In this economy, fewer and fewer car buyers are opting to pay cash. Many consumers are more comfortable having an emergency fund in the bank than a new car in the driveway, and that’s probably the right choice. Instead, people in Utah and across the nation are opting to finance a practical used vehicle. We can help. With years of experience in the automotive finance industry, we have the relationships and technology necessary to get you approved for the loan you need at a rate that won’t lead to negative equity.
Getting Approved in 4 Easy Steps
- First of all, you need to submit your application online.
- We connect you, when possible, to the ideal Utah auto loan lender for your needs.
- If pre-approved, you will be contacted by your Utah car loan company by phone or email.
- Complete your auto loan documents and pick your car or truck from a local dealership.
Go here to submit your application online. Please note that your approval may require you to select your car or truck from a specific dealership or network of dealerships.
UT Income and Credit Scores
- Average UT Income: $3,088 Monthly
- Average UT Credit Rating: 683
- Total Autos Registered: 2,193,467
You’ll find that lenders in Utah require that you have a consistent job with an income of $375 per week. Additionally, your total monthly debt, including your car loan, shouldn’t exceed 50% of your earnings. In the state of Utah, this is $1,544, on average. Even when you can’t fulfill the aforementioned prerequisites, you might meet the criteria by taking one or more of these steps:
- Have Someone Cosign the Loan
- Provide a Vehicle in Trade
- Provide a Larger Down Payment
- Go with Dealerships That Finance Bad Credit
For more information, please visit our section on financing a car with bad credit (here).
Used Car Financing: Utah
Make sure you invest no more than 18-20% of your regular monthly income for car payments, gas, and upkeep. For the average Utah resident, this equates to $556 to $618 per month. Shelling out in excess of 18-20% will endanger your financial future. With fuel prices rising, you should choose an economical car with excellent gas mileage. More often than not, obtaining a used car in Utah is best. Pre-owned cars are less costly to buy and to insure. And in addition, they lose value less rapidly than new cars and trucks. Follow this link for cheap cars here.