Getting approved for a car loan can be difficult, especially for people who have poor credit scores or no credit history. Research and preparation can help you navigate the loan application process and get the best deal on your auto purchase. Our partners at ConsumerAffairs researched the best car loans in Boise to get you behind the wheel of your dream car.
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The high price of cars means most Boise residents need financing to purchase one. Working with a lender to get pre-approved for a loan before you start shopping has many advantages, including letting you determine your budget and know your monthly payments before stepping onto a car lot.
You can be pre-approved for a car loan in Boise through banks, credit unions or online lenders. It’s good to keep financing options open and get quotes through multiple lenders — some may offer more affordable financing, while others may be more lenient on late fees.
Lenders in Boise have different required documents when applying for loans, but be prepared to provide:
Proof of income: This generally involves providing pay stubs or bank statements that prove steady income. Some lenders may call your employer for verification.
Proof of insurance: Before taking out a loan for an auto purchase, many lenders will require you to have insurance that covers the vehicle. If you currently have car insurance, talk to your provider to see how your premium will change after purchasing a new car.
Proof of identity: Lenders will typically ask for a signed photo ID and a utility bill with matching addresses. This may not apply to those going through a bank or credit union where they already have an account.
Interest rates for car loans in Boise
One of the most significant factors in the cost of your loan is the annual percentage rate (APR). The most significant factors in determining your APR are:
Credit rating: Lenders use your credit rating as the primary factor for deciding your APR. Those with poor credit may still qualify for a loan but will likely get less than desirable rates, often between 12 and 18 percent. Those with excellent credit typically qualify for loans with rates between 3 and 5 percent.
Down payment: Making a more substantial down payment will lower your total loan amount, letting you reduce your monthly payments or the length of the loan. Boise resident with poor credit may be required to put down a more substantial down payment.
When comparing loans, look at the total cost of the loan instead of the monthly payments. A loan that offers lower payments over a longer term will be more expensive in the long run. By taking the time to apply for and choose a loan before purchasing your car, you can avoid getting pressured into a car loan that turns out to be a burden on your finances.
LightStream is an online lender that offers competitive rates. LightStream has flexible loan amounts ranging from $5,000 to $100,000. The company's loan selection includes new or used vehicle purchases, auto refinancing and lease buyouts. Boise customers appreciate the quick and transparent application process.
Auto Approve helps Boise residents get out of high-interest loans by refinancing their vehicles. The company provides a personal loan consultant to help find the best refinancing option for your car and budget. Boise customers recommend Auto Approve for its competitive rates and flexible repayment terms.
LendingTree is a free auto loan resource center that allows customers to compare auto loan rates and terms from multiple lenders. The company’s website has a calculator that helps you decide on a budget before applying for loans. Customer reviews from Boise praise the company’s helpful staff and easy-to-use website tools.
myAutoloan.com provides customers with up to four loan offers within minutes of submitting their application. The company offers an interest rate estimator and payment calculator to help you determine a budget for buying a car. Customers in Boise recommend the company for its educational resources and friendly staff.
CapitalOne offers new and used car financing to Boise customers. Applicants can see if they pre-qualify on the company’s website without impacting their credit score. Customer reviews from Boise praise the company’s refinancing options that allowed them to lower interest rates on current auto loans.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.