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Are you looking to secure an auto loan in Idaho? How nice if this was an easy process, but it rarely is. Lending companies need a good deal of information before agreeing to approve you for financing. Plenty of financial experts encourage applying for your financing in advance, which offers several advantages:

  • Less time wasted at the dealership.
  • Cheaper APR.
  • Improved negotiating leverage.

You could be working out the finer points of your loan in just minutes.

Car Loan Rates in Idaho

These interest rates are not advertisements, but estimations to give you a feeling for what rate you can expect given your location and your credit score. The rate you’re provided may vary considerably from the rates here.

FICO Rating New Car Pre-owned Car
Excellent 3.2% 3.9%
Good 4.6% 5.9%
Average 6.9% 7.9%
Subprime 9.6% 10.2%
Bad 14.1% 15.3%
Very Bad 16.5% 18.0%

Used Car Auto Loans in Idaho

More often than not, finance companies charge slightly higher interest rates for used vehicles. Savvy buyers, however, typically go for used cars. Below, we examine the costs of a loan for a car or truck that is new versus a few years old.

Age Price Rate Months Payment Interest Total
New $19,750 6.00% 60 $381.82 $3,159 $22,909
1 Year $15,800 7.50% 60 $316.60 $3,196 $18,996
2 Years $13,430 7.50% 60 $269.11 $2,717 $16,147
3 Years $11,416 7.50% 60 $228.74 $2,309 $13,725

Are you considering a pre-owned car? As a rule, you can finance a car that’s up to a decade old. Mileage constraints may apply.

Poor Credit Car Loans in Idaho

For the most part, banks want buyers with prime credit scores, as car and truck loans involve quite a lot of money. Improved FICO scores usually result in cheaper rates of interest, but it’s a lot more complex than that. Before the internet, you might be rejected at a variety of lenders or dealers before being approved for financing. If at all possible, you should steer clear of no credit check dealers. These buy here pay here dealerships are known for consumer grievances. With no credit check comes at a price: extortionate annual percentage rates, stringent terms and conditions, and overpriced vehicles.

You will be better off getting financed by a traditional bank, credit union, or loan company. The down payments are cheaper, the same as the annual percentage rates, and the service is typically noticeably superior.

Contact an auto finance professional near you today.

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