My Car Lender
 

Home / Finance / Colorado Auto Finance

 

Nine out of ten new vehicles are financed or leased. In most cases, the loan company retains a lien on the car or truck while you’re repaying the loan. They’ll expect you to carry full coverage insurance during this time, to make sure that you will have the funds to pay the remaining loan balance in the case of any sort of accident. Rather than trekking from one bank to the next, applying for loans, you can apply one time through our site. This is especially useful for consumers with a low credit score, as a variety of dealerships will consider financing you, a good number of of which specialize in special finance scenarios.

Car Loan Rates in Colorado

Few banks, credit unions, and auto loan websites display auto loan rates in Colorado based on FICO score. Instead, they showcase the cheapest rate available. In fact, your annual percentage rate can vary hugely based on your FICO score, among a variety of other factors. The rates shown below are only for informational purposes. They aren’t advertisements, and your precise rate will vary.

Credit Rating New Car Pre-owned Car
Excellent 3.1% 3.2%
Good 4.7% 4.6%
Average 6.8% 6.8%
Subprime 10.1% 9.8%
Bad 14.9% 16.4%
Very Bad 16.3% 18.0%

Have you checked your credit score lately? You probably ought to. We advise this site, where you can check your score at no cost.

Used Car Loans in Colorado

Car makers are mainly interested in selling brand new vehicles. If building wealth is important to you, however, you’ll go with a second hand car. Have a look at the comparison below, illustrating the different costs of car loans for new versus pre-owned cars and trucks.

Age Price APR Months Payment Interest Total Cost
New $27,250 6.00% 60 $526.82 $4,359 $31,609
1 Year $21,800 7.50% 60 $436.83 $4,410 $26,210
2 Years $18,530 7.50% 60 $371.30 $3,748 $22,278
3 Years $15,751 7.50% 60 $315.61 $3,186 $18,936

It’s possible to buy an excellent car for the money if you don’t mind a pre-owned car. Auto loans for used vehicles come with slightly higher rates, but in many cases, you only need 10% down, and the insurance costs are less costly.

Poor Credit Auto Loans in Colorado

Right off the bat, loan providers review when considering you for financing. The better your credit score is, the more options you will have. Most of the time, it’s smart to consult a professional who can take you through the process. Buy here pay heredealerships are another option. No credit checks come at a price: inflated rates, rigid terms, and overpriced vehicles.

If you can, you’ll want to get your finance package through one of the below loan providers:

  • Bank.
  • Credit union for which you’re eligible.
  • Vehicle loan company.

A dealership or finance specialist will help you secure financing from one of these loan providers. The down payments are less expensive, as well as the rates, and the service is typically much superior.

Go here to apply online.

Colorado Resources