Car Financing in Salt Lake City
Last updated
Car financing is a critical step for many buyers, and at Peterson Auto Sales, even those with no credit or less-than-perfect credit can secure a loan. We've been family-owned since 1965, and our mission is to make car ownership accessible for everyone by offering tailored financing solutions. We collaborate with a network of more than 40 lenders to find the best rates for your situation, whether you have stellar credit or are working to improve it.
A diverse lender network enables us to secure favorable rates, regardless of credit history.
Table of Contents
I'm a First-Time Car Buyer, Can I Get a Car Loan in Salt Lake City?
Absolutely. We're experts in helping customers with limited credit history or first-time buyers get behind the wheel. Our seasoned finance team has been assisting folks in all credit situations for years. We'll work with you to find a payment plan that suits your budget, so you can enjoy the drive without the stress. According to Experian's State of the Automotive Finance Market report, subprime borrowers accounted for 15.31% of total vehicle financing in late 2025 - showing that less-than-perfect credit doesn't have to hold you back.
What Credit Score Do I Need?
While there isn't a fixed credit score requirement, we work with lenders who cater to a wide range of scores. Whether you're just starting to build credit or looking to rebuild, we can help. Our First-Time Buyer program is ideal for those new to credit, and our expertise ensures you get the support you need.
Credit flexibility allows us to assist both new borrowers and those rebuilding credit.
How Much Down Payment Do I Need?
The down payment amount can vary, but we aim to make it as manageable as possible. Typically, a down payment is required, but the exact amount depends on the vehicle and your unique financial situation. On average, buyers put down about 10% of the vehicle's price, but we can tailor this to your circumstances. As a general guideline, NerdWallet suggests putting down at least 10% on a used car - the right amount is whatever keeps your monthly payment comfortable. Contact us for a personalized estimate.
What You'll Need
- A valid driver's license
- Proof of income (recent pay stubs)
- Proof of residence (utility bill or bank statement)
- Down payment (amount varies)
- References
How Long Does Approval Take?
Approval times vary, but we do our best to make the process fast and straightforward. Our team works diligently to get you an answer as quickly as possible—often within the same day. Reach out to us at (801) 561-2727 for more details on our approval process.
Do Inquiries Hurt My Credit Score?
A credit inquiry refers to a check on your credit score, which can slightly affect your score. However, our team ensures that this impact is minimal by working efficiently to find you the best deal with minimal inquiries.
Efficient credit checks minimize the impact on your credit score while securing the best deal.
Low Document Fees
We keep our fees transparent and low. Our document fee is only $289—one of the lowest in the state. No hidden fees, no surprises. The price you see is the price you pay, reflecting our commitment to honesty and transparency.
Financing Resources
Want more details on a specific part of the buying process? Start here:
For more information or to get started, visit our contact page.
Key Takeaways
- Valid driver's license
- Proof of income (recent pay stubs)
- Proof of residence (utility bill or bank statement)
- Down payment (amount varies)
- Utah Used Car Dealership Fees, Explained — Buyer's Guide to document, title, and registration fees, and which fees we don't charge.
- Utah Used Car Out-the-Door Price Guide — How to read, calculate, and compare the all-in out-the-door price on a used car in Utah.