When you’re on the hunt for a new vehicle, you’ll find that there’s no shortage of auto loan options in Utah.
The key is to find the best auto loan near you. With so many lenders available, it can be tricky to determine which one can provide you with the level of service and support you need.
Instead of guessing about how to find the best auto loans in Utah, here’s a guide to help you do just that.
Review Interest Rates
Along with the price of the vehicle you purchase, your interest rate will be a significant determining factor in how much you pay over the length of your loan. One of the best things you can do is find an auto loan that provides you with a low-interest rate.
When looking for lenders, compare their rates. Many will have them available on their website to give you an idea of their rate range, though you will have to apply to get your actual interest rate.
Some lenders are known for having lower interest rates across the board, like credit unions, while dealerships often pad their rates to increase their profits. Keep this information in mind when finding the best auto loan near you.
Review the online interest rates of a few auto loan lenders in Utah. Go through the preapproval process to see which will provide you with the best interest rates and the best terms overall so you can score a good deal on your auto loan.
Take Note Of Customer Service
Customer service can make or break your auto loan experience. Find a lender that provides a high level of customer service at all times. While you might not think it’s essential because you won’t have to interact with your loan company often, that’s far from the truth.
Customer service starts before you even apply. When you call or visit the lender, you should be treated with courtesy and respect. If you have questions, your concerns should be thoroughly addressed, and you shouldn’t be made to feel rushed, so someone else can be helped. Instead, you want to feel like your issues are being addressed in a friendly and professional manner at all times.
Remember, your loan will probably last between 5-8 years, depending on your term. This is a long term commitment, so ensure you make the best choice regarding how you’re treated.
Review The Loan Application
Look at the loan application process. It should be seamless and straightforward. If you find that the loan application process is complicated, confusing or that there’s a lot of unnecessary back and forth between you and the lender, those are warning signs.
They might not be very organized, or their systems might not be updated to provide you with the best level of service. While this might not make or break your decision if they can provide low-interest rates and excellent customer service, it is something to factor into the overall equation when making your choice.
With all of the technology available today, you want a lender that invests in its systems, which will improve your overall experience with them.
Consider Your Credit
While you’re on the hunt for the best auto loans in Utah, you also want to consider your credit. If you have excellent credit, this might not apply to you as much because you’ll be able to qualify for good terms anywhere you go for the most part.
However, if your credit isn’t excellent or if you have some financial hiccups that could make it a bit more challenging to get the best rate, you’ll want to work with a lender that is understanding of these things and will work with you.
For example, if your credit score is a bit lower since you don’t have a lot of credit, some lenders might instantly deny your application or charge you a higher interest rate. However, many smaller local lenders, especially credit unions, are more likely to review your application and have a conversation with you to understand your full financial picture instead of solely looking at what’s traditionally wanted in an applicant.
This goes along with providing excellent customer service and being a bit more flexible with policies. Local auto loan lenders generally can do this because their decision-makers are available on-site without having to go through a corporate head located in another state.
Think About Your Vehicle Purchase
Finally, when looking for the best auto loan near you, you also want to consider the type of vehicle you’re purchasing. If you’re buying a brand new car or a newer vehicle with low miles, that’s comparable to purchasing a vehicle with excellent credit. It’ll be easier to qualify with good terms in many different places.
On the other hand, if your vehicle is a bit older, has more miles, or is being purchased through a private seller, not a traditional dealership, you want to find a lender that works with these types of loans.
Typically, you’ll find that a local auto loan lender in Utah will provide you with the best service in these types of deals, such as a credit union or smaller bank. Avoid working with a lender that will automatically provide you with lesser-quality financing due to your vehicle, so finding a lender that accepts various vehicle loan types while providing excellent terms is something to be on the lookout for.
Do Your Research To Find The Best Auto Loans In Utah
To find the best auto loan near you, you have to be willing to do your research. Consider what the lender has to provide along with your financial background and the type of vehicle you’re looking to have financed when making your decision.
At Wasatch Peaks Credit Union, we offer low-interest rates, flexible financing terms, and fast approval so you can get on the road quickly in your new car. We invite you to learn more about how we can get you the financing you need.
