Auto Loans
Auto Loans from Evolve Bank & Trust
Finding the right auto loan shouldn’t be complicated. Whether you’re purchasing a new vehicle, buying used, or refinancing your current car loan, Evolve Bank & Trust offers competitive auto financing designed to help you get on the road with confidence and clarity.
What Is an Auto Loan?
An auto loan is a secured loan that uses the vehicle you’re purchasing as collateral. When you finance a car through Evolve, we provide the funds to purchase your vehicle, and you repay the loan amount plus interest over a set term, typically ranging from 24 to 84 months. Once the loan is paid in full, you own the vehicle outright.
Unlike leasing, where you’re essentially renting the vehicle for a set period, an auto loan allows you to build equity in your car from day one. Each payment brings you closer to full ownership, and you’re free to customize, modify, or sell the vehicle as you see fit.
Types of Auto Loans We Offer
Evolve Bank & Trust provides flexible auto financing options to meet your specific needs:
- New car loans for current model year and previous year vehicles from dealerships
- Used car loans for pre-owned vehicles up to 10 years old
- Refinancing options to potentially lower your current auto loan rate or adjust your payment terms
- Private party auto loans for purchasing from individual sellers
Subject to credit approval. Loan terms and vehicle age restrictions apply.
Benefits of Auto Financing with Evolve Bank & Trust
When you choose Evolve for your auto loan, you’re partnering with a financial institution with over 100 years of banking experience.
- Competitive rates help you save money over the life of your loan. Our annual percentage rates (APRs) are based on creditworthiness, loan term, vehicle age, and loan-to-value ratio. Rates for new vehicles are typically lower than those for used vehicles.
- Flexible terms allow you to choose a repayment schedule between 24 and 84 months. Shorter terms mean higher monthly payments but less interest paid overall. Longer terms reduce monthly payments but increase total interest cost.
- Simple application process means you can get pre-qualified before you shop, giving you negotiating power at the dealership. Pre-qualification doesn’t affect your credit score and helps you understand your budget.
- Member FDIC protection and regulatory oversight provide security for your banking relationship. As a federally regulated financial institution, we adhere to strict lending standards and consumer protection requirements.
Getting approved for an auto loan with Evolve follows a clear process:
- Get pre-qualified by completing our online application or calling a lending specialist at our branch. You’ll need to provide your Social Security number, income information, and employment details.
- Shop for your vehicle with confidence, knowing your estimated loan amount. Your pre-qualification is typically valid for 30 days.
- Submit final application with vehicle details, including VIN, mileage, and purchase price. We’ll order a vehicle history report and conduct a full credit review.
- Close your loan after approval. We’ll send payment directly to the dealer or seller and provide your loan documents and payment schedule.
We evaluate several factors when reviewing auto loan applications:
Credit history: We review your credit score, payment history, and outstanding debts. Different credit tiers qualify for different rates. We work with a range of credit profiles, though higher scores typically qualify for better terms.
Income verification: You’ll need recent pay stubs, W-2 forms, or tax returns showing stable income sufficient to cover the loan payment, along with your existing obligations.
Down payment: While we may finance up to 100% of the vehicle’s value for qualified borrowers, a down payment of 10-20% typically results in better rates and lower monthly payments.
Vehicle requirements: The vehicle must meet our age and mileage standards and carry comprehensive and collision insurance with Evolve listed as the lienholder.
Branch Locations
Banking Center
Triad Centre III
6070 Poplar Avenue, Suite 100
Memphis, TN 38119
Lobby Hours
9am-4pm CT, Mon-Thur
9am-6pm CT, Fri
Drive-Thru Hours
8:30am-5pm CT, Mon-Thur
8:30am-6pm CT, Fri
Closed Sat-Sun & Federal Holidays
Banking Center
123 West Parkin Street
Parkin, AR 72373
Mailing Address
PO Box 526
Parkin, AR 72373
Lobby Hours
8:30am-12pm CT, Mon-Fri
Drive-Thru Hours
8:30am-4pm CT, Mon-Thur
8:30am-5pm CT, Fri
Closed Sat-Sun & Federal Holidays
Banking Center
111 East Huntington Avenue
Suite A
Jonesboro, AR 72401
Lobby Hours
8:30am-5pm CT, Mon-Fri
Closed Sat-Sun & Federal Holidays
Virtual Teller & ATM
1810 Main Street
Jonesboro, AR 72401
Virtual Teller Hours
8:30am-5pm CT, Mon-Fri
Closed Sat-Sun & Federal Holidays
Financial Center
1566 Hwy 62/412
Highland, AR 72542
Mailing Address
PO Box 25
Ash Flat, Arkansas 72513
Lobby Hours
8am-5pm CT, Mon-Fri
Closed Sat-Sun & Federal Holidays
Banking Center
301 Shoppingway Boulevard
West Memphis, AR 72301
Lobby Hours
8:30am-5pm CT, Mon-Fri
Drive-Thru Hours
8:30am-5pm CT, Mon-Thur
8:30am-6pm CT, Fri
Closed Sat-Sun & Federal Holidays
Banking Center
1690 North Falls Boulevard
Wynne, AR 72396
Mailing Address
PO Box 1003
Wynne, AR 72396
Drive-Thru Hours
8am-5pm CT, Mon-Fri
Closed Sat-Sun & Federal Holidays
Financial Center
2860 I-55 Service Road, Suite A
Marion, AR 72364
Lobby Hours
8am-5pm CT, Mon-Fri
Closed Sat-Sun & Federal Holidays
Financial Center
101 East Chestnut Street Suite A
Rogers, AR 72756
Lobby Hours
8:00am-5pm CT, Mon-Fri
(No Drive-Thru)
Closed Sat-Sun & Federal Holidays
Mobile Bank with Ease
- Access Accounts
- Instantly Make Loan Payments
- Enjoy Secure Online Banking
Frequently Asked Questions
What interest rate can I expect?
Rates vary based on credit profile, loan term, and vehicle age. New car loans typically range from 4% to 12% APR, while used car loans may be slightly higher. Contact us for a personalized rate quote.
Can I pay off my loan early?
Yes. Evolve auto loans have no prepayment penalties. Paying extra toward the principal reduces your total interest cost. You can explore our personal banking options to see how auto loans fit into your financial plan.
What's the difference between pre-qualification and pre-approval?
Pre-qualification provides an estimate based on self-reported information and doesn’t affect your credit. Pre-approval involves a hard credit check and provides a conditional commitment. If you’re considering multiple borrowing options, learn about our personal loans as well.
Ready to Get Started?
Our lending team at Evolve Bank & Trust is here to answer your questions and guide you through the auto loan process. With transparent terms, competitive rates, and personalized service, we make auto financing straightforward.
All loans are subject to credit approval. Terms and conditions apply. Evolve Bank & Trust is an Equal Housing Lender and Member FDIC.