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.
[ad]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
- Alaska DMV: http://doa.alaska.gov/dmv/
- Division of Banking and Securities: https://www.commerce.alaska.gov/web/dbs/
Credit Unions
Credit Union | Street address | Zip | Phone |
---|---|---|---|
Advancial | 900 E Benson Blvd Ste LR-101 | 99508 | (907) 564-4807 | Advancial | 700 G St #199 | 99501 | (907) 258-5884 | Advancial Federal Credit Union | 700 G St | 99501 | (907) 258-5884 | Alaska Airlines Employees Federal Credit Union | 1048 E International Airport Rd | 99503 | (907) 563-5335 | Alaska Airlines/Horizon Air Employe | 1048 W International Airport Rd | 99518 | (907) 563-5335 | Alaska Dist Engineers | 2204 Third Street Suite 10 | 99506 | (907) 753-5118 | Alaska District Engineers Federal Credit Union Eafb | 2204 3rd Street | 99506 | (907) 753-5118 | Alaska Usa | PO Box 196613 | 99519 | (907) 786-2751 | Alaska Usa | A St & 1st St | 99505 | (907) 428-1212 | Alaska Usa | 4846 Westover | 99506 | (907) 753-3003 | Alaska Usa | 2000 W Dimond Blvd | 99515 | (907) 341-6200 | Alaska Usa | 1000 E Northern Lights Blvd | 99508 | (907) 646-7776 | Alaska Usa | 2300 Abbott Rd | 99507 | (907) 644-4718 | Alaska Usa | 2600 Debarr Rd | 99508 | (907) 786-2067 | Alaska Usa | 125 W Dimond Blvd | 99518 | (907) 344-1233 | Alaska Usa | 7575 Debarr Rd | 99504 | (907) 770-7260 | Alaska Usa | 12222 Industry Way | 99515 | (907) 345-2421 | Alaska Usa | 777 Juneau St | 99501 | (907) 786-2946 | Alaska Usa | 7701 Debarr Rd | 99504 | (907) 929-8008 | Alaska Usa | 310 E Northern Lights Blvd | 99503 | (907) 278-4242 | Alaska Usa | 4000 Credit Union Dr | 99503 | (907) 786-2751 | Alaska Usa | 1650 W Northern Lights Blvd | 99517 | (907) 646-9357 | Alaska Usa Federal Credit Union | 11925 Old Glenn Highway Eagle | 99505 | (907) 694-4960 | Alaska Usa Federal Credit Union | 6311 Debarr Rd | 99504 | (907) 332-2506 | Alaska Usa Federal Credit Union | 7725 Old Seward Hwy | 99518 | (907) 522-5775 | Alaska Usa Insurance Brokers | 500 W 36th Ave | 99503 | (907) 561-1250 | Alaska Usa Mortgage Company | 471 W 36th Ave #100 | 99503 | (907) 563-3033 | Credit Union 1 | 1941 Abbott Rd | 99507 | (907) 339-9485 | Credit Union 1 | 1700 Hillcrest Dr | 99517 | (907) 339-9485 | Credit Union 1 | 222 W 7th Ave | 99513 | (907) 339-9485 | Credit Union 1 | 3525 Eureka St | 99503 | (907) 339-9485 | Credit Union 1 | 11544 Business Blvd | 99577 | (907) 339-9485 | Credit Union 1 | 824 W 8th Ave | 99501 | (907) 339-9485 | Credit Union 1 | 8935 Old Seward Hwy | 99515 | (907) 339-9485 | Credit Union 1 | 4020 Debarr Rd | 99508 | (907) 339-9485 | Credit Union 1 | 115 N Bragaw St | 99508 | (907) 339-9485 | Credit Union 1 | 3500 Eide St | 99503 | (907) 786-2222 | Denali Alaskan | 440 E 36th Ave | 99503 | (907) 257-7200 | Denali Alaskan | 4000 W Dimond Blvd #180 | 99502 | (907) 257-7200 | Denali Alaskan | 1501 E Huffman Rd #8 | 99515 | (907) 257-7200 | Denali Alaskan | 632 W 6th Ave #100 | 99501 | (907) 257-7200 | Denali Alaskan | 1725 Abbott Rd | 99507 | (907) 257-7200 | Denali Alaskan | 3101 Penland Pkwy | 99508 | (907) 257-7200 | Denali Alaskan | 8900 Old Seward Hwy | 99515 | (907) 257-7200 | Denali Alaskan | 3020 Minnesota Dr | 99503 | (907) 257-7200 | Denali Alaskan Federal Credit Union | 632 W 6th Ave | 99501 | (907) 257-7200 | Mac Federal Credit Union | 2835 Kristen Cir | 99507 | (907) 869-3400 | Matanuska Valley | 11800 Business Blvd | 99577 | (907) 745-4891 | Matanuska Valley Federal Credit Union | 11800 Business Boulevard | 99577 | (907) 694-4891 | Member Service Outside Anchorage | 4845 Westover Ave | 99501 | (907) 563-4567 | Northern Skies | 400 W Benson Blvd | 99503 | (907) 561-1407 | Northern Skies | 1000 O'Malley Rd #109 | 99515 | (907) 561-1407 | True North | 341 W Tudor Rd #100 | 99503 | (907) 771-4777 |