Commerce Bank Auto Loans
Why should I choose Commerce over other banks?
Commerce Bank has served its communities for over 155 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.
Is it better to get a car loan from a dealer or a bank?
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.
How do I get a car loan from the bank?
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.
What type of loan is a car loan?
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.
How do I use an auto loan?
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!
Is a car loan or personal loan better?
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.
Can you use an auto loan for anything?
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
How can I get a car with no money down?
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.
Is a credit score required?
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.
Applying for a car loan
How long of a term do you offer?
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.
Do you have flexible terms?
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.
Purchasing an automobile
Why should I get pre-approved for a loan before visiting a car dealership?
Getting pre-approved before visiting a dealership offers these benefits:
- Knowing your rate and how much you are approved to borrow can help set expectations for your budget
- Pre-approval shows the car salesman you are an informed borrower and having financing ready can speed up the negotiation process
- You can focus on finding the right vehicle and spend less time worrying about how you are going to pay for it
Can I purchase a car from a private seller?
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.
How can I finance an older car?
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.
Refinancing an existing auto loan
What are the benefits of refinancing?
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.
What qualifies me to refinance my car?
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.
If I refinance, can I get additional cash?
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.
Buying out your lease
What are the benefits of buying out your lease?
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.
How do I buy out my leased vehicle?
Buyout terms of a lease may differ. We recommend you refer to the terms of your lease agreement for details. However, you can call 877-373-3733 or visit a local branch and talk to a banker about how to get started with a lease buyout today.
Existing paid-off automobile
Managing my car loan
What happens after my loan closes?
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.
Product-specific topics
What are typical RV loan terms?
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.
Is an RV considered a mortgage?
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.
How do I get approved for an RV loan?
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 877-373-3733.
What are typical boat loan terms?
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.
Is a motorcycle loan the same as a car loan?
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.
Can I finance a motorcycle with no credit history?
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.