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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

Credit UnionStreet addressZipTelephone
Altra4811 Zero St72903(479) 648-4383
Altra9900 Aire Cir72916(479) 648-7489
Arkansas7887 Phoenix St72903(501) 982-1000
Arkansas BestPO BOX 1702072917(479) 649-2060
Arkansas Best3501 Old Greenwood Rd72903(479) 649-2060
Arkansas Federal Credit Union7887 Phoenix Ave72903(479) 782-1000
Fort Smith Dixie Cup4411 Midland Blvd72904(479) 782-3133
Fort Smith Municipal Emp520 N Greenwood Ave72901(479) 783-0001
Fort Smith TeachersP. O. Box 360672913(479) 783-0611
Fort Smith Teachers5501 Euper Ln72903(479) 783-0611
Fort Smith Teachers Federal Credit Union5318 Kinkead Ave72904(479) 783-0611
Gerber4301 Harriet Ave72904(479) 784-5206
Member Service Federal Credit Union2218 S 57th St72903(479) 452-5266
Rheem Arkansas4301 Regions Park Dr #5a72916(479) 242-2771
Rheem Arkansas4301 Regions Park Dr72916(479) 242-2771
Rheem Credit Union5600 Old Greenwood Rd72908(479) 648-4693
River TownPO BOX 30572902(479) 784-5600
River Town1001 S 21st St72901(479) 784-5600
St. Edward Mercy HospitalP.O. Box 1700072917(479) 314-6095
United5800 Rogers Ave72903(479) 646-0114
United8900 Jenny Lind Rd72908(479) 646-0114