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For the majority of people in Oakland, a loan is required to purchase any new or used vehicle. Unfortunately, arranging a car loan can be a daunting process, robbing all the fun from buying a car. If you need to secure the least expensive rate of interest possible, we can help.

You could be behind the wheel of a new car in no time flat.

Auto Loan Rates in Oakland

These interest rates are only for informational purposes. They aren’t advertisements. Exact rates differ.

Credit Score New Car Pre-owned Car
Excellent 3.2% 3.7%
Good 4.6% 5.7%
Average 6.5% 8.5%
Subprime 9.4% 10.8%
Bad 14.1% 16.5%
Very Bad 15.6% 18.4%

Make sure you know what your credit score is. Many loan providers use an automotive-specific credit score unavailable to consumers, but it’s easy to check your credit scores.

Used Car Financing in Oakland

As consumers, we’re under continuous barrage by advertising for new cars and trucks. Mind you, it is smart to finance a pre-owned vehicle, since the sum total will be substantially less. Check out the comparison below.

Age Price APR Months Payment Interest Total Cost
New $28,600 6.00% 60 $552.92 $4,575 $33,175
1 Year $22,880 7.50% 60 $458.47 $4,628 $27,508
2 Years $19,448 7.50% 60 $389.70 $3,934 $23,382
3 Years $16,531 7.50% 60 $331.24 $3,344 $19,875

In only one full year of driving, the $28,600 new car is worth only $22,880, and only $16,531 after 36 months. Let’s consider the typical restrictions on used vehicle financing:

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

Bad Credit Car Loans in Oakland

Your credit score is the very first thing loan providers review when determining whether to approve you financing. It’s a well-known fact: the higher your credit score is, the lower your interest rate will be. Fortunately, we know of loan providers who serve individuals with unfavorable credit ratings.

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Many consumers end up resorting to buy here pay here dealerships in Oakland that don’t check a buyer’s credit. No credit checks come at a price: excessively high interest rates, stringent terms, and overpriced vehicles. You will be better off getting financed by a traditional bank or credit union. There are lots of benefits: cheaper rates, better service, and if you make your payments on schedule, a boost to your FICO score.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

With time, the payments made on an auto loan can bump up your credit score . Buy here pay here car dealers rarely ever report to the credit reporting agencies, so your credit score will not go up. Even though the actual improvement in your credit score isn’t easy to estimate, the improvement is substantial.

Oakland Resources

Credit Unions

Credit UnionAddressZipTelephone
1St United Services1225 Fallon St94612(800) 649-0193
1St United Services5112 Broadway94618(800) 649-0193
ChevronP.O. BOX 206994604(800) 232-8101
Chevron475 14th St 9th FL94612(800) 232-8101
East Bay PostalPO Box 239894614(510) 568-7150
East Bay Postal480 Roland Way94621(510) 568-7150
Hanin2633 Telegraph Ave94612(510) 663-2633
Ilwu - Fsc237 Fallon St94607(510) 451-1600
Matson Employees555 12th St94607(510) 628-4358
Patelco1301 Clay St #270n94612(510) 622-8360
Patelco1200 Clay St #13094612(510) 302-2820
Patelco360 22nd St94612(510) 817-5000
Provident8301 Edgewater Dr94621(510) 632-4847
Safeamerica1939 Harrison St #10094612(510) 251-2403
Sea West Coast GuardP. O. BOX 494994605(510) 568-4100
Self-Help1432 7th St94607(510) 267-0450
Taylor Memorial United Methodist1188 12th St94607(510) 465-1734
Utility District375 11th St #20394607(510) 287-0467
Western433 Hegenberger Rd94621(877) 254-9328
Western150 Frank H Ogawa Plaza94612(877) 254-9328