FINANCE YOUR NEXT CAR WITH AN AUTO LOAN TAILORED TO YOUR NEEDS
Car shopping can be stressful. But with First Merchants, choosing the right auto loan is simple. Whether you’re searching for a dream car, a family hauler or something in between, you have options.
To save yourself time and frustration, we recommend taking a few steps before you leave for the dealership. These steps will help you find a vehicle you can afford and ensure the process goes as smoothly as possible.
Calculate how much car you can afford. To start out, we recommend using an auto loan calculator to determine your budget. The purchase price of a vehicle is based on various factors, including down payments, rebates, taxes and the value of a trade-in vehicle, if you have one. This calculator provides a rough estimate of how much you can afford.
Learn the language. While you’re looking for an auto loan, it’s helpful to understand the terminology.
- Annual percentage rate (APR): any interest and certain lender fees, also known as finance charges, for the money you borrow.
- Down payment: The lump sum amount you can afford to pay upfront toward the car’s price.
- Loan term: The length of time you have to pay off your auto loan. Loan terms typically range from 12 to 60 months, depending on the specifics of your loan.
- Taxes and fees: The sticker price on vehicles often doesn’t include additional costs, such as state and local sales taxes, documentation fees and other dealer charges.
Apply for a loan. Once you understand roughly how much you can afford, you’re ready to apply for an auto loan. Before you apply, make sure you have the required documentation prepared. This generally includes identification, proof of income, credit
and banking history, proof of residence, registration for your current vehicle, if applicable, proof of insurance and details about your method of down payment. Once you have all this information prepared, contact your lender. First Merchants offers
an easy online application or you can apply in person at one of our banking centers.
Through our Refer a Friend program, you can also earn money by referring friends and family for auto loans. If someone you refer opens and funds a new auto loan worth at least $5,000 within six months of your referral, you’ll earn a $50 Mastercard Reward Card. The more friends you refer, the more you can earn. Register for the program today to get started.
Learn more about auto loans online or by visiting one of our banking centers.