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These days, it’s very challenging to purchase a new car if you aren’t eligible for a car loan or lease. Whether you’re approved for financing, and what rate of interest you are charged, depends primarily on your credit score. Other elements include:

  • Where you live (El Dorado)
  • Income
  • Money down
  • Occupational history

We make it possible to arrange a car loan online, at an affordable rate of interest, regardless of your credit.

Experience the convenience of having a local El Dorado finance professional assist you through the purchasing process. On top of that, it’s free to apply.

Auto Loan Rates in El Dorado

These rates are only for informational purposes. They aren’t advertisements. Factors that impact your exact interest rate include your credit rating, where you live, your occupational history, the type of vehicle (new or used), and the length of your loan.

FICO Rating New Car Used Car
Excellent 3.0% 3.3%
Good 4.3% 4.7%
Average 7.4% 8.4%
Subprime 12.4% 13.5%
Bad 19.1% 19.6%
Very Bad NA NA

Used Car Financing in El Dorado

New vehicles have the most affordable rates. Elevated rates of interest for used cars, however, are balanced out by smaller down payments, monthly payments, and insurance costs. Check out the table below, depicting the various costs of auto loans for new versus pre-owned cars and trucks.

Age Price APR Months Payment Interest Total
New $29,000 6.00% 60 $560.65 $4,639 $33,639
1 Year $23,200 7.50% 60 $464.88 $4,693 $27,893
2 Years $19,720 7.50% 60 $395.15 $3,989 $23,709
3 Years $16,762 7.50% 60 $335.88 $3,391 $20,153

A pre-owned vehicle is an excellent option, regardless of whether you’re getting a loan or not. In most cases, you can get an auto loan for a vehicle that’s up to a decade old. Mileage limitations may apply.

Bad Credit Auto Loans in El Dorado

Your credit score is extremely important when financing a car. Generally, if you’ve got below-average credit, an interest rate of less than 10% isn’t a possibility. Fortunately, there are banks and lenders who cater to individuals with non-prime credit.


Buy here pay herecar lots are a second option. While you might not have trouble when it comes to approval, you’ll pay a king’s ransom for the opportunity. Instead, it’s smart to search for the loan you need on the web. A regular loan provider will report to the credit agencies, so your credit score will improve as long as you keep making your payments as agreed.

Go here to apply online.

Minimizing Your Rate of Interest

There are quite a few strategies to lower your rate of interest. First of all, you should address any errors on your credit report. Fortunately, it’s free to check your credit report annually at Fixing any mistakes–a relatively easy process–could really improve your credit score. Occasionally, putting a cosigner on your finance package could also reduce your rate of interest.

Can a Car Loan Improve Your Credit?

Over time, the payments you make financing a car can heighten your credit score . Please understand that this is a slow process. Though the actual rise in your credit score is hard to estimate, the increase is significant.

El Dorado Resources

Credit Unions


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