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For many car-shoppers, the auto loan is the main impediment to buying the car or truck they desire. Typically, the lender has a lien on the car or truck until it’s paid off. You’re required to carry comprehensive insurance, to make sure that you will have the funds to repay the loan in case of a major accident. To help speed up approval, you can apply online for your auto loan. Lending companies and dealerships will compete to finance your credit, putting you in charge of the finance process.

Auto Finance Rates in Panama City

The rates below are not advertisements, but estimations to give you an idea of what rate of interest can be expected given your location and your FICO score. Your precise rate could differ appreciably from the interest rates right here.

Credit Rating New Car Pre-owned Car
Excellent 3.2% 3.3%
Good 4.4% 4.5%
Average 6.1% 6.0%
Subprime 9.0% 9.4%
Bad 13.4% 14.1%
Very Bad 13.8% 15.5%

Knowing your FICO score can prevent you from being overcharged. You will find loads of ways to check your credit. Here’s one of the best to do so: link.

Used Car Loans in Panama City

Options like zero percent financing and zero money down can be found on new cars when you have terrific credit. Savvy consumers, however, usually buy used cars. Have a look at the comparison below.

Years Old Price APR Months Payment Interest Total Cost
New $29,600 6.00% 60 $572.25 $4,735 $34,335
1 Year $23,680 7.50% 60 $474.50 $4,790 $28,470
2 Years $20,128 7.50% 60 $403.32 $4,071 $24,199
3 Years $17,109 7.50% 60 $342.83 $3,461 $20,570

After only a year of driving, the $29,600 new car is worth only $23,680, and only $17,109 after three years. Generally, you can finance a vehicle that’s up to ten years old. Mileage constraints may apply.

Bad Credit Car Loans in Panama City

For the most part, lenders favor consumers with exceptional credit scores, as car loans involve a great deal of money. In simple terms, if you’ve got a low credit score, an APR of less than 10% isn’t in the cards. Although less-than-perfect credit always leads to a more expensive rate of interest, you can now request quotes from a range of loan providers online.


It’s best to avoid going to a no credit check car dealership. These buy here pay here dealers are known for aggressive sales tactics. No credit checks come at a price: excessive rates, stringent terms and conditions, and limited vehicles. Instead, it is recommended that you apply for financing online. An established bank or finance company will report your progress to the credit bureaus, meaning your credit score will increase as long as you keep making your payments as agreed.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

A large proportion of your credit score is based on payment history. Paying off an auto loan builds out that payment history, boosting your credit score at the same time. Please keep in mind that this is a step by step process. It’s a good idea to sign up for automatic bill-pay, in order to make sure you never forget any monthly payments.

Panama City Resources

Credit Unions

Credit UnionStreet addressZip CodePhone
BayP O Box 223932402(850) 785-6103
Bay601 N Hwy 23132405(850) 785-6103
Bay103 S Tyndall Pkwy32404(850) 872-3737
Central Credit Union Of Florida637 U.S. 23132405(850) 769-4891
Gpce1230 E 15th St32405(850) 872-3267
InnovationsP O BOX 1552932406(850) 233-4400
Innovations910 Thomas Dr32408(850) 233-4400
Innovations700 W 23rd St32405(850) 233-4400
Innovations864 N Tyndall Pkwy32404(850) 233-4400
Innovations625 Jenks Ave32401(850) 233-4400
Panhandle Educators2718 Martin Luther King Jr Blvd32405(850) 769-3306
Panhandle Educators1100 School Ave32401(850) 769-2351
TyndallPO Box 5976032412(850) 769-9999
Tyndall838 S Tyndall Pkwy32404(850) 769-9999
Tyndall2209 Thomas Dr32408(850) 769-9999
Tyndall909 E 23rd St32405(850) 769-9999
Tyndall3109 Minnesota Ave32405(850) 769-9999
Navy Federal Credit UnionUS Naval Support Activity W Hwy 9832407(888) 842-6328
Panhandle Educators301 Richard Jackson Blvd32407(850) 230-4319
Tyndall10916 Hutchison Blvd32407(850) 769-9999