In this article, you’ll learn how to get a loan, choose a lender, and make financially savvy decisions when you look for a car loan in the Mountain State.

How to get a car loan in West Virginia

Shoppers rarely have disposable cash to purchase a car with, which is why 82% of recently-bought cars have been financed. Getting a car loan from the dealership, bank, or credit union near you can offer you the option to pay your car off over time.

Here are some things to keep in mind while you are thinking about taking out a car loan in West Virginia:

Prepare to pay a 10% down payment on your vehicle
Choose a loan term with your lender
Budget for monthly payments to pay off the principal (the total amount you owe)
Factor your interest rate into those payments with your annual percentage rate (APR)

Loans aren’t one-size-fits-all. The cost of the car you’re purchasing, your credit score, and your selected loan term will all impact your monthly payments.

Want to get a better picture of what your loan will look like? Check out this table showing potential APR and monthly payments in West Virginia.

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

Ready to get started on the loan hunt in West Virginia? Follow these steps.

Check your credit

Good interest rates are crucial to finding a car loan with affordable payments. The key factor in determining the type of interest rate you’ll qualify for is your credit score. If your score is above 660, you’ll have a much better chance of keeping your interest rates low.

With a score in the range of 700 or higher, your low-interest rates will allow you to focus on paying off the principal only. That’s a major benefit that will serve you well financially.

Find out what your credit score is and use the table below to project what your monthly payment and average interest rate will be.

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

No matter what your credit looks like, you have options when it comes to lenders. The dealership you’re working with can get you set up with a car loan, but that doesn’t mean they’ll offer you the best deals.

Before you lock yourself into a loan, compare costs between at least three lenders. A low-interest rate is a high priority, but you’ll also want to consider your odds of approval and the type of customer service you’ll get. You’ll be engaging with this lender over the next few years, after all.

Choose your loan term

Your loan term will determine how long you’ll be paying off your car and how high your monthly payments will be. **The average car loan term is around 72 months (six years)**—but longer isn’t always better.

Although lower payments may seem enticing at first, the interest payments can cause you to spend even more than the car was originally worth. If you can manage to make slightly higher monthly payments, you’ll benefit in the long run from choosing a term that’s no longer than 60 months.

This is how the life of your loan will look when you factor your APR into your monthly payments in West Virginia.

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: How to get out of an upside-down car loan

Get preapproved

You can play better with the cards you’ve been dealt when you get preapproved for a car loan. Proactively getting a handle on what rates you should expect based on your finances will give you leverage at the dealership desk.

Instead of waiting on the dealership to tell you what rates they can offer, you can tell them the amount you expect to pay and ask for them to draw up a better deal.

Can you get a car loan in West Virginia for a used car?

Although it’s possible to get a car loan for a used car in West Virginia, it may not be the easiest process. Prepare for potential snags like the following:

Higher interest rates
Denial from lenders if the car is older than a certain limit
Denial from a bank since they typically require a minimum loan amount

Chase is one exception to the bank rule. You’ll also have better odds of securing a used car loan with a credit union.

If you want to see how much the age of your car can sway your car loan, check out the table below.

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: West Virginia car insurance laws

West Virginia car loan calculator

Now that you’ve found out your credit score, have your eye on a car, and know which loan term to choose, you may just be ready to kick down the door of your local dealership and get that loan in motion. But wait—you can get yourself even more prepared with Jerry’s car loan calculator!

By factoring in all the key loan components we’ve covered, you can calculate how much you’ll pay for a car loan in West Virginia. Although it’s helpful to know the projected amount you can anticipate, these numbers are just averages.

Your negotiations with your lender in person will ultimately determine what you’ll pay, but having these numbers in your back pocket will certainly help your case!

Car Make

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.59	$362

MORE: Finding car insurance in West Virignia

How to find affordable car insurance in West Virginia

It may feel like a long ride to find the right car loan for you, but it’s only the first step in car ownership. To ensure you and your financed car can drive off into the sunset, you’ll need to purchase car insurance to protect it.

The first car super app Jerry can take all the steps out of the insurance shopping process after just 45 seconds of signing up. With quotes from over 50 insurance companies at Jerry’s disposal, you’ll choose the best policy for your needs at the lowest rates.

Jerry will handle all the paperwork to get you situated and even cancel your old policy. Since Jerry checks back in with you before each renewal to ensure you’re getting the best deal, you can save an average of $887 per year!

“When we added a new car to our family, we were shocked at how high our current insurer was going to hike our rates. We used Jerry for some comparison shopping and are now saving around $1000 a year. Thank you, Jerry!” —Darius P.

FAQs

What credit score is needed to buy a car in West Virginia?

A score of 660 or above is ideal in terms of getting a good interest rate from a lender. Several companies and lenders will work with you on finding a loan regardless of your credit score.

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

Chase has been known to offer loans for used cars, but keep in mind most banks have a minimum loan amount that could exclude your vehicle. Your best bet will be to work with a credit union.