Minimum Auto Loan Amounts

When searching for an auto loan many people want to know about the minimum loan amounts. While the minimum loan amounts will vary from lender to lender, the typical minimum auto loan amount is $5,000. The terms of these loans will vary based on a number of things such as the lender, your credit score and total down payment. For most auto loans though, the minimum finance term is 12 months. Some lenders will require more documentation and support for the loan than others.

If you do not have the credit for a traditional auto loan, consider using a buy here pay here lot because they do their own financing and do not base it on credit score. The price will be higher than the car is worth, but with a job and a down payment, you can drive and use it to help establish credit if the car lot reports to the credit bureaus for you. Shop around at local buy here pay here lots to determine which one will be able to give you the best deal on the car you want.

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