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For most consumers in Hawaii, a car loan is necessary to buy a new vehicle. You may elect to secure an auto loan at the time of purchase; having said that, this can be very time intensive. Many finance specialists advocate arranging your car loan ahead of time. A local Hawaii lending consultant can help you obtain your auto loan, answering your questions along the way.

Car Loan Rates in Hawaii

What will your interest rate be? The truth is, your rate of interest can vary widely based on your credit, among a variety of other variables. The rates displayed below are only for informational purposes. They’re not advertisements, and your precise rate could deviate greatly from what’s displayed below.

FICO Score New Car Pre-owned Car
Excellent 3.4% 3.9%
Good 4.8% 6.3%
Average 6.2% 7.9%
Subprime 11.1% 14.8%
Bad 15.6% 20.1%
Very Bad NA NA

Used Car Financing in Hawaii

Options like 0% car loans and no money down can be found on new cars if you have perfect credit. Savvy consumers, however, always go for used cars. You can finance a low-mileage used car or truck for a fraction of what it costs to finance a new one.

Years Old Price Rate Months Payment Interest Total Cost
New $17,800 6.00% 60 $344.12 $2,847 $20,647
1 Year $14,240 7.50% 60 $285.34 $2,880 $17,120
2 Years $12,104 7.50% 60 $242.54 $2,448 $14,552
3 Years $10,288 7.50% 60 $206.16 $2,081 $12,370

A used car or truck is a good option, whether you’re getting a loan or not. Most lenders will help you finance a used vehicle that’s up to eight years old, and some have a mileage cap of 100,000 miles.

Bad Credit Auto Loans in Hawaii

Getting financed with bad credit can be tough, especially if you are reluctant to pay an inflated rate of interest. With a FICO score in the 700s, you shouldn’t have any trouble obtaining financing, but approval and annual percentage rate both become considerations if you have unfavorable credit ratings. Years ago, loan companies were few who would grant car loans for those with bad credit. Now many loan companies, not to mention some banks, have subprime finance divisions. Many people wind up turning to buy here pay here car dealers in Hawaii, most of which don’t do credit checks. Of course, your credit won’t be a worry, but you will wind up coughing up a lot in interest for a high mileage car or truck. It’s better to steer clear of these dealerships if at all possible, obtaining a car loan on the web. A conventional lender will report your repayment to the credit bureaus, which means your credit score will get better if you keep making your payments as agreed.

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