Auto Loans in Arkansas
We all know how expensive cars can be. The process can be overwhelming. An auto loan from First Western can help get you behind the wheel quickly while allowing you the freedom to pay it off over time. Stop by the First Western nearest to you, and one of our lenders will be happy to help you determine the terms that will work best for you and your lifestyle.
Benefits of Choosing Your Bank to Finance
Choosing First Western to finance your vehicle purchase can make more sense than going straight to a dealer or using a third party financing option.
First Western offers competitive interest rates, and makes the process straightforward. Because everything is handled under one roof, you won’t have to juggle multiple institutions or repeat yourself to different lenders. And whether you’re a long time customer or brand new to First Western, you’ll receive the same competitive rates, fees and terms across the board.
Financing an auto loan through First Western also allows for ease in management and customer support with people you already know and trust to handle your money.
Types of Auto Loans
When choosing an auto loan, there are many options available depending on your needs and budget. First Western offers several different options for all your vehicle needs, from cars to RVs and boats. Talking with a First Western representative will help us figure out what kind of loan is best for you and your needs.
New Car Loans
The purchase of a new car through an auto loan offers a lower interest rate and longer loan terms. This option allows you to drive a new car now and pay for it over an extended period of time without worry. Budgeting for this option is much easier, with unchanging terms and interest rates. This is ideal for buyers with strong credit. First Western also offers a new vehicle special with lower rates. Conditions apply.
Used Car Loans
Rather than purchasing a brand new vehicle straight from a dealer, purchasing a used or pre-owned vehicle may make
more sense.
A used vehicle loan from First Western has slightly higher interest rates and shorter loan terms than other options, but is an ideal option for saving, allowing you to purchase a used vehicle to drive now, while paying for it over time with interest.
Refinanced Car Loans
If you already have an auto loan, you may be able to lower your interest rate, reduce monthly payments and extend your loan term length when refinancing an auto loan. Talk to your lender and see if this is a beneficial option for you!
Refinanced car loans are loans to assist paying off previous car loans. The new loan pays off the old one, while you make payments on the new one, with lower interest rates, flexible terms and different lenders.
This is a beneficial option for those with existing auto loans who might have had a life event, making it easier and more cost efficient to lower rates and payments with extended term length, giving you some peace of mind and saving you money.
Loan Terms & Repayment Flexibility
When considering an auto loan, evaluating your loan terms and repayment flexibility is crucial to managing your budget and minimizing costs.
The loan term is a length of time allowed in which to pay off your auto loan. These vary in length, and may also depend on the age of the automobile.
The varying term lengths are convenient for being able to manage your monthly payments over a specific period of time. First Western lenders are ready and willing to talk about your specific life situation, and find a solution that makes the most financial sense for you. An online lender may offer a simple approval process, but you might end up paying more than you should.
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Auto Loan FAQ
What is an auto loan?
An auto loan is an amount of money borrowed from a bank in order to assist in the purchase of a new or used vehicle.
What types of vehicles can I finance?
An auto loan would assist you in the purchase of anything that moves you, from cars and SUVs to RVs, trailers and boats.
How much can I borrow?
There are a few factors to determine how much money you would be allowed to borrow with an auto loan, in addition to the type of vehicle you wish to purchase. You may be asked about your credit score, employment history, income and vehicle value. You must be over the age of 18 and have an acceptable debt-to-income ratio.
Do I need a down payment?
At First Western, a down payment is not always necessary for an auto loan. Exceptions might be if you have a low credit score, are buying an older vehicle, or if you want a better interest rate.
Can I pay off my auto loan early?
Yes, you can! This may be helpful in some ways, such as saving money on interest or owning your vehicle sooner. However, it may not always be the best decision. For instance, if you are unable to pay it off out of pocket, it may deplete an emergency fund, or in the event that you have other debt to prioritize. A First Western lender should be able to advise you if you have questions.
How do I apply for an auto loan?
Visit any First Western location and ask to speak to one of our experienced lenders. Our team knows the industry, they know the area, and most importantly, they want to get to know you. At First Western, lending is a relationship-thing. For the customer, it means we are in your corner, putting you in a vehicle and structuring a loan that means you will never pay more than necessary.
**All loans are subject to credit approval. Terms, conditions, and eligibility requirements vary by lending institution. This information is for general informational purposes only and does not constitute financial advice or a guarantee of loan approval or funding timelines.