If you live in New Hampshire and need to get approved for a car loan to buy your next vehicle, you need a credit score of at least 660. Try to find the lowest interest rate at a term that doesn’t exceed 60 months.

The car insurance and loan experts at Jerry are here to help you get approved for a car loan in Nebraska by making sure you have all the information.

Learn more about how a credit score can influence a loan, how to compare various lenders, and more, so you can buy a new vehicle with a loan in New Hampshire.

How to get a car loan in New Hampshire

Most people in New Hampshire can’t pay for a new car out of pocket. They often need the help of a lender.

The most common lenders in New Hampshire are banks and credit unions. Sometimes, the dealership you’re working with can offer a loan or apply for one on your behalf.

If you need a loan to buy a car in New Hampshire, remember the following:

You will be required to make a down payment—typically a minimum of 10% of the total value of the car.
You’ll need to choose a loan term—how long it will take you to pay back the loan. Decide on the duration that works for you based on the available options.
You’ll need to negotiate an interest rate, if possible, or accept the one offered by the lender.
Once the loan is in effect, repay the principal amount every month over the duration of the loan agreement.
In addition to repaying the principal amount, you will have to pay the monthly interest stipulated by your annual percentage rate (APR).

Your credit score, the vehicle you’re purchasing, and the terms of your loan will determine your overall agreement. This table will help you learn what your APR and monthly payment could be for a car loan in New Hampshire.

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment
ACURA	8.46	$361
ALFA ROMEO	8.53	$362
ASTON MARTIN	8.53	$362
AUDI	8.66	$363
BENTLEY	8.53	$362
BMW	9.17	$367
BUICK	8.56	$362
CADILLAC	8.86	$365
CHEVROLET	8.56	$362
CHRYSLER	8.89	$365
DODGE	8.69	$363
FERRARI	8.53	$362
FIAT	8.6	$362
FORD	8.56	$362
GENESIS	8.53	$362
GMC	8.49	$362
HONDA	8.32	$360
HYUNDAI	8.56	$362
INFINITI	8.69	$363
JEEP	8.32	$360
Jaguar	8.53	$362
KIA	8.79	$364
LAMBORGHINI	8.53	$362
LEXUS	8.49	$362
LINCOLN	8.66	$363
LOTUS	8.53	$362
Land Rover	8.53	$362
MERCEDES-BENZ	8.53	$362
MINI	8.53	$362
MITSUBISHI	8.69	$363
Maserati	8.53	$362
Mazda	8.53	$362
NISSAN	8.63	$363
POLESTAR	8.53	$362
PORSCHE	8.68	$363
RAM	8.56	$362
ROLLS-ROYCE	8.53	$362
Subaru	8.53	$362
TESLA	9.02	$366
TOYOTA	8.32	$360
VOLKSWAGEN	8.56	$362
VOLVO	8.36	$361

Now that you know what to expect, follow these steps to get a car loan in New Hampshire.

Check your credit

Your credit score plays a big role in getting approved for a car loan. You want a score of 660 or higher to secure a great interest rate.

With a score of 700 or higher, a lender should be able to approve you for an interest rate of 3% or lower. When compared to the national average of roughly 5%, that’s excellent.

Use this table to get a better idea of what your average interest rate and monthly payment could be with your credit score.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment
24	11.63	$699
36	8.8	$471
48	8.25	$364
60	8.15	$301
72	8.51	$263

Compare lenders

Never go with the first offer. By seeing what a few lenders have available, you could end up with more favorable terms for your car loan.

If the dealership you’re buying from is offering to finance your car, don’t feel pressured to accept it without shopping around. There’s a strong chance that a credit union or financial institution can beat their offer.

You can’t go wrong comparing offers from three or more lenders. Ask for the lowest interest rate, how likely you are to get approved, and try to get a sense of what level of customer service you will receive.

Choose your loan term

In some cases, car loan terms in New Hampshire are negotiable. The loan term reflects the period over which you must repay the loan in full. The average car loan term in New Hampshire is between 36 months and 84 months.

This part can get a bit tricky—the longer you have to repay a loan, the less your monthly payments will cost. While that might sound appealing, remember that you will have to pay more interest, so it will cost you more over time. If possible, go for the shortest loan term, preferably under 60 months, as long as you can handle the higher monthly payments.

This table shows you how your APR and monthly payment could change based on your loan term in New Hampshire.

Credit Rating	Average Annual Interest Rate	Average Monthly Payment
Fair	16.92	$415
Good	8.42	$361
Very Good	5.11	$341
Excellent	3.89	$333

Get preapproved

Before signing the contract for your new car, you should always get preapproved for a car loan. This will help you shop with more purpose and confidence and could benefit you during negotiations.

Can you get a car loan in New Hampshire for a used car?

In New Hampshire, you can get approved for a loan for a used car. If you’re planning to go this route, remember these points:

You may get hit with a higher interest rate, possibly around 8%.
You can be refused a loan for a used car if the car is too old.
Some banks stipulate a minimum amount for a car loan. If you are only looking to borrow a small amount, try visiting a credit union.

This table shows you how the age of a vehicle can impact a New Hampshire car loan.

Car Make

Car Year	Average Annual Interest Rate	Average Monthly Payment
2021	7.73	$305
2020	8.14	$309
2019	8.28	$309
2018	8.11	$307
2017	8.31	$309
2016	8.47	$310
2015	8.67	$312
2014	8.64	$380
2013	8.71	$381
2012	9.7	$512
2011	9.7	$512
2010	9.7	$512

MORE: Seat-belt laws in New Hampshire

New Hampshire car loan calculator

This car loan calculator courtesy of Jerry can help you determine how much a car loan in New Hampshire might cost. It will also help you learn what interest rate you could receive based on your loan term, credit score, loan amount, and the car you are looking to buy.

Keep in mind that these values are only averages. This tool is designed to help you negotiate the best possible loan. When you speak to your lender, try to negotiate your interest rate, your loan term, and any fees and penalties that may be part of your agreement.

Car Make

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.59	$362

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How to find affordable car insurance in New Hampshire

Once you’ve locked down the financing for your new car, you need the right car insurance. The car insurance comparison and broker app Jerry can help you find the coverage you need at a price you can afford.

Have a question about your coverage? Jerry’s friendly agents are here to answer your questions and provide advice on the best coverage options. Users save an average of $887 per year.

“They get the job done! Jerry saved me about $25 a month, which is pretty great in my opinion.” —Vivian S.

FAQs

What credit score is needed to buy a car in New Hampshire?

Most lenders want a credit score of at least 660. That said, some lenders will still approve those with a low credit score as long as they meet other criteria or pay a higher interest rate.

Will a bank give me a loan for a used car?

Some banks will not lend an amount below the minimum that they have set. If you are looking to buy a used car that doesn’t cost a lot, some banks might refuse you the loan. If this happens to you, you should apply for a car loan at a credit union.