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Most of us purchase our cars with a loan, as this allows for monthly installments. When you have top-notch credit, this is an easy process. For those who have poor credit, however, it can be an absolute headache. A lot of finance professionals advocate obtaining your financing in advance. You could be driving of a new car before you know it.

Car Loan Rates in Ft Smith

What will your interest rate be? The reality is, your rate of interest can vary greatly based on your credit score, plus other factors. The rates displayed below are only for informational purposes. They’re not advertisements, and your precise rate will vary.

Credit Score New Car Pre-owned 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 Ft Smith

Pre-owned cars are less expensive, but the interest rates are a little bit more expensive compared to brand new vehicles. Still, a second hand auto loan has a great deal of advantages, which includes:

  • Only 10% required down.
  • More affordable purchase price.
  • Reduced risk of negative equity.

You can finance a low-mile pre-owned car or truck for a small fraction of what it costs to finance a brand new one.

Age Price APR Months Payment Interest Total
New $32,000 6.00% 60 $618.65 $5,119 $37,119
1 Year $25,600 7.50% 60 $512.97 $5,178 $30,778
2 Years $21,760 7.50% 60 $436.03 $4,402 $26,162
3 Years $18,496 7.50% 60 $370.62 $3,741 $22,237

For many of us, a second hand vehicle is a much better option. Most loan companies will let you finance a pre-owned vehicle up to a decade old, sometimes a little less, and some have a mileage cap of 100K miles.

Poor Credit Auto Loans in Ft Smith

Generally, promotions like zero down are unthinkable if you have below-average credit. With a credit score of 680 or higher, obtaining a car loan ought to be easy, but approval and annual percentage rate both become concerns if you’ve got unfavorable credit ratings. Usually, it’s a good idea to deal with a specialist who can direct you through the process.


If your credit is in pretty bad shape, you may be tempted to work with a dealership that advertises buy here pay here financing. While you probably won’t have problems getting approved, you’ll pay a king’s ransom for the privilege.

Almost always, it’s better to deal with a regular old bank, credit union, or finance company. This is how a lot of consumers get approved these days, and it’s substantially less expensive over the long haul.

Contact an auto finance professional in your area today.

Ft Smith Credit Restoration

Are you concerned that your interest will be too high? First of all, you’ll want to address any discrepancies on your credit report. Fortunately, it’s free to check your credit report annually at

Reporting discrepancies is actually pretty easy. You can do it yourself, or engage one of the credit repair agencies that serves Ft Smith. Supplying a more substantial down payment or the addition of a cosigner who’s got a favorable credit record may also reduce your rate of interest.

Can a Car Loan Improve Your Credit?

Financing a car can be an effective method of increasing your credit score, but you have to make sure that you make your payments in a timely manner. There isn’t any direct increase in your credit score. Rather, it should increase little by little with your payments. Although the actual boost in your credit score is tough to calculate, the improvement is substantial.

Ft Smith Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip,Telephone” data=”Altra,4811 Zero St,72903,(479) 648-4383,Altra,9900 Aire Cir,72916,(479) 648-7489,Arkansas,7887 Phoenix St,72903,(501) 982-1000,Arkansas Best,PO BOX 17020,72917,(479) 649-2060,Arkansas Best,3501 Old Greenwood Rd,72903,(479) 649-2060,Arkansas Federal Credit Union,7887 Phoenix Ave,72903,(479) 782-1000,Fort Smith Dixie Cup,4411 Midland Blvd,72904,(479) 782-3133,Fort Smith Municipal Emp,520 N Greenwood Ave,72901,(479) 783-0001,Fort Smith Teachers,P. O. Box 3606,72913,(479) 783-0611,Fort Smith Teachers,5501 Euper Ln,72903,(479) 783-0611,Fort Smith Teachers Federal Credit Union,5318 Kinkead Ave,72904,(479) 783-0611,Gerber,4301 Harriet Ave,72904,(479) 784-5206,Member Service Federal Credit Union,2218 S 57th St,72903,(479) 452-5266,Rheem Arkansas,4301 Regions Park Dr #5a,72916,(479) 242-2771,Rheem Arkansas,4301 Regions Park Dr,72916,(479) 242-2771,Rheem Credit Union,5600 Old Greenwood Rd,72908,(479) 648-4693,River Town,PO BOX 305,72902,(479) 784-5600,River Town,1001 S 21st St,72901,(479) 784-5600,St. Edward Mercy Hospital,P.O. Box 17000,72917,(479) 314-6095,United,5800 Rogers Ave,72903,(479) 646-0114,United,8900 Jenny Lind Rd,72908,(479) 646-0114″][/tboot_table]