Finding the right lender, securing a loan term of 60 months or less, and maintaining a credit score higher than 660 are essential to getting a car loan in Wyoming.
Getting a car loan can be stressful, but the
car insurance and broker app
Jerry can help ease your mind throughout the process in Wyoming.
We’ll break down what you need to do to get a loan, how to choose from lenders, and ways to make the most of your finances when you apply for a car loan in Wyoming.
How to get a car loan in Wyoming
Cars are no small purchase. Without having thousands of dollars in cash available, most Wyoming drivers opt to finance their purchases with an auto loan. Securing a loan through a bank, dealership, or credit union offers you the option to pay off the value of your car over time.
Here are a few key components to keep in mind when you take out a car loan in Wyoming:
- Budget funds to cover a downpayment (usually 10% of the car’s total cost)
- Decide on a loan term (length of your payments) and interest rate with your lender
- Prepare to make monthly payments on the principal (total amount owed) over the loan term
- Factor your monthly interest into your payments with your annual percentage rate (APR)
Your monthly payment amounts won’t be arbitrary. They’re calculated based on the make of the car you’re buying, your credit score, and the loan term you choose. To get a better idea of what that looks like, refer to the table below to see what your monthly rate and APR could be in Wyoming.
Car Make | Average Annual Interest Rate | Average Monthly Payment |
---|
Ready to start the loan hunt in Wyoming? Here’s what you need to know.
Check your credit
Your credit score will arguably be the most important piece of the car loan puzzle. Any score that’s
660 or higher will be adequate for getting a
low-interest rate. Any interest rate that’s around the
average of 5% or less will be affordable in the long run.
While a higher credit score is always better, you can still get a loan with a lower score. However, if your credit score is below 600, you may want to hold off on the car purchase for a few months while you work on balancing your finances.
Check out the table below to figure out what your monthly payment could be based on your credit score.
Loan Terms | Average Annual Interest Rate | Average Monthly Payment |
---|
Compare lenders
Dealerships present as a one-stop-shop, but that doesn’t mean you should accept their loan offer right off the bat. It may seem convenient, but settling for the first loan you come across could mean that you’re sacrificing a better deal.
The best way to ensure that you’re getting the most for your money is by comparing offers from a minimum of three lenders. Before you bind yourself to a loan, consider the type of interest rate the lender can offer, the level of customer service they provide, and what your chances are for getting approved by them.
Choose your loan term
When it comes to the length of time you’ll be paying off your car for, also known as your loan term, you’ll be in the driver’s seat. It’s a decision that will substantially impact your finances. While common loan terms range anywhere from 36 months to 84 months, shorter terms are better.
An 84-month loan term will come with lower monthly rates on paper, but you’ll be paying interest to your lender throughout that period. By the end of the loan term, you’ll likely have paid more than the car was originally worth.
To avoid what’s referred to as
going upside-down on a loan, it’s best to select a term that’s
60 months or less if you’re financially able to.
This is how your monthly payments and APR could fluctuate based on your loan term.
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
---|
Get preapproved
The best way to align your car loan with your finances is to get preapproved. Going into a dealership or car loan negotiation with a preapproval in hand and your budget in mind will set you up for success. Knowing the rates you’re qualified to pay gives you leverage when discussing potential payments with the lender you choose.
Can you get a car loan in Wyoming for a used car?
It’s possible, but not always easy, to get a loan for a used car in Wyoming. Not only will you pay a higher interest rate than if you were purchasing a new car, but you’ll also run into challenges when finding a lender.
Most lenders have limits on the age of the cars they’ll offer loans for. Older models have parts that are hard to find, and there isn’t enough of an upside for them.
Banks are the least likely to offer loans for a used car, especially because they require a minimum loan amount. Your credit score will most likely come under more scrutiny in a used car transaction as well.
The most cost-conscious option for a used car loan will be a
credit union.
Want to know how your car’s age could impact your loan payments? Refer to the table below.
Car Year | Average Annual Interest Rate | Average Monthly Payment |
---|
Wyoming car loan calculator
With your newfound knowledge of how loan terms, your car choice, and your credit score factor into a car loan, it’s time to bring it all together with Jerry’s car loan calculator.
These numbers can equip you with the information you need to negotiate effectively when you sit down with your lender. Since additional fees, penalties, and other factors will ultimately determine your exact rates, these calculations are just averages.
Either way, knowing what amount you can expect to see will help you feel empowered when you go get your car loan. Happy financing!
Average Annual Interest Rate | Average Monthly Payment |
---|
How to find affordable car insurance in Wyoming
Riding off into the sunset with your newly financed car can’t happen without car insurance in the Cowboy State. Unlike situating yourself with a car loan, shopping for insurance doesn’t have to be a lengthy process.
After a quick sign-up, the car insurance comparison app
Jerry will do all the leg work it takes to find affordable rates. As a licensed broker, Jerry pinpoints the most competitive policies out of over 50 top insurance companies before presenting you with the top picks.
Once you choose your policy, Jerry will help you get switched over and even cancel your old one.
“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 Wyoming?
The higher the credit score, the lower your interest rate will be. With a score of 660 or higher, you can secure a good interest rate with a lender. It’s still possible to get a loan with a lower score, especially if you work with a credit union.
Will a bank give me a loan for a used car?
It’s not likely. Between minimum loan requirements and age limitations on your car, banks tend to turn down car loans for used vehicles.