My Car Lender

Home / Finance / Alabama Auto Finance / Decatur (AL) Auto Loans


In today’s world, it is very tricky to obtain a vehicle with no financing. It’s possible to make arrangements for an auto loan on the day of purchase; having said that, this can be quite time intensive. Why wait to apply at the bank or car dealership when you can apply right now on the web?

Finance companies and dealers vie for your business in real time, putting you in charge of the financing process.

Auto Loan Rates in Decatur

A lot of companies only show you the best rate available, limited to people with superior FICO scores. In reality, your rate of interest differs widely based on your credit, as well as a range of other things. The rates displayed below are only for informational purposes. These are not advertisements, and your precise rate could deviate vastly from what you see below.

Credit Score New Car Used Car
Excellent 3.0% 3.4%
Good 4.3% 4.9%
Average 6.0% 7.3%
Subprime 8.7% 9.8%
Bad 13.5% 14.3%
Very Bad 14.0% 16.0%

Checking your FICO score can keep you from being overcharged. You’ll find loads of places to check your credit. Here’s one of the best: link.

Used Auto Loans in Decatur

The loan rates are higher for used vehicles, because they introduce a somewhat greater risk of maintenance complications. Still, a pre-owned car auto loan has a wealth of advantages:

  • Cheaper down payment needed.
  • Cheaper out the door cost.
  • Reduced risk of car poor.

Here, we review the cost of financing a car or truck that is brand new versus a few years old.

Years Old Price Rate Months Payment Interest Total
New $26,750 6.00% 60 $517.15 $4,279 $31,029
1 Year $21,400 7.50% 60 $428.81 $4,329 $25,729
2 Years $18,190 7.50% 60 $364.49 $3,679 $21,869
3 Years $15,462 7.50% 60 $309.82 $3,128 $18,589

Most cars depreciate 15% every year, so a new car you buy for $26,750 will be worth $21,400 after just one year of ownership. Listed below are the common limits on used vehicle financing:

  • Vehicle no older than 7-10 years.
  • Mileage no more than 100,000 miles.
  • Purchased through dealer, not private party.

Poor Credit Car Loans in Decatur

Your credit rating is extremely important when financing a car. Nothing is more embarrassing than being declined at the dealership. Previous generations had to go from one dealership to another, searching for one able to approve their loan. Fortunately, technological advances have streamlined a lot of this homework.


Of course, you need to be careful of unethical loan companies. This is especially the truth if you end up with a buy here pay here car lot. While you won’t have any problems when it comes to approval, it’ll cost you a king’s ransom for the privilege.

If possible, you’ll want to get your loan through one of the below loan companies:

  • Local bank.
  • Credit union local to you.
  • Auto loan company.

A dealer or finance professional will help you get financed through one of these loan providers. The rates should be lower, the terms better, and you have the opportunity to re-establish your credit in the process.

Go here to apply online.

Can a Car Loan Improve Your Credit?

An auto loan can improve your credit score, if it meets the following conditions:

  • It isn’t provided by a BHPH dealer.
  • The payments are made promptly, week after week.

But understand that this is a step by step process. Though the actual rise in your credit score is challenging to calculate, the improvement is substantial.

Decatur Resources

Credit Unions

Credit UnionAddressZipPhone
Alabama1325 Point Mallard Pkwy35601(256) 353-8734
Alabama Central3048 Finley Island Cir35601(256) 351-7880
Alabama Central Credit Union1221 State Docks Rd NW35601(256) 351-7880
Alabama Mental Health Credit Union4104 U.S. 3135603(256) 350-2662
Family Security2204 Family Security Pl SW35603(256) 340-2000
Family Security1305 6th Ave SE35601(256) 340-2000
Family Security50 Marco Dr35603(256) 340-2000
Family Security116 14th St SW35601(256) 340-2000
Family Security Credit Union1304 Somerville Rd SE35601(256) 301-9306
Family Security Credit Union - Hartselle Office1305 6th Ave SW35601(256) 773-8911
North Alabama Educators2349 Danville Rd SW #21035603(256) 260-0506
North Alabama Educators Credit Union2025 Danville Park Dr SW35603(256) 351-8049
Park Community2328 Point Mallard Dr SE35601(256) 353-3616
Park Community Federal Credit Union2328 8th St SE35601(256) 353-3616
Redstone2319 Beltline Rd35601(256) 837-6110
Redstone1807 6th Ave SE35601(256) 837-6110
Redstone Federal Credit Union1811 Beltline Rd SW35601(256) 353-0642
Total Mortgage Processing400 14th St SE35601(256) 340-0165
Wolverine Employees1616 Church St SE35601(256) 355-5010
Wolverine Employees2812 Spring Ave SW35603(256) 353-0496
Wolverine Employees2512 Alabama 2035601(256) 340-7177