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Motor Vehicle Loans
Frequently Asked Questions

Commerce Bank Auto Loans


Commerce Bank has served its communities for over 150 years. We provide both the high-touch personal service and innovative solutions our customers need to allow you to bank when, where, and how you prefer. To learn more about why Commerce Bank stands out compared to our competitors, visit the About Us page.
While some dealerships may have intriguing financing offers, they often come with additional dealership and loan fees. Financing through Commerce Bank is a straightforward process with no loan fees or early payoff fees. Additionally, you may qualify for an even lower payment through our vehicle loan discounts. To check the current rate discount offers and eligibility, visit our Vehicle Loans product page.
Special rate financing programs can be very attractive when offered for the specific vehicle and term you want, but sometimes the terms and program requirements can be too restrictive. Dealers often offer cash rebates as an alternative to lower interest rates. Choosing a cash rebate and financing through Commerce Bank may be a better option to maximize your savings.
Start by clicking apply now for a Personal Loan. You can apply before or after you have found the vehicle you would like to purchase. After a review of your application, you will be contacted with the loan decision. If you are approved, you will be contacted about how to close your loan and purchase the vehicle of your choosing.
A car loan is an installment loan. This type of loan is dispersed by the lender in a lump sum, then the borrower pays back the amount of money, plus interest, over time with monthly payments.
An auto loan works similarly to other types of installment loans. When you decide to purchase a car, you enter into an agreement with a lender to borrow the money to pay for that car. The loan funds are dispersed to pay for the vehicle, and you drive away in a new car!
Auto loans typically provide lower interest rates because they are secured by a vehicle, while a personal loan is unsecured. Depending on your financial needs and situation, you may find that an auto loan is better suited to purchasing a vehicle, while a personal loan is better suited for other borrowing needs, such as consolidating debt or refinancing higher interest loans.
Many loans are designed for the specific purchase of something (mortgages for homes, auto loans for car purchase, etc.), auto loans are no exception. If you would like to borrow money to use for something else, you would likely need a personal loan.

Car loan eligibility


Proof of income may be required as part of the vehicle loan application process when applying to purchase or refinance a car.
Start by clicking apply now for a Personal Loan. Our team will contact you with your application decision.
Applying for a car loan can result in an inquiry on your credit history. However, this does not necessarily harm your credit score, as several other factors determine your credit score.
Use our How much vehicle can I afford? calculator to find out how much money you can borrow while still meeting your budgeting goals.
A credit score is required. However, credit score requirements often change and can differ based on the type of loan. While credit score is used to determine loan eligibility, several other factors are used as well. Regardless of your credit score, we encourage everyone to apply.
You must have the ability to repay the loan you are requesting to open. If you have concerns about your budget and lending needs, visit a local branch or call us to talk more about your options.

Applying for a car loan


We have flexible financing options — from long, to short or something in between. Talk to a banker to find a financing plan that fits your unique needs.
There are no closing fees, prepayment penalties or early payoff fees on Commerce Bank auto loans.
We have flexible financing options — from long, to short or something in between. Talk to a banker to find a financing plan that fits your unique needs.
Visit the Auto Loans page and enter your ZIP Code to view current rates.
Yes. To check the current rate discount offers and eligibility visit our Auto Loans product page.
Visit the Auto Loans page and enter your ZIP Code to view current rates.
A great way to get a lower rate on your auto loan is by taking advantage of our interest rate discounts. To check the current rate discount offers and eligibility, visit our Auto Loans product page.

Purchasing an automobile


Use our How much vehicle can I afford? calculator to find out how much money you can borrow while still meeting your budgeting goals. Additionally, use the What would my loan payments be? calculator to estimate your monthly payment.
A reasonable monthly car payment depends on your unique financial situation.
Use these calculators to help with your budgeting and decide what a reasonable car payment would be for you:
How much vehicle can I afford?
Should I refinance my auto loan at a lower rate?
What would my loan payments be?
How long until my loan is paid off?
Getting pre-approved for a car loan can speed up the purchasing process at a dealership. It can also benefit you, as the buyer, by setting expectations for the price of a car and assist in negotiating a price that fits your budget.
Getting pre-approved before visiting a dealership offers these benefits:
  1. Knowing your rate and how much you are approved to borrow can help set expectations for your budget
  2. Pre-approval shows the car salesman you are an informed borrower and having financing ready can speed up the negotiation process
  3. You can focus on finding the right vehicle and spend less time worrying about how you are going to pay for it
Yes. If you are interested in purchasing a vehicle from a private seller and financing the vehicle, you will still need to submit a loan application. The process to purchase a vehicle from a private seller may differ based on the seller and buyer’s situation. However you choose to purchase your vehicle, we can help with the loan financing.
Yes. We finance new, used, and older vehicles. Visit the Older Car Loans page to learn more about financing vehicles 7 years old or older
Financing an older car is the same process as applying for a new or used auto loan. Commerce Bank is unique in that we offer borrowing solutions for cars of all ages, even those 7 years and older.
Yes. Commerce Bank finances classic cars.
Yes, if the vehicle still has value and fits within our collateral guidelines. The mileage on a car shouldn’t deter you from applying for financing.
Yes. You can get an auto loan for used, new and older cars. Visit the Auto Loans page to learn more.

