Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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According to a 2018 Edmunds study, the average cost of a new car is around $36,000. If you’re looking to finance this purchase, you have a few options to consider. While a secured car loan through a bank or online lender typically comes with the most competitive rates, you may be able to secure financing faster by going directly through a dealer.
You have a few options when you’re looking to borrow $30,000 for a car loan, including:
From online lenders to financing through a dealership, there are several places to turn to when on the hunt for a $30,000 car loan:
While $30,000 car loans are becoming more common, you’ll still want to consider if this is an amount you can comfortably afford to pay back. Your interest rate and loan term both play a role in your monthly repayments and the total cost of your loan. Choosing a longer term will help keep repayments lower, but you’ll end up paying more in interest over the life of your loan. Most car-buying experts recommend dedicating no more than 15% of your monthly budget toward all car expenses — including your loan payment, fuel costs, insurance premium and regular maintenance.
Convinced a $30,000 car loan is for you? Whether you’re on the hunt for a sports car or truck, you have plenty of options to choose from. Below are the manufacturer suggested retail prices (MSRPs) of some popular 2019 models. The actual cost you end up paying will depend on where you live, your negotiation skills and any special promotions you qualify for.
|2019 model||Starting MSRP||Body|
|Dodge Challenger||$27,595||Sports car|
|Chevy Silverado 1500||$28,300||Truck|
|Hyundai Santa Fe XL||$30,850||SUV|
When you’re sorting through your $30,000 car loan options, keep these features in mind:
You have a few options when looking to borrow $30,000 to buy a car — from online lenders to banks and credit unions to dealership financing. You may want to brush up on your negotiation skills before you head to the dealer to make sure your car’s price stays within an affordable range.
Read our guide to car loans to learn more about how they work and compare even more lenders.
Image source: shutterstock
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