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For lots of car-buyers, getting financed is the main impediment to obtaining the car or truck they really want. Often, car loans are arranged on the day of purchase, but this can be a very frustrating process. Most financial professionals advocate obtaining your auto loan in advance, which provides the following advantages:

  • Less time wasted at the car lot.
  • Reduced interest rates.
  • Greater negotiating power.

An auto loan expert can direct you step by step through the process, ensuring you obtain the financing you need from a finance company you can trust.

Car Loan Rates in Anchorage

Please keep in mind that the rates below are not advertisements, but instead estimates at the time of publication. Exact rates differ.

FICO Rating New Car Pre-owned Car
Excellent 3.2% 2.9%
Good 4.6% 4.2%
Average 6.4% 6.1%
Subprime 9.3% 8.2%
Bad 12.9% NA
Very Bad 14.7% NA

You ought to know what your FICO score is. You can check your score here.

Used Auto Loans in Anchorage

New vehicles have the most competitive rates. However, used cars and trucks are less expensive in the end, and they don’t depreciate as fast. The numbers speak on their own.

Age Price Rate Months Payment Interest Total
New $16,250 6.00% 60 $314.16 $2,599 $18,849
1 Year $13,000 7.50% 60 $260.49 $2,630 $15,630
2 Years $11,050 7.50% 60 $221.42 $2,235 $13,285
3 Years $9,393 7.50% 60 $188.21 $1,900 $11,292

As you have seen, the car bought new for $16,250 will only be worth $9,393 after 36 months. Most companies will allow you to finance a used car up to eight years old, and some cap the mileage at 100K miles.

Poor Credit Auto Loans in Anchorage

Bad credit has become a serious difficulty for consumers in Anchorage, and all through Alaska. More often than not, the better your credit, the lower your annual percentage rate. In decades past, there were few finance companies who would approve car loans for people with bad credit. Now many finance companies, not to mention some banks, have special finance units.

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Of course, you’ll need to be wary of unethical finance companies. This is especially the truth if you end up with a buy here pay here car dealership. Clearly, your credit will not be an issue, but you will wind up forking over a boatload in interest for a high mileage vehicle.

Instead, we recommend that you look for the loan you need on the web. The down payments are lower, as are the interest rates, and the service is commonly a good bit better.

Go here to apply online.

Decreasing Your Annual Percentage Rate

Although your interest will be based on your credit scores, there are things that can be done to make your auto loan more affordable. Resolving any credit report mistakes can improve your credit score significantly. Fortunately, you can check your credit once a year, cost free, at annualcreditreport.com.

Disputing inaccuracies is relatively easy. You can do it yourself, or enlist one of the credit restoration companies that serves Anchorage. In some cases, including a cosigner with your loan package could also lower your annual percentage rate.

Zero Down Financing in Anchorage

The money needed to finance a new vehicle can be as much or even more than the price of a pre-owned vehicle. When you’ve got first-class credit, the majority of loan creditors will not demand a down payment. If your credit is just fair, however, a down payment of 10-20% is typically needed. The lack of a down payment raises your rate of interest. For people with exceptional credit, this isn’t so much a concern, as your rate is affordable already. If you have bad credit, on the other hand, your rate could increase a whole lot. It’s smarter to save for a down payment or exchange your old vehicle for equity.

Anchorage Resources

Credit Unions

Credit UnionStreet addressZipPhone
Advancial900 E Benson Blvd Ste LR-10199508(907) 564-4807
Advancial700 G St #19999501(907) 258-5884
Advancial Federal Credit Union700 G St99501(907) 258-5884
Alaska Airlines Employees Federal Credit Union1048 E International Airport Rd99503(907) 563-5335
Alaska Airlines/Horizon Air Employe1048 W International Airport Rd99518(907) 563-5335
Alaska Dist Engineers2204 Third Street Suite 1099506(907) 753-5118
Alaska District Engineers Federal Credit Union Eafb2204 3rd Street99506(907) 753-5118
Alaska UsaPO Box 19661399519(907) 786-2751
Alaska UsaA St & 1st St99505(907) 428-1212
Alaska Usa4846 Westover99506(907) 753-3003
Alaska Usa2000 W Dimond Blvd99515(907) 341-6200
Alaska Usa1000 E Northern Lights Blvd99508(907) 646-7776
Alaska Usa2300 Abbott Rd99507(907) 644-4718
Alaska Usa2600 Debarr Rd99508(907) 786-2067
Alaska Usa125 W Dimond Blvd99518(907) 344-1233
Alaska Usa7575 Debarr Rd99504(907) 770-7260
Alaska Usa12222 Industry Way99515(907) 345-2421
Alaska Usa777 Juneau St99501(907) 786-2946
Alaska Usa7701 Debarr Rd99504(907) 929-8008
Alaska Usa310 E Northern Lights Blvd99503(907) 278-4242
Alaska Usa4000 Credit Union Dr99503(907) 786-2751
Alaska Usa1650 W Northern Lights Blvd99517(907) 646-9357
Alaska Usa Federal Credit Union11925 Old Glenn Highway Eagle99505(907) 694-4960
Alaska Usa Federal Credit Union6311 Debarr Rd99504(907) 332-2506
Alaska Usa Federal Credit Union7725 Old Seward Hwy99518(907) 522-5775
Alaska Usa Insurance Brokers500 W 36th Ave99503(907) 561-1250
Alaska Usa Mortgage Company471 W 36th Ave #10099503(907) 563-3033
Credit Union 11941 Abbott Rd99507(907) 339-9485
Credit Union 11700 Hillcrest Dr99517(907) 339-9485
Credit Union 1222 W 7th Ave99513(907) 339-9485
Credit Union 13525 Eureka St99503(907) 339-9485
Credit Union 111544 Business Blvd99577(907) 339-9485
Credit Union 1824 W 8th Ave99501(907) 339-9485
Credit Union 18935 Old Seward Hwy99515(907) 339-9485
Credit Union 14020 Debarr Rd99508(907) 339-9485
Credit Union 1115 N Bragaw St99508(907) 339-9485
Credit Union 13500 Eide St99503(907) 786-2222
Denali Alaskan440 E 36th Ave99503(907) 257-7200
Denali Alaskan4000 W Dimond Blvd #18099502(907) 257-7200
Denali Alaskan1501 E Huffman Rd #899515(907) 257-7200
Denali Alaskan632 W 6th Ave #10099501(907) 257-7200
Denali Alaskan1725 Abbott Rd99507(907) 257-7200
Denali Alaskan3101 Penland Pkwy99508(907) 257-7200
Denali Alaskan8900 Old Seward Hwy99515(907) 257-7200
Denali Alaskan3020 Minnesota Dr99503(907) 257-7200
Denali Alaskan Federal Credit Union632 W 6th Ave99501(907) 257-7200
Mac Federal Credit Union2835 Kristen Cir99507(907) 869-3400
Matanuska Valley11800 Business Blvd99577(907) 745-4891
Matanuska Valley Federal Credit Union11800 Business Boulevard99577(907) 694-4891
Member Service Outside Anchorage4845 Westover Ave99501(907) 563-4567
Northern Skies400 W Benson Blvd99503(907) 561-1407
Northern Skies1000 O'Malley Rd #10999515(907) 561-1407
True North341 W Tudor Rd #10099503(907) 771-4777