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The vast majority of individuals purchase their cars and trucks using a loan, as it’s rare to have the capital in the bank for an outright purchase. Whether you get approved for a car loan, and what interest rate you are charged, depends primarily on your credit rating. Other factors:

  • Place of residence
  • Monthly income
  • Down payment
  • Employment record

To help speed up the process, you can apply on the web for a car loan. There are professionals in your area, who can help you get a loan with an economical rate of interest.

Auto Finance Rates in Montgomery

Many loan companies only advertise the best rate available, which is only available to people with ideal credit. In reality, your interest rate varies greatly based on your FICO score, among a range of other things. The rates shown below are only for informational purposes. They are not advertisements, and your actual rate could be very different.

Credit Rating 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%

Used Auto Loans in Montgomery

As you may have already seen, loan providers charge slightly more expensive interest rates for used cars and trucks. That said, new vehicles depreciate so quickly, used vehicles are generally the better investment. Have a look at the chart below.

Age Price Rate Months Payment Interest Total Cost
New $26,000 6.00% 60 $502.65 $4,159 $30,159
1 Year $20,800 7.50% 60 $416.79 $4,207 $25,007
2 Years $17,680 7.50% 60 $354.27 $3,576 $21,256
3 Years $15,028 7.50% 60 $301.13 $3,040 $18,068

The instant it leaves the dealership, a new car loses nearly 25% of its value, and it keeps depreciating year after year. A car that cost $26,000 new will be worth approximately $15,028 after 36 months of ownership. Ordinarily, you can finance a car that is up to ten years old. Mileage restrictions often apply.

Bad Credit Auto Loans in Montgomery

Credit scores of 680 or less are usually classified as subprime, and those less than 620 are simply bad. Few things are more embarrassing than being declined at the car dealership. Fortunately, the internet makes it less of a challenge for the non-prime buyer.


It might seem that a buy here pay here dealer is the quickest option. A lot of these dealers don’t even pull your credit, and they offer affordable, second hand vehicles. Having no credit check comes at a price: exorbitant rates, rigid conditions, and overpriced vehicles. Instead, our recommendation is that you secure a loan online. There are lots of benefits: better rates of interest, improved service. Plus, if you make your payments as agreed, an improved credit score.

Contact an auto finance professional in your area today.

Montgomery Credit Restoration

Although your rate of interest will be determined by your credit ratings, there are things you can do to make your car loan more economical. Is your credit report marred by any inaccuracies? These can damage your credit score in a big way. Fortunately, it’s free to check your credit report each year at Addressing any inaccuracies–a straight-forward process–could really boost your credit score. Supplying a bigger down payment or the addition of a cosigner with a good credit score could also decrease your annual percentage rate.

No Down Payment Auto Loans in Montgomery

Saving enough cash you need to obtain a car is never easy, even if you’re only making a down payment. For those who have really good credit, a down payment isn’t usually a requirement. Assuming you have below-average credit, there’s only one main solution: get a hold of a car dealership that accepts trades, and see if they will take your old car instead of a down payment.

Montgomery Resources

Credit Unions

Credit UnionAddressZip CodeTelephone
Alabama Rural ElectricPO Box 24054736124(334) 215-7328
Alabama Rural Electric340 Technacenter Dr36117(334) 215-7328
Alabama State EmployeesPO Box 23115036123(334) 270-9011
Alabama State Employees800 Washington Ave36104(334) 270-9011
Alabama State Employees1000 Interstate Park Dr36109(334) 270-9011
Alabama State Employees Credit Union74 Dudley St36105(334) 285-8303
Alabama Student Loan Program Kheaa100 N Union St36130(334) 265-9720
Alabama Telco2906 Atlanta Hwy36109(334) 271-4526
Apco Employees244 Dexter Ave36104(334) 832-3822
Credit Union Service Center128 Coliseum Blvd36109(334) 271-5154
Employees Savingsp o box 1187036111(334) 288-2460
Employees Savings2001 E South Blvd36111(334) 288-2460
Energen2914 Chestnut St36107(334) 263-7077
Fedmont330 Eastdale Cir36117(334) 270-5532
GuardianP.O. Box 319936109(334) 244-9999
Guardian15 E South St36104(334) 262-0055
Guardian616 Madison Ave36104(334) 242-5484
Guardian1789 Cong w L Dickinson Dr36109(334) 244-9999
Guardian3380 Eastdale Cir36117(334) 241-8774
Guardian418 Madison Ave36104(334) 241-8754
MaxP.O. Box 24404036124(334) 260-2600
Max5245 Vaughn Rd36116(334) 215-5522
Max10 Selfridge St36112(334) 215-5472
Max100 Turner Blvd36114(334) 215-5487
Max3401 Malcolm Dr36116(334) 215-5611
Max2785 Zelda Rd36106(334) 215-5552
Max401 Monroe St36104(334) 215-5571
Max400 Eastdale Cir36117(334) 260-2600
Max4705 Mobile Hwy36108(334) 215-5496
Montgomery V A Federal Credit Union215 Perry Hill Rd36109(334) 279-9632
Montgomery Va345 Perry Hill Rd36109(334) 272-7790
Navy Federal Credit Union2767 Eastern Blvd36117(888) 842-6328
Tri-Rivers400 Arba St36104(334) 834-7483