Given the price tag of the average new car, it is very tough to obtain a car with no financing. You may elect to arrange a car loan at the time of purchase, but this isn’t always ideal. Rather than spending hours at the dealer or finance company, you can complete an application for a car loan today online.
Let an auto finance expert help you obtain financing, answering your questions at the same time.
Auto Finance Rates in Hartford
Please keep in mind that these rates aren’t advertisements, but estimates at the time of publication. The rate you’re provided may vary substantially from the rates here.
| Credit Score | New Car | Pre-owned Car |
|---|---|---|
| Excellent | 3.0% | 3.3% |
| Good | 4.2% | 4.4% |
| Average | 6.8% | 7.1% |
| Subprime | 9.8% | 9.9% |
| Bad | 13.9% | 14.2% |
| Very Bad | NA | 14.3% |
Used Car Auto Loans in Hartford
Options such as zero percent loans and zero down are available on new cars if you have great credit. Having said that, to put yourself in the best financial position, it’s better to go with a second hand car. The figures speak for themselves.
| Age | Price | Rate | Months | Payment | Interest | Total |
|---|---|---|---|---|---|---|
| New | $17,200 | 6.00% | 60 | $332.52 | $2,751 | $19,951 |
| 1 Year | $13,760 | 7.50% | 60 | $275.72 | $2,783 | $16,543 |
| 2 Years | $11,696 | 7.50% | 60 | $234.36 | $2,366 | $14,062 |
| 3 Years | $9,942 | 7.50% | 60 | $199.21 | $2,011 | $11,953 |
The second it leaves the dealership, a new car or truck loses nearly one quarter of its value, and it continues depreciating year after year. A vehicle that cost $17,200 new won’t be worth but $9,942 after 36 months of ownership. Most loan companies will permit you to finance a used vehicle that’s up to a decade old, sometimes a bit less, and some cap the mileage at 100K miles.
Bad Credit Car Loans in Hartford
Credit rating is a major factor when it comes to approval and interest rate. With a FICO score higher than 700, securing an auto loan should be simple, but approval and interest both become concerns at the lower part of the credit ladder. Fortunately, the internet makes it a lot less complicated for the bad credit consumer.
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On-site financing is a second option, available from Hartford’s buy here pay here car lots. The cons are noteworthy: excessive rates and inflexible terms. You will be happier with an auto loan from a bank or credit union–an option through any conventional dealership. There are lots of advantages: improved interest rates, significantly better service. Plus, if you make your payments on time, an improvement to your credit score.
Go here to apply online.
Limiting Your Interest Rate
Are you stressing that your rate will be too expensive? Does your credit report have any mistakes? These can hurt your credit score quite significantly. You can request your credit report for free through this link. Disputing errors is actually pretty simple. You can do it on your own, or solicit one of the credit repair firms that serves Hartford. Providing a bigger down payment or the addition of a cosigner who’s got a favorable credit record could also reduce your interest rate.
Can a Car Loan Improve Your Credit?
When you need to increase your credit score, an auto loan could actually help–so long as you make your payments as arranged. Please understand that this is a slow process. While the actual rise in your credit score is tough to calculate, the improvement is sizeable.
Hartford Resources
- CT Department of Motor Vehicles: http://www.ct.gov/dmv/site/default.asp
- Connecticut Department of Banking: http://www.ct.gov/dob/site/default.asp
Credit Unions
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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip Code,Telephone” data=”American Eagle,United Technology Corporation Heliport,6103,(860) 728-7947,Connecticut State Employees,84 Wadsworth St,6106,(860) 249-4839,Connecticut Transit,PO Box 4281,6147,(860) 522-8101,Franklin Trust,632 Franklin Ave,6114,(860) 296-4379,Franklin Trust,300 Wethersfield Ave,6114,(860) 524-5151,Franklin Trust,275 Asylum Ave,6103,(860) 296-4379,Franklin Trust,55 Forest St,6106,(860) 296-4379,Greater Hartford Police,50 Jennings Rd,6120,(860) 522-0899,Hartford,964 Asylum Ave,6105,(860) 527-6663,Hartford,244 Trumbull St,6103,(860) 761-0080,Hartford Courant Emp,285 Broad St,6105,(860) 241-6473,Hartford Firefighters,776 Maple Ave,6114,(860) 246-5236,Hartford Healthcare,4 Wethersfield Ave,6114,(860) 547-0027,Hartford Healthcare,85 Jefferson St,6106,(860) 545-3176,Hartford Municipal Employees,443 Franklin Ave,6114,(860) 722-8110,Hartford Municipal Employees,525 Main St,6103,(860) 722-8110,Hartford Postal Employees,141 Weston St,6101,(860) 529-1234,Metropolitan District Employees,PO Box 1348,6143,(860) 560-9036,Metropolitan District Employees,250 Murphy Rd,6114,(860) 560-9036,Nutmeg State,1 American Row,6103,(860) 513-5740,Nutmeg State Federal Credit Union,40 Brainard Rd,6114,(860) 520-6510,Nutmeg State Federal Credit Union,5 W Service Rd,6120,(860) 520-6501″][/tboot_table]
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