For many Americans, buying a new or used vehicle is one of their great financial milestones. It is usually a long process, requiring a good deal of research, negotiation, and patience. However, when all is said and done, you get to drive away with that new car smell!
But we shouldn’t be buying cars for the smell. Interest rates nationally have spiked over the past few years, with auto loan rates following suit. This means that even if you seem to be talking your dealership down a few thousand dollars, you could still be paying much more than your vehicle is actually worth over the life of the loan.
Equity Bank is here to help. Our auto loans help drivers get approved quickly, find vehicles that fit their budget, and purchase with confidence.
Auto Loans in Oklahoma
Equity Bank now has 8 locations in Oklahoma. Our digital services are also available to residents all over the state. Oklahoma residents are 8th in the nation in outstanding auto debt, and interest rates in the state are around 0.5% higher than the national average, meaning they’re in need of a better banking partner.
Auto loans, when done wrong, can trap buyers in desperate financial situations. You can end up paying way more than you intended per month if you’re not careful, and dealerships are not there to look out for your financial well-being. You need a banking partner who knows your goals, knows your budget, and wants to keep you on track for a stronger financial future.
What to Consider Before Getting an Auto Loan
For those who have never purchased a car before or who have never taken out an auto loan, the process can seem very intimidating. There are a ton of variables to consider before you begin looking for a vehicle, including:
1.) Time of Year: Vehicles go through seasonal sales just like other commodities. If you’re simply looking to upgrade, and aren’t in desperate need of a new vehicle, waiting until the end of the year can save you thousands of dollars. This is when new models become available, and dealerships will drop prices considerably to move vehicles that may be only a few months old.
2.) Market Stability: Those who earn their income from national market-dependent industries (Contractors, real estate agents, etc.) should be on the lookout for any instability. Nothing is worse than being able to afford a payment in December and looking to sell your vehicle in June.
3.) Budget / Financial Plan:
Take into consideration any big moves you have planned for the next 2-3 years. Generally, auto loans take about 4-5 years to pay off, meaning they can complicate the process of moving, searching for a new job, or other significant ventures.
4.) Need: Do you really need 400 horsepower and a double extended bed? Consider the amount of use your vehicle will get and what kind of work you’ll need it to perform before buying. Models will vary significantly in their average life expectancy, and average cost of maintenance over that time.
What Makes Equity Bank Auto Loans Different?
Our history as a community bank teaches us that our most valuable asset is our members, and our lending practices reflect that. We strive to give our members the individual attention and care that is missing from modern banking relationships and will work with you to find auto lending options that align with your financial goals.
Below are just some of the perks that Equity Bank customers enjoy when taking advantage of our Auto Loans:
1.) Ultra-Competitive Rates
The number one concern when looking at your auto loan. Equity Bank provides ultra-competitive rates to our members, allowing them to finance the car of their dreams and be confident in their decision.
2.) Flexible Terms
We work with you to find the best auto loan for your situation. Our flexible financing allows members to stay within their budget and stay on track for their financial goals.
3.) Fast Application & Fast Approval
You’ve got enough on your plate when deciding to purchase a vehicle. Getting the funding shouldn’t be a part of the headache. Equity Bank makes it easy to apply and get approved in no time. This allows Equity Bank members to jump on deals they may have otherwise missed.
Apply for an Equity Bank Auto Loan
Equity Bank makes it easy. You can submit your application in minutes online and be approved in a matter of days. Once you’re approved, an Equity Bank representative will reach out to you to learn more about your car buying journey and what we can do to help.
Find Your Equity Bank
Equity Bank helps members accomplish their goals by providing financial products and services they can count on. If you’re looking for a community banking partner with the resources and knowledge to help you achieve more, contact us today or visit your nearest branch to speak with an Equity Bank representative.