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Buying a new car or truck without the help of a loan or lease is pretty unusual in today’s world. Unfortunately, securing this type of loan can be a frustrating process, robbing every ounce of fun from buying a car. We can help you get approved for your car loan in less time, at a cost-effective rate of interest, no matter your credit score. A car loan expert can walk you step-by-step through the process, helping you obtain an auto loan from a lender that won’t charge you a king’s ransom.

Auto Loan Rates in Mobile

Not many banks, credit unions, and auto finance sites display auto finance rates in Mobile based on credit score. Instead, they showcase the cheapest rate available. In point of fact, your rate of interest varies greatly based on your FICO score, among a number of other factors. The rates shown below are only for informational purposes. They’re not advertisements, and your precise rate could be very different.

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 Financing in Mobile

Yes, the loan rates for a pre-owned vehicle are higher than the rates for a brand new one. Having said that, to put yourself in the strongest position financially, you’ll choose a second hand car. Below, we examine the costs of financing a car or truck that’s new versus one, two, or three years old.

Age Price APR Months Payment Interest Total
New $25,200 6.00% 60 $487.19 $4,031 $29,231
1 Year $20,160 7.50% 60 $403.97 $4,078 $24,238
2 Years $17,136 7.50% 60 $343.37 $3,466 $20,602
3 Years $14,566 7.50% 60 $291.86 $2,946 $17,512

A pre-owned car is an excellent option, whether you’re financing or not. Here are the common limitations on used car loans:

  • Car no older than 7-10 years.
  • Mileage no higher than 100,000 miles.
  • Bought via dealer, not private party.

Poor Credit Car Loans in Mobile

Less-than-perfect credit has become a big challenge for the people of Mobile and beyond. Generally, loan providers use your credit score as an indicator of whether you’ll pay off your loan on a regular basis. Usually, it’s better to deal with a specialist who can lead you through the process.

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In house loans are yet another option, offered by Mobile’s buy here pay here car dealers. The rates are very high, and the cars and trucks are always preowned. If at all possible, you’ll want to secure your car loan through one of the below lenders:

  • Local bank.
  • Credit union for which you’re eligible.
  • Automotive finance company.

A dealer or auto finance specialist will help you get financed through one of these lenders. An established loan company will report your progress to the credit bureaus, so your credit score will improve if you make your payments on schedule.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

Over time, the payments you make on a car loan can increase your credit score . Buy here pay here dealerships never report to the credit bureaus, so your credit score won’t go up. It’s best to sign up for automatic payments, as this will prevent you from skipping payments.

Mobile Resources

Credit Unions

Credit UnionAddressZip CodeTelephone
Alabama Central797 Downtowner Blvd36609(251) 343-1692
Alabama Telco809 Downtowner Blvd36609(251) 343-2027
America'S First1050 Montlimar Dr36609(251) 342-2328
Apco Employees150 St Joseph St36602(251) 694-2383
Army Aviation Center Federal Credit Uinon150 N Royal St36602(251) 433-4843
Army Aviation Center Federal Credit Uinon1500 S Broad St36605(251) 441-6191
Army Aviation Center Federal Credit Union6631 Airport Blvd36608(251) 776-6443
Army Aviation Center Federal Credit UnionWilliams Rd36608(251) 441-6326
Azalea City505 Boulevard Park E36609(251) 316-0000
Blue FlamePO Box 224836652(251) 450-4804
Blue Flame2828 Dauphin St36606(251) 450-4804
Docks & Terminal Credit Union1101 Alabama State Docks Rd36602(251) 441-7400
Family Security7690 Airport Blvd36608(256) 340-2000
Family Security5416 Hwy 90 W36619(251) 602-1529
Friendly Credit Union2050 6th St36605(251) 438-5797
Gaf Mobile Federal Credit Union2400 Emogene St36606(251) 478-0002
Gulf Coast1001 Springhill Ave36604(251) 438-7464
Gulf Coast4313 Downtowner Loop S36609(251) 342-7521
Gulf Coast Federal Credit Union1001 Spring Hill Ave36604(251) 438-7464
J. M. Associates6150 Omni Park Dr36609(251) 639-7700
Lanco Credit Union1708 Dauphin St36604(251) 478-1916
Mobile Educators3150 Airport Blvd36606(251) 473-4712
Mobile Educators7730 Cottage Hill Rd36695(251) 633-4474
Mobile Government Emp.P. O. Box 228836628(251) 694-4100
Mobile Government Emp.109 St Joseph St36602(251) 694-4100
Mobile PostalP. O. Box 16077636616(251) 342-1472
Mobile Postal4365 Midmost Dr #536609(251) 342-1472
Mobile Postal Employees Credit Union4300 Midmost Dr36609(251) 342-1472
Navigator Credit Union900 Paper Mill Rd36610(251) 457-1344
Navigator Cu3654 Airport Blvd36608(228) 475-7300
Navigator Cu2370 Hillcrest Rd36695(228) 475-7300
New HorizonsP. O. Box 178536633(251) 316-3240
New Horizons3445 St Stephens Rd36612(251) 316-3240
New Horizons6320 Airport Blvd36608(251) 316-3240
New Horizons1610 Government St36604(251) 316-3240
New Horizons Credit Union2201 Paper Mill Rd36610(251) 316-3120
Prichard Federal Credit Union309 S Wilson Ave36610(251) 456-7079
Progressive1114 Springhill Ave36603(251) 338-2092
Service 12051 S Broad St36615(251) 432-8538
Service 1 Federal Credit UnionBrookley Industrial36602(251) 432-8538
Shoreline901 Springhill Ave36604(251) 441-7400
Singing River1065 Spring Hill Ave36604(251) 432-6421
The InfirmaryP.O. BOX 218336607(251) 435-5900
The Infirmary5600 Girby Rd36693(251) 660-5194
The Infirmary5 Mobile Infirmary Cir36607(251) 435-5900
The Infirmary1753 Spring Hill Ave36607(251) 435-5900
Tyndall3361 Cottage Hill Rd36606(251) 470-6702
University Of South Alabama103 Hillcrest Rd36608(251) 706-0255
University Of South Alabama Federal Credit Union67 S University Blvd36608(251) 341-1863