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Almost all new vehicles are bought with loans or leased. Often, your financing will be arranged in the dealer’s office, but this can be a very long-drawn-out process. To speed up approval, you can apply online for your car loan.

This is especially useful for people who have bad credit, as a variety of dealerships and creditors will consider funding your loan, many of which specialize in special finance scenarios.

Car Loan Rates in Arizona

The majority of financial institutions only advertise the best rate they have, only available to people with superior credit scores. Truth be told, your annual percentage rate can vary hugely based on your credit score, among other variables. The rates displayed below are only for informational purposes. They aren’t advertisements, and your precise rate could be very different.

Credit Score New Car Pre-owned Car
Excellent 3.4% 3.9%
Good 4.8% 5.7%
Average 6.6% 8.2%
Subprime 9.3% 10.6%
Bad 14.4% 16.7%
Very Bad 17.1% 19.0%

Used Car Loans in Arizona

Yes, the loan rates for a pre-owned car or truck are more expensive than the rates for a brand new one. Having said that, new cars lose value so quickly, used cars are usually the better value. Below, we look at the cost of a loan for a car that’s brand new versus a few years old.

Years Old Price Rate Months Payment Interest Total
New $30,800 6.00% 60 $595.45 $4,927 $35,727
1 Year $24,640 7.50% 60 $493.74 $4,984 $29,624
2 Years $20,944 7.50% 60 $419.67 $4,236 $25,180
3 Years $17,802 7.50% 60 $356.72 $3,601 $21,403

Interested in pre-owned car? Used car loans come with slightly higher rates of interest, but in many cases, you only need 10% down, and the insurance premiums are less expensive.

Poor Credit Auto Loans in Arizona

Your FICO score is of utmost importance when financing a car. With a credit score of more than 700, securing financing should be a snap, but approval and interest both become issues at the lower part of the credit ladder. Years ago, loan providers were few who would grant car loans for people with credit problems. Now many loan companies, as well as some banks and credit unions, have special finance divisions. On the spot loans are another option, available from Arizona’s buy here pay here car dealers. Clearly, your credit will not be a worry at this kind of place, but you will end up shelling out a considerable amount in interest for an outdated vehicle. As a rule, it’s better to deal with a local bank or loan company. The benefits are countless: improved rates of interest, improved service. And, if you make your payments on schedule, an increase to your credit score.

Contact an auto finance professional in your town today.

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