on your Oregon car loan and what interest rates you can expect based on your credit score, loan term, loan amount, and car make.

Remember that the values you see are only averages. The offers you receive in real life will likely differ from the values you see in our calculator. That said, this tool can help you get a better feel of what to expect when you start negotiations!

Car Make

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.59	$362

MORE: Oregon electric vehicle incentives

How to find affordable car insurance in Oregon

Once you’ve financed your car, you’ll need to get it titled, registered, and insured before it’s road-ready. Plus, you’ll need to be sure your car insurance matches Oregon’s minimum coverage requirements.

To make the car insurance shopping process as simple as possible, use the Jerry app. A licensed broker, Jerry helps users find and compare the best quotes from over 50 top providers like Progressive and Nationwide. Just download the app, answer a few questions, and let Jerry take care of the rest!

When you find a plan you like, Jerry can help you 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.

“Jerry is the future of car insurance! I downloaded the app, entered the information, picked my insurance rate, and paid my fee. I even switched insurance providers easily! Jerry saved me $182/month so quickly!” —Paulina F.

FAQs

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

While you can typically find loans from private lenders no matter what, getting a good loan from a reliable lender typically requires a minimum credit score of 660. If you’re going to pursue loans with a lower credit rating, it’s important to be cautious of your offers.

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

Banks might offer you loans for used cars, but they’ll come with requirements. For example, most banks won’t finance cars above a certain age and may require you to take out a large sum of money. If you’re looking for a small loan on an old car, you may be better off applying with a credit union.