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For anyone interested in buying a vehicle, new or used, you may well need a car loan. Whether you get financed or not depends on a wide selection of factors, including your credit score, monthly income, where you live, work history, money down, and loan to value ratio. The good news is, it’s simple to request financing on the web, which can save you a lot of time and effort.

An auto loan specialist can direct you through the process, helping you get the car loan you need from a finance company that won’t charge you an arm or leg.

Auto Loan Rates in Pocatello

What will your annual percentage rate be? In reality, your interest rate varies widely based on your credit score, among a variety of other variables. The rates shown below are only for informational purposes. These are not advertisements, and your precise rate could be very different.

Credit Rating New Car Used 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 Auto Loans in Pocatello

Some shoppers stay away from used cars and trucks because they involve higher interest financing. Elevated rates of interest for used cars, however, are countered by smaller down payments, monthly installments, and insurance premiums. Consider the chart below, illustrating the costs of car loans for new versus used cars and trucks.

Age Price APR Months Payment Interest Total
New $31,800 6.00% 60 $614.78 $5,087 $36,887
1 Year $25,440 7.50% 60 $509.77 $5,146 $30,586
2 Years $21,624 7.50% 60 $433.30 $4,374 $25,998
3 Years $18,380 7.50% 60 $368.31 $3,718 $22,098

Clearly, the car purchased new for $31,800 will only be worth $18,380 after 36 months. Lenders charge higher interest rates for pre-owned vehicles, but in many instances, you only need 10% down, and the insurance costs are less costly.

Poor Credit Auto Loans in Pocatello

Most loan providers want buyers with exceptional credit scores, as car loans involve lots of money. To help set your rate of interest, loan providers evaluate your history of managing prior car loans and leases. In decades past, there weren’t many non-bank loan companies who would approve auto loans for individuals with poor credit. Now many loan providers, including some banks and credit unions, have special finance units.

It is best to avoid turning to a no credit check dealership. These buy here pay here dealers are infamous for consumer abuses. There’s a price for that lack of credit check: inflated annual percentage rates, rigid terms and conditions, and high-priced, well-used vehicles.

You will be happier with financing from a bank or credit union, which you can do through conventional car dealerships. This is how many individuals get financed, and it’s substantially cheaper in the end.

Contact an auto finance professional in your area today.

Pocatello Credit Repair

Are you stressing that your interest rate is going to be too expensive? First, you should address any errors on your credit report. Lots of folks don’t know that, once a year, you can check your credit report cost free via Pocatello has a variety of credit restoration firms to help you correct these types of errors, or you can contact the services all by yourself. If you haven’t got a good credit score, having someone with good credit cosign your car loan could result in a less expensive interest rate.

Can a Car Loan Improve Your Credit?

Much of your FICO score draws on payment history. Paying off an auto loan builds out that payment history, improving your credit score in the process. Buy here pay here car lots do not report to the credit bureaus, which means your credit score isn’t likely to go up. Most lenders offer automatic payment solutions, which are key to keeping current on your payments.

Pocatello Resources

Credit Unions

Credit UnionAddressZip CodeTelephone
Advantage PlusPO Box 461083205(208) 232-7711
Advantage Plus3415 Johnny Creek Rd83204(208) 232-2979
Advantage Plus2133 E Center St83201(208) 232-7711
Advantage Plus Federal Credit Union150 W Chubbuck Rd83202(208) 238-5717
Farmers Insurance Group2500 S 5th Ave83204(800) 877-2345
Gem State Federal Credit Union216 West Whitman Street Frnt83204(208) 232-4500
Idaho Central544 W Benton St83204(208) 478-3300
Idaho Central Credit Union4914 Yellowstone Ave83202(208) 237-4304
Idaho Central Credit Union4425 Burley Dr83202(208) 239-3000
Idaho State University FCU353 N 4th Ave #21083201(208) 235-7100
Idaho State University FCU707 S 9th Ave83209(208) 235-7100
Idaho State University FCU202 W Alameda Rd83201(208) 235-7100
Idaho State University FCUNinth Carter83201(208) 282-2408
Pocahy FamilyPO BOX 420583205(208) 233-4304
Pocahy Family4921 S 5th Ave83204(208) 233-4304
Pocahy Family511 W Maple St83201(208) 234-2444
Pocatello Railroad FCUPO BOX 145083204(208) 232-5746
Pocatello Railroad FCU216 W Whitman St83204(208) 232-5746
Pocatello Railroad FCU4708 Yellowstone Ave83202(208) 232-5746
Pocatello SimplotPO Box 91283204(208) 234-5360
Pocatello Simplot1130 U.S. 3083201(208) 234-5360
Pocatello Teachers' FCU1880 Garrett Way83201(208) 232-1823
Pocatello Teachers' FCU1800 Garrett Way83201(208) 232-1823
Potelco Unitedpo box 490983205(208) 233-5544
Potelco United1150 N 8th Ave83201(208) 233-5544
Potelco United1873 Bench Rd83201(208) 233-5545
Sei Us EmployeesPO BOX 146683204(208) 233-4395
Sei Us Employees555 N 5th Ave83201(208) 233-4395
Southeast Idaho US Employees FCU1110 N 8th Ave83201(208) 233-4395
Westmark333 W Alameda Rd83201(208) 233-0725