If you need a car and can’t buy it outright, you’ll need to apply for a car loan. By negotiating a good deal on your auto loan, you can save money and still drive away in the car you want. Our partners at We researched the best car loans in Las Vegas to find the lowest rates for your purchase.
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
Lenders look at your credit score to determine your loan eligibility and annual percentage rate. Higher interest rates increase the total cost of the loan.
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:
Used car loan APR
781 - 850
3 - 4%
2 - 3%
661 - 780
5 - 6%
3 - 4%
601 - 660
9 - 10%
6 - 7%
501 - 600
15 - 16%
10 - 11%
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.
LightStream digital applications let borrowers with good credit control their mostly digital car loan process. Borrowers might even be able to receive same-day funding, which helps Las Vegas drivers who need a car fast. The loans range from $5,000 to $100,000. Online reviews note that LightStream offers extremely reasonable rates.
A high-interest auto loan is a heavy burden. Las Vegas residents who want to refinance their loans can apply with Auto Approve. Refinancers might be able to work out a lower interest rate as well as lower monthly payments, the first of which won’t be due for 45 days. Customers appreciated how much money they saved.
Drivers in the Las Vegas area take advantage of LendingTree’s online auto calculator, which provides an estimate of your monthly loan payments. After consumers submit their application, they can view multiple loan offers and even look at the financing rates for specific vehicles. Customers report that the process is simple.
myAutoloan presents drivers with potential car loan offers and lets them sort through each lender’s terms with no obligation to sign a deal. Consumers can apply for a loan 24 hours a day because everything they complete is online. According to many Las Vegas reviewers, the application process is fast, simple and free.
Las Vegas drivers can pre-qualify for a car loan from Capital One in just a few minutes. Borrowers on Capital One’s easy-to-use website can browse through available vehicles and use the Auto Navigator to negotiate their financing deal and choose personalized options. Applicants liked the convenience of the process overall.