To finance your Ram truck, you’ll need to seek out one of two options: a financing plan directly through the Ram dealership or a traditional auto loan with a bank or credit union. While convenience is the advantage of a dealership, you’ll more than likely find a better deal at a bank or credit union.

The Ram truck is known for its ability to get things done. While you may be eager to hit the worksite or drive down a dirt road, it’s important to have the right financing strategy first.

Car insurance broker and loan expert Jerry is here to help you crunch the numbers. Continue reading to find out everything you need to know about car loans for Ram vehicles.

How to get a Ram car loan

Before you can start hauling stuff around in your new or used Ram truck, you’re going to need a car loan with a solid financing strategy. You’ll want to initiate this process by checking your credit, comparing lenders, and getting preapproved.

Check your credit

Your credit score is a fundamental representation of your ability to pay back a given loan. Regardless of the vehicle, having a credit score greater than 660 is typically required to take out a car loan.

If your credit score is lower than 660, you likely won’t be able to reach a deal with a bank or credit union—but, there’s still hope. You may still qualify for a loan directly with the Ram dealership. The Ram financial services department can review other qualifications for a loan like personal references, proof of income, or a co-applicant.

Take a look at the table below to see the average APR and monthly payment for different Ram vehicles based on your credit score:

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment

MORE: How to get a cosigner for a bad credit car loan

Compare lenders

With a better credit score, you’re going to have more lenders to choose from. Once you’ve figured out your qualifying options, consider following these guidelines when evaluating your loan offers:

Short loan term: 60 months or less
Low APR: 4.93 percent or lower
Affordable monthly payment: No more than 10 to 15% of your monthly income
**At least three quotes from different lenders

It’s easy to get overexcited about driving your new Ram truck and take the first offer you have. But make sure you take time to earnestly evaluate the best offer for you, your financial situation, and your lifestyle. Lenders with great customer service will be happy to discuss this with you.

Get preapproved

Getting preapproved for a car loan is a great strategy to get ahead of the negotiation process. A lender will often be more flexible on the terms of the loan if they are aware of your qualifications upfront.

To get preapproved, you’ll need to provide your lender with the following information:

Social Security number
Employment documents
Driver’s license or other photo ID
Proof of income (paystubs, etc.)

Key Takeaway To get a car loan for your Ram, you’ll want to check your credit score, compare lenders, and when possible, get preapproved.

Average loan term for a Ram car loan

Understanding and negotiating the terms of your loan are key to making it work with your personal financial situation. Here are some tips.

The average car loan in the United States is paid over a duration of 72 months (six years). But, you’ll want to try to negotiate with your lender for 60 months or less if possible.

With a short-term loan, you will pay less total interest over the tenure of the loan. Not to mention, you’ll pay off your debt more quickly.

Many Ram dealerships will offer loan terms as low as 24 months. If you can afford to pay off a loan earlier, it will always save you money in the long term. Regardless of the terms, dealerships often won’t enforce a prepayment penalty if you pay off your loan early. But make sure you ask.

For an idea of what your monthly payment and interest rate might look like depending on your loan term, see the table below.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment

Finding a Ram car loan in your state

Auto-related expenses can vary for a variety of different reasons including population density, number of drivers, and more. Car loans are no different. Each state has its own unique factors that influence car loan rates and terms. You’ll want to find a lender who understands these.

To see what you could pay for a Ram car loan in your state, check out the table below.

Credit Rating	Average Annual Interest Rate	Average Monthly Payment

Ram car loans: new vs. used

Car loans are not exclusively for new vehicles, you can finance a used Ram vehicle as well.

For newer Ram models, you’re likely to get a better deal on your car loan with the Ram dealership. For older Rams, you may want to consider a bank or credit union as your lender due to the higher APR on used vehicles.

But enough with the generalizations, let’s talk specifics. Here’s how your monthly payment and APR could break down based on your Ram’s model year.

State

Car Year	Average Annual Interest Rate	Average Monthly Payment

MORE: 7 things to look for when buying a used car

How to calculate the costs for a Ram car loan

The costs of your car loan are not random—they depend on several factors including credit score, loan amount, loan term, and location. Use Jerry’s handy car loan calculator to see what you could pay with a Ram car loan!

State

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment

Save money on Ram insurance with Jerry

Shopping around for the right car loan can be a long and stressful process. Not to mention shopping around for car insurance after purchasing your new Ram. Luckily, Jerry can help with the second part!

Enter your information, and Jerry can search for and compare quotes from more than 50 top insurance companies in just 45 seconds. You can review quotes in the app and lock in the savings you need without spending hours doing online research or waiting on hold with insurance agents.

Once you’ve chosen the rate that’s right for you, Jerry will handle all the paperwork to get your Ram covered and on the road.

The average Jerry user saves about $887 a year on car insurance!

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