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The majority of new cars and trucks are financed, and the others are generally leased. Often, your car loan will be arranged in the dealer’s office, but this can take hours. Instead of trekking from lender to lender, trying to get financed, you can submit one application on the web. You will find professionals standing by, who can help you finance the car you need with a rate that won’t break the bank.

Auto Finance Rates in Champaign

What will your APR be? Truth be told, your rate of interest differs greatly based on your credit score, not to mention other things. The rates displayed below are only for informational purposes. They’re not advertisements, and your precise rate will vary.

FICO Rating 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 Auto Loans in Champaign

New vehicles have the most affordable loan rates. Savvy buyers, however, typically go for used cars. Consider the table below, depicting the costs associated with car loans for brand new versus used cars and trucks.

Age Price APR Months Payment Interest Total Cost
New $21,750 6.00% 60 $420.49 $3,479 $25,229
1 Year $17,400 7.50% 60 $348.66 $3,520 $20,920
2 Years $14,790 7.50% 60 $296.36 $2,992 $17,782
3 Years $12,572 7.50% 60 $251.91 $2,543 $15,114

After only 12 months of driving, the $21,750 new car is worth only $17,400, and only $12,572 after three years. Typically, you can finance a vehicle that’s up to 10 years old. Mileage limits may apply.

Bad Credit Car Loans in Champaign

As a rule, banks want buyers with good credit, as car loans involve lots of money. Higher FICO ratings often result in cheaper interest rates, but there are a good many other factors in play. Fortunately, the internet makes it much easier for the consumer with bad credit.

A lot of consumers find themselves turning to buy here pay here dealerships in Champaign, most of which don’t check a buyer’s credit. The rates border on extortionate, and the cars and trucks are always preowned, sometimes with very high mileage. Whenever feasible, you’ll want to obtain your finance package through one of the below loan providers:

  • Regional or local bank.
  • Credit union in your area.
  • Auto loan company.

A dealer or finance expert can help you get financed through one of these lenders. A conventional lender will report to the credit agencies, so your credit score will get better as long as you make your payments as agreed.

Best of all, you can submit your application online.

No Down Payment Car Loans in Champaign

The money required to finance a new vehicle could be as much as the cost of a second hand one. Truthfully, getting a car financed without any down payment can be challenging. By applying online, you may boost your odds of securing this sort of an offer, as dealerships are able to see your preferred down payment ahead of time. If you leave the down payment field empty, the finance expert will get it.

Champaign Resources

Credit Unions

Credit UnionLocationZipPhone
Central Illinois2106 W John St61821(217) 356-9721
Champaign County School Employees1201 S Mattis Ave61821(217) 351-3100
Champaign Municipal Employees510 W Park Ave61820(217) 359-7025
Champaign PostalPO Box 363761826(217) 398-6086
Champaign Postal2001 N Mattis Ave61821(217) 398-6086
Clifford-Jacobs EmployeesP.O. BOX 83061824(217) 356-0081
Clifford-Jacobs Employees2410 N 5th St61822(217) 356-0081
Community Plus1005 W Bloomington Rd61821(217) 693-3440
Quorum1701 W Bradley Ave61821(217) 378-1900
University Of Illinois EmpsPO Box 50061824(217) 278-7700
University Of Illinois Emps3301 Boardwalk Dr61822(217) 278-7700
University Of Illinois Emps2201 S 1st St61820(217) 278-7700