You’re odds of getting approved for a Plymouth car loan through a dealer are good, but a bank or credit union may present you with a better offer.
Plymouth, formerly a brand made by Chrysler, has not been produced since 2001, but purchasing a gently used model is still within reach. If you’re interested in financing a Plymouth, you’ll need to weigh your options when it comes to finding the best available lender.
Getting a car loan for an older vehicle can seem like a daunting task, but
car insurance comparison and licensed broker app
Jerry, is taking the guesswork out of financing a Plymouth. Here’s what you need to know.
How to get a Plymouth car loan
If you’re a new driver, you may be looking at the Plymouth
Reliant or the
Neon base. Once you’ve narrowed down your choice, getting an auto loan is a fairly simple process.
To start, you need to know your credit score. From there, you’ll need to compare the rates and terms of at least three different lenders and see if you can get preapproved.
Check your credit
Think of your credit score as the cornerstone of financing. Your credit rating majorly contributes to the terms of your car loan—like the interest rate you’ll get. In most cases, anything over 660 is a good credit score for an auto loan.
Is your credit score dipping below 660? Don’t worry, there’s still a good chance you can get approved for a Plymouth car loan with in-house financing from a dealer.
The main thing lenders want to see is proof that you’ll be able to make the monthly loan payments on time. Showing proof of income or applying for the loan with a co-signer are a couple of good ways to demonstrate the financial responsibility the lender is looking for.
Check out the table below. It shows the average APR (annual percentage rate) and monthly payment amounts for select Plymouth models based on your credit score.
Car Make | Average Annual Interest Rate | Average Monthly Payment |
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Compare lenders
Now that you have a better idea of the kind of loan you could get approved for, you’re ready to choose a lender. In most cases, you’ll get auto financing from the dealer or through a bank or credit union.
Make sure you take the time to compare offers from a minimum of three lenders before committing to one. While comparing, you should be looking for the following:
- Short term loan: 60 months or less
- Manageable monthly payments: Try to keep it below 10% to 15% of your monthly income
- Low APR: The annual percentage rate should be below 4.93%
Don’t just zone in on the numbers—when comparing loans, consider other factors like customer service. If a lender offers you low interest but you can’t ever get in touch with them on the phone, they may not be the best pick.
Get preapproved
Preapproval is a great way to enter into a financing agreement a little more prepared. If you’ve been preapproved for a loan you’re in a better position to negotiate the terms of the auto loan. Here’s how to start:
Fill out an application that includes the following information:
- Your Social Security number
- A copy of your driver’s license
- Proof of employment
- Proof of income (pay stubs, etc)
Key Takeaway There are three steps to the process of getting a Plymouth car loan: check your credit score, compare rates from at least three lenders, and see if you qualify for preapproval.
Average loan term for a Plymouth car loan
The average auto loan term in the US is 72 months in length. Seeing as you’ll be purchasing a used Plymouth, six years is likely way more time than you’ll need to pay off your car.
Remember, used car loans have a higher interest rate attached to them than loans for brand-new cars, so keep the loan term as short as possible.
The table below lays out what your monthly payment and APR could look like based on your loan term.
Loan Terms | Average Annual Interest Rate | Average Monthly Payment |
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Finding a Plymouth car loan in your state
Monthly car payments and interest rates are not the same in every state. As mentioned, since Plymouth is an older, used car model you’ll be better off looking into financing from a bank or a credit union—and a local establishment might be best.
Local lenders have a better comprehension of the cost of living in your home state, so they may be able to offer you a lower APR—so long as your credit score allows for it.
Let’s look at the table below to see how where you live affects the amount you’ll pay each month and what your APR will be.
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
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How to calculate the costs for a Plymouth car loan
Now that we’ve gone over how your monthly payment and APR fluctuate based on your credit score, loan term, loan amount, and region, you can use Jerry’s car loan calculator to get an idea of what your Plymouth car loan could cost you.
Average Annual Interest Rate | Average Monthly Payment |
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Save money on Plymouth insurance with Jerry
Once you’ve tackled the financing bit, you’ll want to make sure you find the best price for
car insurance available. Want to avoid hours of searching for the lowest rates online?
Jerry can handle that for you.
Jerry isn’t just a car insurance comparison super app, but also a licensed broker that makes getting affordable insurance ridiculously easy! In under a minute, Jerry scours the Internet for the most competitive quotes from over 50 top-rated insurance companies. And, once you decide to make the switch, Jerry will even help cancel your old policy for you!
Saving money on your Plymouth’s coverage just got really simple. Just download the app, answer a few quick questions, and let Jerry work its magic. On average, Jerry users save $887 a year on car insurance!
“All of the insurance quotes I saw were over $600 a month because of my age. Then I stumbled upon
Jerry, and they sliced my price in half! They found me the lowest rate, thank goodness.” —Will V.
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