A Blackhawk Bank Auto Loan is an easy and affordable way to get a new vehicle. You’ll save money with our low interest rates, and you’ll get fast answers. With a Blackhawk Bank auto loan you’ll get repayment terms that work for you, and you're eligible for greater savings when you have a Blackhawk Bank Checking Account! Save up to 0.50% when you use Auto-Pay from your Blackhawk Bank checking account.
- Get 0.25% off the interest rate with an active Checking Account
- Get another 0.25% off for making automatic payments to your loan from your Account
Types of Auto Loans
There are three major types of auto loans we offer:
- New and used vehicle loans: Whether you prefer that “new car smell” or a vehicle that’s been gently used, we have an auto loan to suit your lifestyle and your budget. Amounts vary, of course, from funds needed to buy a luxury vehicle to funds for a reliable car for your kids - and everything in between! Interest rates vary according to your credit history and score.
- Refinance loans: Refinance loans are applied to your existing car loan for better auto loan rates. They generally lower your monthly payments.
- Lease buyout loans: A lease buyout loan provides money to buy your leased vehicle – right away or at the end of your current lease. This helps avoid lease-related fees such as exceeding mileage.
What to Do Before Getting an Auto Loan
Before getting a loan, have a clear idea in mind what vehicle you want and how much it will cost. Also collect proof of your current income, including recent pay stubs and anything else you want considered. If possible, pay down some credit cards or pay off an existing loan first. This can improve your credit score, make payments easier and demonstrate responsibility.
How to Get an Auto Loan
Getting an auto loan with Blackhawk Bank is easy. When you visit your nearest banking center, one of our Personal Bankers will review loan options with you. You simply apply for the one that works best for you.
Then, using your income and other financial factors, we’ll estimate your ability to pay the requested loan package. If you are approved, it usually takes only a few days to originate the loan. You can use your funds quickly, and monthly payments start within 30 days.
Tips to Get a Better Car Loan
- Comparison shop for your vehicle: The lower the total cost of your vehicle, the easier to finance. With that in mind, start by comparing several dealers and other venues to find a truly great deal. Keep your eyes open for auto rebates as well.
- Avoid dealer loans: Dealership-based loans can seem convenient, but they usually do not offer the best terms. Instead, seek loan pre-approval from a local bank you trust… Blackhawk Bank!
- Watch total cost & APR: If you are comparing lenders, these two figures will tell you how much you can expect to pay and how a longer repayment term may affect your finances.
Auto Financing Terms to Know
During the auto loan process, you will likely hear some unfamiliar terms and phrases. To ensure that you always understand what you’re signing up for, look up these terms when you come across them. Some that you’re almost guaranteed to hear include the following:
- Gap insurance: Gap insurance covers the difference between your vehicle’s depreciated value and what you owe on auto financing if the car is stolen, or totaled.
- APR: “Annual Percentage Rate” is the amount of interest you pay annually on your loan, averaged out over its term. A lower APR translates to lower monthly payments.
- Total of payments: This figure is the total amount you can expect to pay on a loan under its given terms, including principal and all interest.
- Truth in lending act: This federal law requires detailed disclosures about auto loans and other consumer credit products, empowering you to make informed decisions.
Blackhawk Bankers will give you the advice you need to get into the best loan for your personal circumstances. Along with offering various auto loan options, we’re dedicated to ensuring you understand every step of the auto loan process. Contact Blackhawk Bank to learn more about how we can help.