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Auto Loans in Oregon

Auto loans are secured loans that use the car you’re buying as collateral. Such loans usually come with a fixed interest rate and monthly payment for 24-84 months.

Current rates

Vehicle type APR (Low)* APR (High) Repayment terms
New auto (2019 – 2020) 3.24% 16.24% Up to 72 months
New auto (2019-2020) 3.74% 16.49% 73-84 months
Used auto (2005-2018) 3.49% 16.74% Up to 72 months
Used auto (2005-2018) 3.99% 16.99% 73-84 months
Classic used auto (2004 and older) 3.49% 16.74% Up to 60 months

When to get an auto loan?

An auto loan is suitable for those who want to buy a new or used car, and at the same time will be able to pay off the debt on time. You will immediately receive the amount to pay the full cost of the car. In this case, it will be also necessary to pay an insurance premium. In addition, the purchased car must meet the requirements of the lender. As an alternative to an auto loan, it is often offered to get a personal loan to pay for it at the expense of the cost of the car. At the same time, no encumbrance will be imposed on the car, and you will not need to buy an insurance policy and make a down payment. However, the amount of a personal loan may not be sufficient for your purpose, and the amount of overpayment may be higher.

How to get an auto loan at a minimum interest?

It is very difficult to get the minimum interest rate for an auto loan. Banks have many requirements for obtaining it. The following factors will help you to significantly reduce the interest on the loan:

  • Good credit history;
  • High income and official employment;
  • A large down payment;
  • One or several co-borrowers;
  • No convictions, no account blocking.

Varieties of auto loans

To make the picture clearer, we will consider the types of auto loans offered by banks:

  • A classic loan is the most popular type of auto loans among the population, it is the most profitable option that allows you to buy a car with the least overpayment. In this case, it will be necessary to make an initial payment, and the remaining amount is distributed over the loan period;
  • An express loan is provided quickly, a minimum of documents is required to conclude a contract, no income statement is needed. This type of lending involves a high interest rate;
  • A loan without a down payment. In this case, the lender will set more stringent requirements for the client’s solvency. Rates depend on the term of the loan and the state you are living in;
  • A loan without insurance. Some banks practice issuing an auto loan without buying an insurance policy, which is mandatory in all other lending programs. On the one hand, insurance is not cheap, and the opportunity to get rid of the need to pay for it seems tempting, but on the other hand, additional expenses appear in the form of a large down payment and a high interest rate. In addition, under such programs, the choice of cars is rather limited;
  • Trade-in involves the exchange of a used car for a new one. A used car pays off part of the cost of a new car, the remaining amount is paid by the client;
  • A buy-back loan. The program involves the payment of the down payment, the partial cost of the loan and the last payment at the end of the term. Deferred payment can be paid by the customer or car dealer (if you decide to change the car). It is also possible to extend the terms, but then the overpayment will be much greater;
  • Factoring or interest-free loan. Half of the cost of the car is paid by the client immediately, the remaining amount is distributed in installments without interest;

You can find out which auto loan will be more profitable by examining all the points of each of the proposed programs. The circumstances and possibilities of the client are also taken into account, therefore, in specific situations, completely different credit conditions are preferable.

Which auto loan to choose?

When choosing an auto loan, it is necessary to take into account all its conditions – from amounts, terms and interest to the method of receiving a car loan. An offer with a low rate and without a down payment is not always profitable as the most stringent requirements may be imposed on the borrower. Conditions also depend on the car brand.

Before applying for a car loan, it is recommended to calculate it in advance using an online calculator. To do this, you need to select the offer you are interested in and set the desired conditions – the brand of the car, the term, the down payment and others. The calculator will determine the approximate cost and amount of the monthly payment. This will help you assess your strengths and determine whether this offer suits you.

Pros and cons of auto loans


  • Small down payment, low interest rates;
  • The ability to choose the appropriate option;
  • You can get a car in a short time;
  • No guarantors required;
  • You can take advantage of additional benefits and discounts provided by the government, car dealership or car manufacturer.


  • The car is used as collateral, you can dispose of the property only by paying the loan in full. If you do not make payments, the lender has the right to take the car from you in order to pay off the debt;
  • Compulsory auto insurance. When choosing a program without buying car insurance, the interest rate increases significantly;
  • If you repay your loan early, an early repayment charge may be charged;
  • The choice of car models is limited under the terms of some programs.

Tips and advice on taking out auto loans

  1. Study the loan agreement carefully: you must clearly know how much you must pay the lender, what rights and obligations you have;
  2. Contact your loan broker for help if necessary. They will help you understand all the aspects of lending and avoid possible pitfalls;
  3. Avoid questionable “deals” with car loans, as there is a risk that you may become a victim of scammers;
  4. Do not neglect insurance, as protection against force majeure is much more important than saving money;
  5. Always keep in close contact with the lender, negotiate contact the lender if your financial capabilities unexpectedly decreased: as a result, your losses will be minimized.

By following these rules, you will not only be able to save money but also soon enjoy a comfortable ride by car.