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Almost all new vehicles are bought through financing, and the rest are typically leased. Often, car loans are arranged on the day of purchase, but this can take a lot of time. For those who want to get approved with the least expensive rate of interest possible, we can help.

This is especially helpful for consumers who’ve got poor credit, as a selection of dealers and creditors will consider your application, a number of of which specialize in special finance scenarios.

Auto Loan Rates in Columbus

These interest rates are for informational purposes only. They’re not advertisements. Your precise rate will depend on quite a few variables, for example loan company, down payment, debt-to-income ratio, type of loan, and more.

Credit Rating New Car Used Car
Excellent 3.1% 3.4%
Good 4.4% 4.7%
Average 6.3% 6.7%
Subprime 9.0% 10.5%
Bad 13.8% 15.3%
Very Bad 14.1% 16.4%

Used Car Loans in Columbus

You’ll see that the loan rates for a used car are more expensive than those for a new one. If wealth-building is important to you, however, you might want to go with a pre-owned car. Check out the comparison below.

Age Price APR Months Payment Interest Total Cost
New $25,000 6.00% 60 $483.32 $3,999 $28,999
1 Year $20,000 7.50% 60 $400.76 $4,046 $24,046
2 Years $17,000 7.50% 60 $340.65 $3,439 $20,439
3 Years $14,450 7.50% 60 $289.55 $2,923 $17,373

In just a year on the road, the $25,000 new car is worth only $20,000, and only $14,450 after 36 months. Lenders charge higher rates for used cars and trucks, but in most cases, you only need 10% down, and the insurance costs are less expensive.

Bad Credit Auto Loans in Columbus

A bad credit score will make it tough to finance a car, but it isn’t impossible. Essentially, loan companies use your credit score to determine if you’re likely to pay off your loan as scheduled. Fortunately, you can now find finance companies who meet the needs of individuals with bad credit.

Of course, you’ve got to be mindful of deceptive finance companies. Columbus’s buy here pay here car dealerships are slightly infamous when it comes to this. With no credit check comes at a price: outrageous annual percentage rates, a lot of conditions and terms, and high-priced, well-used vehicles.

Instead, our recommendation is that you apply for a loan on the web. A traditional lender will report your repayment to the credit reporting agencies, so your credit score will improve as long as you make your payments on schedule.

Go here to apply online.

Can a Car Loan Improve Your Credit?

Much of your credit score is based on payment history. Paying down an auto loan strengthens that payment history, boosting your credit score in the process. Buy here pay here car dealerships rarely report back to the credit bureaus, which means that your credit score will not improve. It’s a good idea to sign up for automated deduction, basically to be sure you never miss any monthly payments.

Columbus Resources

Credit Unions

Credit UnionLocationZipTelephone
Aflac1932 Wynnton Rd31999(706) 596-3239
Central Of Georgia Credit Union1044 15th St31901(706) 323-4213
Chattahooche Federal Credit Union1606 Talbotton Rd31901(706) 321-0500
Five Star Credit Union2901 University Ave #231907(706) 561-2400
Georgia Power Federal Credit Union233 12th St31901(706) 323-0047
GoldenP.O. Box 506531906(706) 323-3517
Golden Federal Credit Union600 12th St31901(706) 323-3517
M E A6333 Whitesville Rd31904(706) 563-5002
M E A2944 Macon Rd31906(706) 507-4813
Mea Federal Credit Union132 N Oakley Dr31906(706) 507-2960
Mea Federal Credit Union5714 Windsor Dr31909(706) 562-8153
Members Alliance6270 Bradley Park Dr31904(706) 327-7608
Members UnitedPO BOX 11231902(706) 987-8000
Members United709 Veterans Pkwy31901(706) 987-8000
Navy Federal Credit Union5550 Whittlesey Blvd #82031909(888) 842-6328
Regional MembersP O BOX 930431908(706) 321-3225
Regional Members3610 Gentian Blvd31907(706) 321-3225
TicP.O. Box 981831908(706) 320-8500
Tic1251 13th St31901(706) 320-8500
Tic4811 Banker's Blvd31909(706) 320-8500
Tic1807 S Lumpkin Rd31903(706) 320-8500
Tic4105 Buena Vista Rd31907(706) 320-8500
Tic7300 Veterans Pkwy31909(706) 320-8500