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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

Credit UnionStreet addressZip CodePhone
Barndollar Gail M Cpa311 W Broughton St31401(912) 233-3602
Chatham606 E 67th St31405(912) 352-2902
F A B Church23 Montgomery St31401(912) 233-8997
Fort Stewart FCUHunter Army Air Field31401(912) 354-6420
Georgia HeritageP O BOX 192031402(912) 236-4400
Georgia Heritage1085 W Lathrop Ave31415(912) 236-4400
Georgia Heritage FCU1040 King George Blvd31419(912) 927-7717
Georgia Telco Credit Union401 Mall Blvd #101a31406(912) 352-0307
Georgia Telco Credit Union10 Whitaker St31401(912) 233-8064
Geovista151 Coach Joe Turner31408(912) 395-2265
Health Emp Chatham2011 Eisenhower Dr31406(912) 354-5770
Memorial Health Credit Union4831 Waters Ave31404(912) 354-8100
Mercy11705 Mercy Blvd31419(912) 819-2411
Savannah FederalPOST OFFICE BOX 812231412(912) 234-8978
Savannah Federalb110 124 Barnard St31401(912) 234-8978
Savannah Federal Credit Union124 Barnard Street Rm B11031401(912) 234-8978
Savannah PostalPO Box 1380731416(912) 691-2087
Savannah Postal22 Oglethorpe Professional Blvd31406(912) 691-2087
Savannah Schools FCU401 Mall Boulevard Rear31406(912) 355-9099
Savastate TeachersP. O. BOX 2000131404(912) 356-2056
West Chatham FCU100 Appleby Rd31407(912) 966-2002
Workmen's Circle Credit Union527 Stephenson Ave31405(912) 356-9225
Workmen's Circle Incorporated527 Stephenson Ave #231405(912) 356-9225