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For the majority of Little Rock car-buyers, a car loan is required to purchase a new car or truck. Unfortunately, obtaining such a loan can be a major aggravation, especially if your credit isn’t great. To improve the process, you can submit an application online for financing. This is particularly worthwhile for people who’ve got poor credit, as a selection of dealerships will consider your application, many of which are experts in special finance scenarios.

Car Loan Rates in Little Rock

These rates are for informational purposes only. They are not advertisements. Your exact interest rate will depend on several factors, which include lender, down payment, monthly income, type of vehicle, etc.

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

Knowing your FICO score can prevent you from being overcharged. Many loan companies use an auto-specific credit score that’s not available to consumers, but you can go here to check your tri-bureau score–it may help you establish what your interest rate should be.

Used Car Loans in Little Rock

You’ll find that the interest rates for a used car or truck are greater than the rates for a brand new one. However, used vehicles are more economical in the long run, and they depreciate less. Below, we examine the costs of a loan for a car that is new versus one, two, or three years old.

Age Price APR Months Payment Interest Total Cost
New $22,200 6.00% 60 $429.19 $3,551 $25,751
1 Year $17,760 7.50% 60 $355.87 $3,592 $21,352
2 Years $15,096 7.50% 60 $302.49 $3,054 $18,150
3 Years $12,832 7.50% 60 $257.12 $2,596 $15,427

Once it leaves the dealer lot, a new car loses as much as 25% of its value, and it continues depreciating every year. A car or truck that cost $22,200 when new will be worth around $12,832 after 36 months of ownership. Most companies will let you finance a used vehicle that’s up to 10 years old, sometimes a bit less, and some have a mileage cap of 100,000 miles.

Poor Credit Auto Loans in Little Rock

Are you struggling with a FICO rating of less than 620? Improved FICO scores generally lead to decreased rates of interest, but it’s considerably more complex than that. In decades past, companies were few who would fund auto loans for people with bad credit. Now many finance companies, not to mention some banks, have special finance departments.


Many buyers with non-prime credit end up at one of Little Rock’s buy here pay here dealerships. These dealers offer in-house car loans, without credit assessment. The cons are significant, such as extravagant rates of interest and inflexible terms.

Instead, it’s smart to apply for financing online. This is how many individuals get financed, and it’s a lot cheaper over the long haul.

Contact an auto finance professional in your area today.

Minimizing Your Interest

If you would like to minimize your interest rate, you have a number of options. Repairing any credit report discrepancies can boost your credit score a lot. Many people don’t know that, once each year, you can check your credit report for free via Generally, it takes 1-2 months to get any inaccuracies resolved, after which time you may see an improvement in your credit score. Other things that might reduce your interest rate:

  • Getting a parent or relative to cosign the loan.
  • Supplying a larger down payment.
  • Obtaining a new vehicle.

No Down Payment Financing in Little Rock

Down payments are normally a necessity whenever you finance a car. Zero down finance deals, like zero percent financing packages, are typically available only to individuals with outstanding credit. Having no down payment raises your interest rate. If you have excellent credit, this is a smaller concern, as your rate won’t go up that much. If you have less-than-perfect credit, such a high interest loan is never the best idea. You are better off saving money for a down payment, or trading your old vehicle for equity.

Little Rock Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip,Telephone” data=”Ark Credit Union League,1023 W Capitol Ave,72201,(501) 376-6508,Arkansas,1221 S Shackleford Rd,72211,(501) 982-1000,Arkansas,1001 W Capitol Ave,72201,(501) 982-1000,Arkansas,2801 S University Ave,72204,(501) 982-1000,Arkansas Democrat – Gazette,123 E Capitol Ave,72201,(501) 378-3421,Arkansas Education Association,1500 W 4th St,72201,(501) 375-3792,Arkansas Employees,306 S Cross St,72201,(501) 374-8346,Arkansas Employees Federal Credit Union,306 South Crossing Street,72201,(501) 374-8346,Arkansas Farm Bureau,PO Box 31,72203,(501) 228-1504,Arkansas Teachers,P. O. Box 2518,72203,(501) 375-9250,Arkansas Teachers,600 S Chester St,72201,(501) 375-9250,Arkansas Teachers Credit Union,1001 Wright Ave,72206,(501) 375-9250,Baptist Health,9000 Kanis Rd,72205,(501) 202-2373,Baptist Health,9601 I-630 Exit 7,72205,(501) 202-2255,Baptist Health – Federal Credit Union,9601 Interstate 630 Exit,72205,(501) 202-2373,Chartway,4001 N Rodney Parham Rd,72212,(757) 552-1000,College Station Community Development Credit Union,4000 Gray Rd,72206,(501) 490-0646,Cooperative Extension Service,2301 S University Ave,72204,(501) 671-2037,Democrat P & L,6401 Lindsey Rd,72206,(501) 375-5873,Democrat P & L Federal Credit Union,902 Cumberland St,72202,(501) 375-5873,Dillard’S,PO Box 3335,72203,(501) 340-2300,Dillard’S,1600 Cantrell Rd,72201,(501) 340-2300,Electric Cooperatives,P.O. Box 194208,72219,(501) 570-2396,Electric Cooperatives,1 Cooperative Way,72209,(501) 570-2396,Engineers,PO BOX 867,72203,(501) 324-5538,Engineers,700 W Capitol Ave,72201,(501) 324-5538,L R F D,8615 Chicot Rd,72209,(501) 568-1001,Little Rock Teachers Federal Credit Union,100 S Arch St,72201,(501) 374-7119,Member Service Federal Credit Union,7920 Interstate 30,72209,(501) 565-0179,Southern Gas,PO BOX 2600,72203,(501) 377-4675,Southern Gas,2205 E Roosevelt Rd,72206,(501) 377-4675,Telcoe,PO BOX 34200,72203,(501) 375-5321,Telcoe,820 Louisiana St,72201,(501) 375-5321,Telcoe,100 S University Ave,72205,(501) 375-5321,Truservice Community,P. O. Box 25636,72221,(501) 225-3636,Truservice Community,11001 Hermitage Rd,72211,(501) 225-3636,Truservice Community Federal Credit Union,1414 N Shackleford Rd,72211,(501) 225-3636,Uark,4301 W Markham St,72205,(501) 686-6418,United Arkansas,8405 Interstate 30,72209,(501) 565-8500,United Arkansas,301 N Shackleford Rd,72211,(501) 228-3000,Va Hospital,4300 W 7th St,72205,(501) 661-1938″][/tboot_table]