Even with the Green Bay Metro, most residents need a car to get to work. Vehicles, while necessary, are a significant expense, and most drivers need a car loan to afford a reliable ride. Our partners at ConsumerAffairs researched the best car loans in Green Bay to guide your options.
While it’s tempting to immediately start searching for the car of your dreams, there are many advantages to setting up financing or getting pre-approved for a car loan before shopping. Consumers can go to a dealership in Green Bay without a pre-approval car loan, but there are perks to applying in advance.
Having your financing in place allows you to shop around Green Bay dealerships and find the best deal for yourself instead of relying on what the dealership offers after you’ve selected your car. Another benefit is pre-approval, which lets you know what you can afford before set your heart on a particular vehicle. Most lenders allow you to apply online quickly and easily.
Auto loans can be acquired through banks, credit unions or online lenders. Car loans in Green Bay are typically available for people at least 18 years old that meet a minimum income requirement, often $1,600 to $2,000 per month. Regular car loans don't cover certain vehicles, but most cars that are less than 10 years old and have under 125,000 miles are eligible.
Comparing car loans in Green Bay
Some variables that affect the annual percentage rate (APR) and maximum amount of your loan include:
Credit score and credit history: Most car loan providers prefer consumers with a credit score of 620 or higher. Some lenders will work with customers with lower scores, but expect to pay a higher APR.
Down payment amount: Most lenders recommend a down payment of 20 percent of the cost of the car, though you can make a smaller down payment if needed. You’ll usually receive better loan terms with a more substantial down payment.
Current income: This generally involves providing pay stubs or bank statements that prove steady income. Some lenders may call your employer for verification.
Length of repayment period: Most car loans have between 24-72 month terms. The shorter the term, the more you’ll pay each month, but the less you’ll pay overall.
Be sure to account for any additional fees when deciding your loan amount. Besides fees the car dealership may charge, you may have other costs to register your title or purchase tags. Drivers in Wisconsin are required to have insurance, and that cost should also be taken into account when you’re setting a budget.
Getting a new vehicle is exciting, but it’s a big investment. It can be difficult to determine what’s best for you. When you go in understanding what to look for in a car loan, you’ll be on the road in no time.
LightStream is a division of SunTrust Bank and offers a wide variety of loans. Funds are deposited quickly and can be available the same day you apply for the loan in some cases. LightStream offers to match any competitor’s qualified rate. Green Bay reviewers love how fast and easy it is to apply for a car loan online.
Auto Approve specializes in refinancing. The company assigns a loan consultant to guide you through every step in the process. Your first payment isn’t due for 45 days, and they have a 90-day first payment option as well. Green Bay customers appreciate the quick approvals and competitive rates, but some reviews state the customer service could be better.
LendingTree is a car loan broker with more than 20 years of experience. After filling out the application, the company will give you options for deals that fit your specific information. The company also offers an online calculator to estimate your monthly payment. Green Bay customers recommend LendingTree for the number of options it provides.
myAutoloan.com offers an interest rate estimator tools and payment calculators that consumers can use before they apply. After applying, consumers can get up to four loan offers within minutes. The company has been in business since 2003, and Green Bay reviews say they appreciate the ability to find the lowest rate for their loans.
Capital One is one of the ten largest banks in the U.S. The company pre-qualifies customers for loans without affecting their credit score, and the site lets shoppers search for available cars in their area. Green Bay customers appreciate the simple application process, but some reported indifferent customer service representatives.