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Need to get your credit approved in Yuma? You may elect to make arrangements for your auto loan on the lot; however, this can be very time consuming. To accelerate approval, you can sign up on the web for your auto loan. This is especially helpful for consumers with unfavorable credit ratings, as a range of dealerships and lending companies will consider your credit, a number of of which are experts in problematic credit.

Auto Finance Rates in Yuma

Most lenders don’t supply Yuma auto finance rates based on FICO score. Instead, they showcase the best rate available. In fact, your interest rate can vary greatly based on your credit, among other things. The rates shown below are only for informational purposes. These are not advertisements, and your exact rate will vary.

FICO 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 Auto Loans in Yuma

New cars have the cheapest interest rates. However, it is smart to finance a second hand car, given that the total price will be considerably less. You can finance a solid pre-owned car or truck for half what it costs to finance a brand new one.

Age Price Rate Months Payment Interest Total
New $21,300 6.00% 60 $411.79 $3,407 $24,707
1 Year $17,040 7.50% 60 $341.45 $3,447 $20,487
2 Years $14,484 7.50% 60 $290.23 $2,930 $17,414
3 Years $12,311 7.50% 60 $246.70 $2,490 $14,802

The instant it leaves the dealer lot, a new car loses nearly one quarter of its value, and it continues losing a significant chunk of its value year after year. A car or truck that cost $21,300 new won’t be worth but $12,311 three years later. Listed below are the common restrictions on used vehicle financing:

  • Car not more than 7-10 years old.
  • Mileage no higher than 100,000 miles.
  • Purchased from dealer, not private party.

Bad Credit Car Loans in Yuma

Has your credit been hurt by bankruptcy, foreclosure, or other such issues? With a FICO score of more than 700, you should have no issue getting an auto loan, but approval and interest rate both become issues at the bottom rungs of the credit spectrum. Years ago, lenders were few who would finance consumers with credit problems. Now many loan companies, including some banks and credit unions, have subprime finance units.

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If your credit is pretty lousy, you may be keen on a dealer that advertises buy here pay here financing. The annual percentage rates are borderline criminal, and the cars and trucks are always preowned, often with very high mileage.

Preferably, you’ll want to get your loan through one of the following loan companies:

  • Local bank.
  • Credit union in your area.
  • Vehicle loan company.

A dealer or finance specialist can help you get financed through one of these lenders. The down payments are more affordable, the same as the rates, and the service is far better.

Best of all, you can submit your application online.

Yuma Credit Improvement

Are you stressing that your rate will be too costly? Is your credit report marked by any errors? These can hurt your credit score quite drastically. Many consumers don’t realize that, once per year, you can check your credit report completely free via annualcreditreport.com. Reporting inaccuracies is fairly simple. You can do it yourself, or solicit one of the credit improvement agencies that serves Yuma. Often, adding a cosigner to your loan package could also lessen your interest rate.

Can a Car Loan Improve Your Credit?

An auto loan can improve your credit rating, so long as it meets the following guidelines:

  • It’s not supplied by a buy here pay here dealer.
  • The payments are made in a timely manner, month after month.

There is no direct spike in your FICO score. Rather, it should increase steadily as time goes on. It’s wise to enroll in automatic deduction, in order to make sure you never miss any monthly payments.

Yuma Resources

Credit Unions

Credit UnionLocationZipPhone
A. E. A.1780 S 1st Ave85364(928) 783-8881
A. E. A.11252 S Frontage Rd85367(928) 373-5439
A. E. A.2378 W 24th St85364(928) 783-8881
Navy Federal Credit Union1683 S Arizona Ave85364(888) 842-6328