Find the Best Car Loans in Las Vegas, NV

How to get an auto loan in Las Vegas

When you need a car loan, you have multiple options in Las Vegas. You can apply for financing through a dealership, or you can get pre-approval from a bank, credit union or online lender. Pre-approval allows you to compare and agree to loan offers before shopping for a car.

A pre-approval means that a bank or lending company agrees to finance your loan before you get your vehicle. Getting pre-approved for your car loan isn’t a necessity, but it will put you in a better negotiating position at a dealership. You can budget appropriately by knowing how much you can borrow. Consider the cost of your tag, title and fees and how much you can spend on a down payment.

Get approved for an auto loan in Las Vegas

Borrowers are often sorted by credit score. These categories help lenders decide what APR to apply to the loan. Here’s a typical distribution of APR based on credit score:

Loan terms vary, but most are 36 - 60 months, with some even longer. In 2016, the average loan term for a new car was 68 months, while used car loans were shorter. Longer terms typically get lower premiums, but a higher total cost for the loan.

Some loans don’t require it, but making a significant down payment helps with getting approved. It also reduces your monthly payments and the total amount of your loan.

How to apply for a car loan in Las Vegas

Applying for a car loan in Las Vegas is a simple process. Each lender has its requirements to prove you can repay the loan. Expect to provide:

• Proof of income: You need to demonstrate that you have a reliable income. Lenders usually accept pay stubs or bank statements.
• Proof of address: Lenders want to know where you live in case you don’t pay your bill. Your proof could be a utility bill or lease agreement.
• Proof of insurance: You need auto insurance before you drive off the lot with your new car.

Getting a car loan with bad credit in Las Vegas

Las Vegas drivers might be able to get a car loan with bad credit, especially if they make at least $1,800 a month. However, lenders offer steep interest rates to borrowers with a low credit score or no credit history. People with bad credit can improve the terms of their loans by:

• Making a larger down payment
• Getting a co-signer with good credit
• Waiting until their credit improves to borrow
• Refinancing once their credit improves

It’s worth your time to shop around before choosing a lender. Some online lenders are more willing to work with bad credit borrowers than others.