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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

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip Code,Telephone” data=”Alabama Central,797 Downtowner Blvd,36609,(251) 343-1692,Alabama Telco,809 Downtowner Blvd,36609,(251) 343-2027,America’S First,1050 Montlimar Dr,36609,(251) 342-2328,Apco Employees,150 St Joseph St,36602,(251) 694-2383,Army Aviation Center Federal Credit Uinon,150 N Royal St,36602,(251) 433-4843,Army Aviation Center Federal Credit Uinon,1500 S Broad St,36605,(251) 441-6191,Army Aviation Center Federal Credit Union,6631 Airport Blvd,36608,(251) 776-6443,Army Aviation Center Federal Credit Union,Williams Rd,36608,(251) 441-6326,Azalea City,505 Boulevard Park E,36609,(251) 316-0000,Blue Flame,PO Box 2248,36652,(251) 450-4804,Blue Flame,2828 Dauphin St,36606,(251) 450-4804,Docks & Terminal Credit Union,1101 Alabama State Docks Rd,36602,(251) 441-7400,Family Security,7690 Airport Blvd,36608,(256) 340-2000,Family Security,5416 Hwy 90 W,36619,(251) 602-1529,Friendly Credit Union,2050 6th St,36605,(251) 438-5797,Gaf Mobile Federal Credit Union,2400 Emogene St,36606,(251) 478-0002,Gulf Coast,1001 Springhill Ave,36604,(251) 438-7464,Gulf Coast,4313 Downtowner Loop S,36609,(251) 342-7521,Gulf Coast Federal Credit Union,1001 Spring Hill Ave,36604,(251) 438-7464,J. M. Associates,6150 Omni Park Dr,36609,(251) 639-7700,Lanco Credit Union,1708 Dauphin St,36604,(251) 478-1916,Mobile Educators,3150 Airport Blvd,36606,(251) 473-4712,Mobile Educators,7730 Cottage Hill Rd,36695,(251) 633-4474,Mobile Government Emp.,P. O. Box 2288,36628,(251) 694-4100,Mobile Government Emp.,109 St Joseph St,36602,(251) 694-4100,Mobile Postal,P. O. Box 160776,36616,(251) 342-1472,Mobile Postal,4365 Midmost Dr #5,36609,(251) 342-1472,Mobile Postal Employees Credit Union,4300 Midmost Dr,36609,(251) 342-1472,Navigator Credit Union,900 Paper Mill Rd,36610,(251) 457-1344,Navigator Cu,3654 Airport Blvd,36608,(228) 475-7300,Navigator Cu,2370 Hillcrest Rd,36695,(228) 475-7300,New Horizons,P. O. Box 1785,36633,(251) 316-3240,New Horizons,3445 St Stephens Rd,36612,(251) 316-3240,New Horizons,6320 Airport Blvd,36608,(251) 316-3240,New Horizons,1610 Government St,36604,(251) 316-3240,New Horizons Credit Union,2201 Paper Mill Rd,36610,(251) 316-3120,Prichard Federal Credit Union,309 S Wilson Ave,36610,(251) 456-7079,Progressive,1114 Springhill Ave,36603,(251) 338-2092,Service 1,2051 S Broad St,36615,(251) 432-8538,Service 1 Federal Credit Union,Brookley Industrial,36602,(251) 432-8538,Shoreline,901 Springhill Ave,36604,(251) 441-7400,Singing River,1065 Spring Hill Ave,36604,(251) 432-6421,The Infirmary,P.O. BOX 2183,36607,(251) 435-5900,The Infirmary,5600 Girby Rd,36693,(251) 660-5194,The Infirmary,5 Mobile Infirmary Cir,36607,(251) 435-5900,The Infirmary,1753 Spring Hill Ave,36607,(251) 435-5900,Tyndall,3361 Cottage Hill Rd,36606,(251) 470-6702,University Of South Alabama,103 Hillcrest Rd,36608,(251) 706-0255,University Of South Alabama Federal Credit Union,67 S University Blvd,36608,(251) 341-1863″][/tboot_table]

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