Loan Accounts - Auto Loans

What is an Auto Loan?

An auto loan is money borrowed to buy a motorcycle, a car, a truck, an SUV, or any other motor vehicle. It's considered a secured loan since it uses the car as collateral. Secured loans will get you a more convenient interest rate. At Peoples State Bank, we will provide you the loan that suits you best for a new or used vehicle.

How to Apply For An Auto Loan?

1. Estimate your budget. Determine what would be a comfortable loan to pay for the car you need, a fair amount of down payment.
2. Get pre-approved with us. We will assist you in preparing for the purchase by tailoring your loan to your specific needs.
3. Find a reputable dealership and buy the car you want.

Benefits

By applying with Peoples State Bank, you get convenient rates and reasonable terms on your auto loan.

If you're thinking of buying a car, we can help you get pre-approved. That way, when you go into a dealership, you can leave it driving your dream car.

Peoples State Bank is here to help you refinance your car. If you already got the vehicle you wanted, but you're not happy with your lender's payment, check with us. We will look into your deal and help you save.

What Cost to Expect

Marketwide, the average APR ranges from 3% to 12% for new cars, the value going up on used vehicles. Interest depends on the following factors:

• Vehicle price;
• Trade-in value;
• Sales tax and additional fees, in case they are not paid in cash;
• Down payment;
• Term;
• Interest rate.

What you need to apply

To apply for an auto loan you need:

• A valid ID;
• Income details;
• Proof of residency;
• Car details;
• If applicable: vehicle purchase agreement, registration, title;
• Additional requirements.

If you're considering an auto loan, feel free to reach out to us at any of our locations, via the phone or email.