When you set out to get a car loan in Wisconsin, you should go prepared with a preapproval from lenders and opt for a loan term that’s 60 months or less.

The car insurance and broker app Jerry can walk you through the process of getting a car loan in Wisconsin.

We’ll break down all the details on how to find a loan, get preapproval from lenders, and what you can do to maximize your finances when you look for a car loan in the Badger State.

How to get a car loan in Wisconsin

The most common way to finance a car is to line up an auto loan in Wisconsin. Over 80% of buyers opt for a loan with manageable payments over a certain timeframe as opposed to paying for the total value of the car upfront. It’s possible to do this when you get a loan from a bank, credit union, or dealership.

Here’s a preview of what to expect when you get a car loan in Wisconsin:

The lender will ask for a 10% down payment to secure the loan
You and the lender will choose a loan term (how long you’ll pay) and an interest rate
You’ll make monthly payments on your loan principal (the car’s total cost)
Your annual percentage rate (APR) will determine the monthly interest rate you’ll pay

How exactly is your monthly payment calculated? Your credit score, car of choice, and loan term will all contribute to the type of loan you sign on for with a lender. Reference the table below to see what your APR and monthly payment could turn out to be in Wisconsin.

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment

Ready to secure a car loan in Wisconsin? These steps will set you up for success.

Check your credit

Your credit score has a huge impact on the type of loan you’ll get, so you’ll want to check that first. With a score of 660 or higher, you’ll have a good chance of getting a low-interest rate.

Although the national interest rate average is around 5%, you could get an even lower rate with a higher credit score. If you’re in the 700 or better range, you’ll save money on interest in the long run.

Once you’ve checked your credit score, use the table below to project what your interest rate and monthly payment could be.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment

Compare lenders

Don’t settle for the first loan offer you get. Your dealership may very well be the best option for you, but don’t select them as a lender out of convenience alone. Without any costs to compare, you could be getting the short end of the stick on the deal that the dealership offers.

It’ll serve you well to have at least three offers under your belt before you make a decision. Low-interest rates are important, but the approval odds and customer service should be factored into your lender choice as well.

Choose your loan term

How long do you want to be paying your car off for? The answer to that will be your loan term. The average loan term is 72 months, or six years. Lenders love lengthier loan terms because it means they’ll get your interest payments for a longer amount of time.

Although longer terms come with lower monthly payments, they can hurt your finances by the time the loan is paid in full. To beat the odds of going upside-down on a loan payment, it’s best to opt for a term that’s 60 months or less.

Sometimes it helps to visualize how your monthly payments can change based on your loan term. Check out the table below to get a picture of what that looks like in Wisconsin.

Credit Rating	Average Annual Interest Rate	Average Monthly Payment

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

Get preapproved

Negotiations play a major role in car loans, and getting preapproved can give you leverage. If you walk into a discussion about your potential payments knowing the rates you qualify for, you’ll establish power in the conversation. With preapproval, you can avoid agreeing to higher rates than you should accept based on your finances.

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

You can get a used car loan in Wisconsin, but there are some things you should keep in mind. Not only do used car loans come with higher interest rates than new cars, but they’re also limited to certain lenders.

If a car is older than a certain limit, it may not be possible to find a loan. Additionally, most banks have a minimum loan requirement that excludes some used car models.

Your best bet is to get a small loan from a credit union.

Here’s how your car’s age could impact your car loan in Wisconsin.

Car Make

Car Year	Average Annual Interest Rate	Average Monthly Payment

MORE: Car insurance for used cars

Wisconsin car loan calculator

Now that you’ve got all the pieces of the loan puzzle—like your finances, loan term, and the loan amount—use Jerry’s car loan calculator to see what your loan could look like in Wisconsin.

While these numbers are just averages, they can help you negotiate when it comes down to the in-person discussion you have with your lender. Additional fees or penalties could sway the official loan amount in one direction, and your persuasive skills can have the opposite effect.

Either way, keep these calculations in mind so you can tip the odds in your favor!

Car Make

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment

MORE: Wisconsin car insurance laws

How to find affordable car insurance in Wisconsin

Financing your shiny new (or used) ride isn’t complete without settling on a car insurance policy. With the car insurance super app Jerry, you can situate yourself with affordable car insurance in a matter of minutes.

Spend 45 seconds of your time signing up for the app, and Jerry will take care of the rest. You’ll be able to choose from the most competitive policies from over 50 top insurance companies that are tailored to your needs.

Once you’ve chosen your new-and-improved policy, Jerry will take care of any paperwork or hassles to get you switched over. Jerry will stick with you well beyond your new purchase by sending you updated rates before each policy renewal.

With Jerry, you can save an average of $887 per year!

“I was a new driver looking for insurance and scared about expensive payments. But then I found Jerry! They saved me almost $150/month.” —Garret I.

FAQs

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

A credit score of 660 or higher will put you in the best position to buy a car in Wisconsin. However, many lenders will get you situated with a loan regardless of what your credit score looks like.

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

You might run into challenges with getting a loan for a used car from a bank. With limits on the car’s age and value, banks tend to opt out of used car loan agreements.