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With cars priced so high these days, it is very tricky to get a vehicle with no loan. A lot of the time, automotive financing is arranged with the dealer’s help, but this can be a very time-consuming process. Normally, it’s a good idea to arrange your finance package ahead of time. This is especially helpful for people with below-average credit, as a variety of dealers and lending institutions will consider funding your loan, many of which are experts in bad credit lending scenarios.

Auto Loan Rates in Bloomington

Here we have rates you can expect at varying credit levels. These are not to be viewed as advertisements. Exact rates vary.

FICO Score New Car Pre-owned Car
Excellent 3.4% 3.6%
Good 5.0% 5.0%
Average 6.8% 6.8%
Subprime 8.7% 8.6%
Bad 13.0% 12.5%
Very Bad 13.4% 14.2%

Used Car Loans in Bloomington

Options like zero percent auto loans and zero down payment are available on new cars for people with perfect credit. Then again, new autos lose value so quickly, used vehicles are typically a better value. You can finance a low-mileage used vehicle for a fraction of the cost of a brand new one.

Years Old Price Rate Months Payment Interest Total
New $19,250 6.00% 60 $372.16 $3,079 $22,329
1 Year $15,400 7.50% 60 $308.58 $3,115 $18,515
2 Years $13,090 7.50% 60 $262.30 $2,648 $15,738
3 Years $11,127 7.50% 60 $222.95 $2,251 $13,377

It’s possible to get a lot of car for the money if you don’t mind a pre-owned car. Loan providers charge higher rates for pre-owned vehicles, but in most cases, you only need 10% down, and the insurance premiums are less expensive.

Poor Credit Auto Loans in Bloomington

Usually, deals like zero down are out of the question if your credit score is less than 700. The higher your credit score, the wider array of options you’ll have. Fortunately, we know of lenders who are experts in non-prime credit situations.

In Bloomington, buy here pay here car dealers wind up catering to a large percentage of the bad credit demographic The drawbacks are sizeable, such as extravagant interest rates and arrays of stipulations.

Instead, our recommendation is that you look for the loan you need online. The rates are typically lower, the terms improved, and you have the opportunity to rebuild your credit in the process.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

Over time, the payments made financing a car can bump up your credit score . But keep in mind that this is a step by step process. Most lenders offer automated bill-pay, which is key to keeping current on your payments.

Bloomington Resources

Credit Unions

Credit UnionStreet addressZip CodePhone
Dupage202 S Gary Ave60108(630) 894-2601
Selfreliance Ukrainian American300 E Army Trail Rd60108(630) 307-0079
Bloomington Municipal602 S Gridley St61701(309) 827-7266
Bloomington Postal Employees1511 E Empire St61701(309) 663-5841
Citizens Equity First2323 E Empire St61704(309) 663-7900
Funk Seeds Credit Union1301 W Washington St61701(309) 823-9424
IWU1312 N Park St61701(309) 556-3376
IaaPO BOX 290161702(309) 557-2541
Iaa1701 Towanda Ave61701(309) 557-3142
Iaa808 Iaa Dr61701(309) 557-2541
Iaa1711 Ge Rd61704(309) 821-2488
Mid-Illini1811 Eastland Dr61704(309) 661-1166
Pantagraph Credit Union217 W Jefferson St61701(309) 827-0788
State FarmONE STATE FARM PLAZA SB-161710(309) 766-6001
State Farm3 State Farm Pl61791(309) 763-5626
State Farm1 State Farm Pl61791(309) 766-6001
State Farm2702 Ireland Grove Rd61704(309) 722-6837
United Methodist Ministries510 E Washington St #30261701(309) 827-8636
United Methodist Ministries510 E Washington St61701(309) 827-8636