Since Suzuki cars are no longer sold in the US, your options for securing financing are to obtain a loan through a used car dealer or take out a traditional car loan from a bank or a credit union. While it may be easier for the dealer to arrange financing, going directly to a bank or credit union for a loan will typically save you money, and you may get better customer service.
Despite exiting the US market, diehard Suzuki fans laud the brand for offering compact, durable, and affordable cars. If you want to finance a new-to-you Suzuki, you should look for dependable terms that won’t stretch you too thin financially.
It’s always great to have a couple of options, especially when it comes to financing, but how can you be sure you’re choosing the best Suzuki loan option? Thankfully,
car insurance connoisseur and loan whiz
Jerry is here to help guide you through the process.
How to get a Suzuki car loan
Whether you’re looking to buy a
Sx4 Touring or a
Vitara Js, it’s pretty straightforward to get a car loan for a Suzuki. You should begin the process by checking your credit score, finding and comparing rates from at least three lenders, and getting preapproved for a loan.
Check your credit
The first step in the process is to check your credit score. You want to do this first because it will impact your loan terms, such as your interest rate. Having a credit score of 660 and above is generally ideal when approaching a lender for a car loan.
Having a credit score below 660 could make it more challenging to secure a loan through either a bank or credit union. You can usually secure a loan from a used car dealer or online lender in this case. In such cases, the dealer will ask for proof of income, residence status, personal references, or a co-applicant to determine your ability to make payments.
This table shows the average APR and monthly payment for different Suzuki vehicles based on your credit score:
Car Make | Average Annual Interest Rate | Average Monthly Payment |
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Compare lenders
After determining your loan eligibility, it’s time to choose your lender. While you can always purchase directly from the car dealer if they offer financing services, you may decide to go through a bank or credit union.
Before choosing a loan, make sure you compare offers from at least three lenders that exhibit the following conditions:
- Manageable monthly payments: 10 to 15% of your monthly income at the most
- Low APR: 4.93% or less
- Short loan term: 60 months or fewer
Don’t get so wrapped up in the numbers that you forget about another important part of the lending research process—finding great customer service. A lender with great approval odds and great payment options may look attractive, but if they’re unreachable, impersonal, or uneducated about the market, then it’s not such a great deal after all.
Get preapproved
Getting preapproved for a loan will help you when it comes time to make final negotiations before signing your loan agreement. Used Suzuki car dealerships and online lenders will typically ask for the following information on your preapproval application:
- Personal information, such as address and social security number
- Proof of income and employment information
- Driver’s license or another form of photo identification
Remember to thoroughly research an online lender and ensure they are a trustworthy company before disclosing any of your personal information.
Key Takeaway: The three steps to get a Suzuki car loan are to check your credit rating, compare at least three lenders, and try to get preapproved to negotiate a better loan agreement.
Average loan term for a Suzuki car loan
Picking your loan term is an important phase of the vehicle financing process. The average term for a car loan in the US is six years (commonly written as 72 months), but this doesn’t necessarily mean this offers the best deal for you.
Try to get a repayment term of 60 months maximum if you can. Having a shorter learn term can help you pay off your loan sooner and pay less in interest. While you will have to make larger payments month to month, you will ultimately pay less in the long term.
Many Suzuki dealers offer loan repayment periods between 24 and 96 months. Watch for a
prepayment penalty, which will charge you additional fees if you pay off your loan early.
Check out the table below to see what your monthly payment and interest rate might be based on your loan term.
Loan Terms | Average Annual Interest Rate | Average Monthly Payment |
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Finding a Suzuki car loan in your state
Your state will affect what you pay for your monthly payments and interest rates. Strive to find a lender with a strong understanding of your area’s demographics who can offer you the lowest possible APR based on your credit score.
Check out the table below to see what your loan payments could be for a Suzuki in your state.
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
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Suzuki car loans: new vs. used
While getting a new Suzuki isn’t possible, the loan offers you receive will still depend on the age of your used car. For instance, many used car financing restrictions required the vehicle to be 10 years or newer and have less than 100,000 miles. They may also impose a finance amount limit of $5,000.
If you have your eye on an old Suzuki and need a car loan for it, you may need to apply through a bank or a credit union, which means you’ll likely see a much higher interest rate. You may, however, be able to make adjustments and tweak the loan to set you up for better financial success.
Want to know how your car’s age will affect your loan? Here’s what your monthly payment and APR could look like based on your Suzuki model year.
Car Year | Average Annual Interest Rate | Average Monthly Payment |
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How to calculate the costs for a Suzuki car loan
When determining the cost for your Suzuki car loan, your monthly payment and APR will be ultimately determined by your credit rating, loan term, loan amount, and where you reside. Use Jerry’s car loan calculator to determine what your Suzuki car loan might cost!
Average Annual Interest Rate | Average Monthly Payment |
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Save money on Suzuki insurance with Jerry
No matter the circumstances surrounding your Suzuki purchase, Jerry can help you find the cheapest
car insurance rates around. As a licensed broker and car insurance comparison super-app, Jerry will help you through the process of buying—and insuring—your car.
If you love how compact and affordable your Suzuki is, then you’ll love
Jerry! The free app takes seconds to download, is portable wherever you go, and always offers the lowest rates. Download the app, answer a few questions, and Jerry will provide you with quotes from 50 leading insurance companies. Once you’ve settled on a new plan, Jerry will cancel your old one.
By the way, you might have to make some room in your wallet for all that extra cash—the average Jerry user takes home $887 in yearly savings!