Refinancing an existing auto loan


Yes. Simply apply now for a Personal Loan and wait for your loan decision. Plus, take advantage of any refinancing discounts available. To check the current rate discount offers and eligibility, visit our Auto Loan Refinance product page.
There are several benefits to refinancing your auto loan. You can lower your monthly payment, either by receiving a lower rate or by extending the term of your loan. Another benefit could be that you are refinancing with an institution that better fits your banking needs, making managing payments and your money easier.
When reviewing your application information, 3 common factors used to assess whether you qualify for the loan are:
  • Your credit history (FICO score)
  • Your ability to repay
  • The value of your vehicle
While these commonly assessed factors are used in consideration of your eligibility, there are several other factors that must be verified and meet our underwriting guidelines to qualify you for vehicle financing.
Yes. Commerce Bank finances autos that are new, used and 7 years or older. Simply apply now for an Auto Loan and wait for your loan decision. Plus, take advantage of any refinancing discounts available. To check the current rate discount offers and eligibility, visit our Auto Loan Refinance product page.
When you refinance, you may be able to get additional cash with a larger loan, depending on the amount of equity available in your vehicle. For instance, if your vehicle is worth $15,000, but you are refinancing an auto loan of $10,000, you may have $5,000 in equity available. This may allow you to increase the amount of your loan to $15,000, refinancing the $10,000 loan and giving you $5,000 in cash.
Yes. You can refinance classic cars with Commerce Bank.

Buying out your lease


A lease buyout is the purchase of a vehicle you are currently leasing.
Buying out your lease allows you to keep driving the car that you know and like. It may also allow you to avoid end-of-lease fees, such as excess mileage or wear and tear. Refer to the terms of your lease agreement for details.
Buyout terms of a lease may differ. We recommend you refer to the terms of your lease agreement for details. However, you can call 800-449-9829 or visit a local branch and talk to a banker about how to get started with a lease buyout today.

Existing paid-off automobile


Yes. If your automobile does not have an existing loan or lien tied to it, you can use the title as collateral for a new loan.

Managing my car loan


After your loan closes, the loan funds will be directly released to the seller. Refer to your note on when the first payment will be due and how to manage your loan payments going forward. Monthly statements will be mailed prior to the payment due date.
Use the resources below to make a payment:
  1. Log in to Online Banking to schedule a one-time or reoccurring payment?
  2. Visit a local branch and speak to a banker
  3. Call the 24-hour Commerce Account Information Line at 800-453-2265
  4. Use your Commerce ATM or Visa® debit card at one of our 24-hour ATMs
  5. Send a check or money order to P.O. Box 807011, Kansas City, MO, 64180-7011
Yes. Log in to Online Banking and select your loan account to get started.
There are two ways you can set up automatic loan payments:
  1. Complete the Preauthorized ACH Loan Payments form during loan closing or at your local branch
  2. Utilize Online Bill Pay to schedule loan payments
Call 800-449-9829 to talk to a representative about your loan today. Visit the Contact Us page for more questions.
No. If you pay more than your minimum monthly payment, you can pay off your loan sooner. However, this does not reduce your minimum monthly payment.
Even though the value of your vehicle may be less than the total amount remaining on your loan balance, you are still responsible for the full amount of money borrowed.

Product-specific topics


RV loan terms can vary depending on what you need — long, short, or in between — speak to a banker today to find a financing plan that works for you.
In some situations, the interest on an RV loan may be tax deductible — consult your tax advisor to be sure.
No. An RV loan is a type of installment loan. While similar to a fixed rate mortgage in that there are fixed monthly payments for the life of the loan, it is not considered a mortgage.
Buying a new or used RV should be your decision. However, you can use these calculators to help plan a budget and make the decision on which RV is right for you:
How much RV can I afford?
What would my RV payments be?
Should I refinance my RV loan at a lower rate?
What would my RV payments be?
How long until my RV is paid off?
There are several factors considered when looking at loan eligibility. Credit history, ability to repay, and collateral are just a few of those factors that help determine loan eligibility. If you have questions about your loan eligibility, contact us at 800-449-9829.
Yes. Commerce Bank offers loans for new and used boats.
Use our How much boat can I afford? calculator to find out how much money you can borrow while still meeting your budgeting goals.
Boat loan terms can vary depending on what you need — long, short, or in between — speak to a banker today to find a financing plan that works for you.
Like a car loan, a motorcycle loan is an installment loan. Installment loans offer a fixed interest rate and monthly payments until the loan amount is paid off. However, the interest rate on a car loan may be different than a motorcycle loan. Visit the Motorcycle Loans page and enter your ZIP code to view rates now.
Commerce Bank offers loans for motorcycles. Visit the Motorcycle Loans page and enter your ZIP code to view rates now.view all rates.
Start by clicking apply nowfor a Personal Loan. Whether you have selected the motorcycle to purchase or not, you can get started with an application. Once approved, you will work with a banker to set up the loan closing when you are ready to purchase your motorcycle.
Motorcycle loan terms can vary depending on what you need — long, short, or in between — speak to a banker today to find a financing plan that works for you.
With most banks, there is a minimum credit score required to qualify for a loan. However, if you have little to no credit history, you can apply with another person, a co-signer, who may be better qualified. It is important to note, this person will be equally responsible for debt borrowed. Regardless of your credit score and history, we encourage everyone to apply.