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For many shoppers, the car loan is the main impediment to obtaining the car they really want. How great if this was easy, but it usually isn’t. Lending institutions have to have lots of information before agreeing to fund your auto loan. Generally, you’ll want to arrange your loan ahead of time.

You could be discussing the finer points of your auto loan in a matter of minutes.

Car Loan Rates in Savannah

These rates are for informational purposes only. They are not advertisements. Your exact rate of interest will be determined by various factors, for example lender, down payment, debt-to-income ratio, type of loan, etc.

Credit Score New Car Pre-owned 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 Auto Loans in Savannah

Automakers are most interested in selling brand new vehicles. Then again, new cars lose value so quickly, pre-owned cars are typically the better value. The figures speak for themselves.

Age Price Rate Months Payment Interest Total
New $17,000 6.00% 60 $328.66 $2,719 $19,719
1 Year $13,600 7.50% 60 $272.52 $2,751 $16,351
2 Years $11,560 7.50% 60 $231.64 $2,338 $13,898
3 Years $9,826 7.50% 60 $196.89 $1,988 $11,814

The minute it leaves the dealer lot, a new car or truck loses up to a quarter of its value, and it keeps burning off a significant slice of its value year after year. A car or truck that cost $17,000 when new will only be worth $9,826 three years later. Used car loans come with slightly higher interest rates, but in most situations, you only need 10% down, and the insurance premiums are less expensive.

Bad Credit Auto Loans in Savannah

Are you wanting to get a car loan in Savannah with below-average credit? With a FICO score higher than 700, obtaining an auto loan ought to be easy, but approval and interest both become factors for people who have a low credit score. A couple of decades ago, you might be turned down at a variety of lenders or dealerships before you secured financing.

Of course, you’ve got to be wary of deceptive loan companies. This is especially the case if you end up with a buy here pay here dealer. There’s a price you pay for that lack of credit check: ridiculous rates, a number of terms and conditions, and a limited selection of vehicles. Usually, it’s safer to work with a regular bank or loan provider. An established loan provider will report your progress to the credit reporting agencies, so your credit score will improve as long as you keep making your payments on schedule.

Go here to apply online.

Savannah Credit Improvement

Interest can represent a significant percentage of your payment each month, particularly when your FICO score isn’t so great. Repairing any credit report mistakes can raise your credit score drastically. Fortunately, it’s free to check your credit report once a year at www.annualcreditreport.com. Savannah has quite a few credit restoration firms that can help you fix these types of mistakes, or you can reach out to the credit agencies all by yourself. If you haven’t got a good credit score, having somebody with favorable credit cosign your auto loan could give you a more economical interest rate.

Can a Car Loan Improve Your Credit?

Much of your FICO score draws on payment history. Paying down a financed vehicle rebuilds that payment history, improving your credit score in the process. There is no instantaneous increase in your FICO score. Rather, it should increase gradually as time goes on. It’s a good idea to sign up for automatic payments, to make sure you don’t skip any installments.

Savannah Resources

Credit Unions

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip Code,Phone” data=”Barndollar Gail M Cpa,311 W Broughton St,31401,(912) 233-3602,Chatham,606 E 67th St,31405,(912) 352-2902,F A B Church,23 Montgomery St,31401,(912) 233-8997,Fort Stewart FCU,Hunter Army Air Field,31401,(912) 354-6420,Georgia Heritage,P O BOX 1920,31402,(912) 236-4400,Georgia Heritage,1085 W Lathrop Ave,31415,(912) 236-4400,Georgia Heritage FCU,1040 King George Blvd,31419,(912) 927-7717,Georgia Telco Credit Union,401 Mall Blvd #101a,31406,(912) 352-0307,Georgia Telco Credit Union,10 Whitaker St,31401,(912) 233-8064,Geovista,151 Coach Joe Turner,31408,(912) 395-2265,Health Emp Chatham,2011 Eisenhower Dr,31406,(912) 354-5770,Memorial Health Credit Union,4831 Waters Ave,31404,(912) 354-8100,Mercy,11705 Mercy Blvd,31419,(912) 819-2411,Savannah Federal,POST OFFICE BOX 8122,31412,(912) 234-8978,Savannah Federal,b110 124 Barnard St,31401,(912) 234-8978,Savannah Federal Credit Union,124 Barnard Street Rm B110,31401,(912) 234-8978,Savannah Postal,PO Box 13807,31416,(912) 691-2087,Savannah Postal,22 Oglethorpe Professional Blvd,31406,(912) 691-2087,Savannah Schools FCU,401 Mall Boulevard Rear,31406,(912) 355-9099,Savastate Teachers,P. O. BOX 20001,31404,(912) 356-2056,West Chatham FCU,100 Appleby Rd,31407,(912) 966-2002,Workmen’s Circle Credit Union,527 Stephenson Ave,31405,(912) 356-9225,Workmen’s Circle Incorporated,527 Stephenson Ave #2,31405,(912) 356-9225″][/tboot_table]

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