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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


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip,Phone” data=”Alabama,1325 Point Mallard Pkwy,35601,(256) 353-8734,Alabama Central,3048 Finley Island Cir,35601,(256) 351-7880,Alabama Central Credit Union,1221 State Docks Rd NW,35601,(256) 351-7880,Alabama Mental Health Credit Union,4104 U.S. 31,35603,(256) 350-2662,Family Security,2204 Family Security Pl SW,35603,(256) 340-2000,Family Security,1305 6th Ave SE,35601,(256) 340-2000,Family Security,50 Marco Dr,35603,(256) 340-2000,Family Security,116 14th St SW,35601,(256) 340-2000,Family Security Credit Union,1304 Somerville Rd SE,35601,(256) 301-9306,Family Security Credit Union – Hartselle Office,1305 6th Ave SW,35601,(256) 773-8911,North Alabama Educators,2349 Danville Rd SW #210,35603,(256) 260-0506,North Alabama Educators Credit Union,2025 Danville Park Dr SW,35603,(256) 351-8049,Park Community,2328 Point Mallard Dr SE,35601,(256) 353-3616,Park Community Federal Credit Union,2328 8th St SE,35601,(256) 353-3616,Redstone,2319 Beltline Rd,35601,(256) 837-6110,Redstone,1807 6th Ave SE,35601,(256) 837-6110,Redstone Federal Credit Union,1811 Beltline Rd SW,35601,(256) 353-0642,Total Mortgage Processing,400 14th St SE,35601,(256) 340-0165,Wolverine Employees,1616 Church St SE,35601,(256) 355-5010,Wolverine Employees,2812 Spring Ave SW,35603,(256) 353-0496,Wolverine Employees,2512 Alabama 20,35601,(256) 340-7177″][/tboot_table]