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Car loans let you make monthly payments on a car or truck that you would not be able to purchase in cash. Most often, the finance company keeps a lien on the car or truck until it is fully paid off. You will need to carry full coverage insurance, and your interest rate will depend largely on your credit score. To hasten the process, you can apply online for your auto loan. Let an auto finance professional in Huntsville help you secure financing, answering your questions in the process.

Auto Loan Rates in Huntsville

The interest rates below are not anything but estimates to give you a feeling for what annual percentage rate can be expected given your location and your FICO score. Your precise rate of interest will be determined by a myriad of factors, which include loan company, down payment, average income, type of loan, etc.

FICO Score New Car Pre-owned 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%

Used Car Auto Loans in Huntsville

As consumers, we’re continually bombarded by advertising for new cars and trucks. On the other hand, new cars depreciate so quickly, used vehicles are usually a better value. Take a look at the table below, which depicts the different costs associated with auto loans for brand new versus used vehicles.

Age Price Rate Months Payment Interest Total Cost
New $18,400 6.00% 60 $355.72 $2,943 $21,343
1 Year $14,720 7.50% 60 $294.96 $2,978 $17,698
2 Years $12,512 7.50% 60 $250.71 $2,531 $15,043
3 Years $10,635 7.50% 60 $213.11 $2,151 $12,786

For most people, a pre-owned vehicle is the ideal solution. In most cases, you can finance a car that is up to 10 years old. Mileage constraints often apply.

Poor Credit Car Loans in Huntsville

Getting financed with less-than-perfect credit can be an effort, particularly if you are unwilling to pay an excessive rate of interest. In a nutshell, your credit score is used to assess risk. Fortunately, the internet has made it much easier for the bad credit consumer.

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In Huntsville, buy here pay here car lots end up catering to consumers in the lower credit tiers The APR rates border on criminal, and the vehicles are likely to be priced higher than they would normally be. You should avoid these dealerships when possible, and secure an auto loan on the web. This is how many individuals get approved nowadays, and it’s considerably less expensive in the end.

Go here to apply online.

No Money Down Cars in Huntsville

Down payments are generally a requirement whenever you finance a car. For those who have top-notch credit, a down payment is usually optional. Not having a down payment increases your rate of interest. When you’ve got first-rate credit, this isn’t so much a concern, as your rate is affordable as is. If you’ve got bad credit, such a high interest loan isn’t advisable. It’s smarter to save up for a down payment or exchange your existing vehicle for equity.

Huntsville Resources

Credit Unions

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip Code,Phone” data=”Alabama,851 John Wright Dr NW,35805,(256) 824-6518,Alabama,4800 Whitesburg Dr S,35801,(256) 882-3337,Alabama Telco Credit Union,2207 University Dr NW,35816,(256) 533-5076,Community Credit Corporation,6241 University Dr NW,35806,(256) 922-1299,Councill,Buchanan Way,35811,(256) 372-5379,North Alabama Educators,PO BOX 128,35804,(256) 534-2423,North Alabama Educators,2100 Sparkman Dr NW,35810,(256) 852-0408,North Alabama Educators,2309 Whitesburg Dr S,35801,(256) 534-2423,Postal Employees,PO BOX 132,35804,(256) 881-2400,Postal Employees,220 Wingate Ave SW,35801,(256) 881-2400,Redstone,220 Wynn Dr NW,35805,(256) 837-6110,Redstone,1396 Winchester Rd NE,35811,(256) 837-6110,Redstone,3501 Memorial Pkwy NW,35810,(256) 837-6110,Redstone,11800 Memorial Pkwy SW,35803,(256) 837-6110,Redstone,1430 Weatherly Rd SE,35803,(256) 837-6110,Redstone,3309 S Memorial Pkwy,35801,(256) 837-6110,Redstone Federal Credit Union,650 Wynn Dr NW #220,35816,(256) 837-6110,Rocket City,2401 Triana Blvd SW,35805,(256) 533-0541,Rocket City Federal Credit Union – Downtown Branch,200 Westside Square,35801,(256) 536-0091″][/tboot_table]

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