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The majority of us purchase our vehicles with the help of a lender, as this allows for monthly payments. Whether or not you get approved, and what rate of interest you’ll have to pay, depends largely on your credit score. Additional variables include:

  • Location
  • Income
  • Down payment
  • Occupational history

The good thing is, you can request financing online, saving yourself a great deal of time and hassle.

Lenders and dealers will compete to finance your credit, putting you behind the wheel of the finance process.

Auto Loan Rates in Peoria

Down below you’ll find rates you can expect at different credit levels. These aren’t to be perceived as advertisements. Variables that impact your actual rate of interest include your credit rating, zip code, your job history, the type of vehicle you want to finance, and the magnitude of your loan.

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%

Have you reviewed your credit score lately? You really should. Many companies make use of an auto finance-specific credit score that isn’t available to consumers, but you can go here to check your credit scores.

Used Car Loans in Peoria

Second hand cars are cheaper, but the interest rates are a little more expensive. Savvy consumers, however, usually purchase used cars. Below, we review the costs of a loan for a car that is new versus one, two, or three years old.

Years Old Price APR Months Payment Interest Total
New $30,200 6.00% 60 $583.85 $4,831 $35,031
1 Year $24,160 7.50% 60 $484.12 $4,887 $29,047
2 Years $20,536 7.50% 60 $411.50 $4,154 $24,690
3 Years $17,456 7.50% 60 $349.77 $3,531 $20,986

It’s possible to get a lot of car for the money if you aren’t afraid of buying used. Listed below are the common limitations on used car loans:

  • Car no older than 7-10 years.
  • Mileage no more than 100,000.
  • Purchased via dealer, not private party.

Bad Credit Auto Loans in Peoria

Are you trying to get an auto loan in Peoria with bad credit? Lots of people never check their credit score, because they just don’t want to know. However, this can be detrimental. Like any large investment, it’s best to work with a specialist who can direct you through the process.

Of course, you’ll need to be wary of unethical finance companies. Peoria’s buy here pay here car dealers are notorious for this. The drawbacks are appreciable, such as inflated rates of interest and arrays of conditions.

Usually, it’s safer to work with a regular old bank or loan provider. The down payments are more affordable, as well as the rates, and the service is far better.

Contact an auto finance professional in your area today.

Zero Down Financing in Peoria

Saving enough money necessary to obtain a car or truck can be tough, especially if your credit isn’t very good, which might necessitate a considerable down payment. In the vast majority of cases, there are a couple of prerequisites for no down payment financing:

  • The car is new.
  • The individual has first-class credit.

If you haven’t got very good credit, it’s better to start setting aside funds for a down payment, or you could wind up paying an excessively high rate of interest. With that being said, when you apply online, there are many brokers and car dealers which do offer zero down financing for folks who haven’t got the best credit.

Peoria Resources

Credit Unions

Credit UnionLocationZip CodeTelephone
Citizens Equity FirstP.O. Box 171561656(309) 633-7000
Citizens Equity First7900 N University St61615(309) 633-2750
Citizens Equity First207 Main St61602(309) 633-7200
Citizens Equity First8629 N Knoxville Ave61615(309) 633-7400
Citizens Equity First5211 W Landens Way61615(309) 633-7850
Citizens Equity First200 N MacArthur Hwy61605(309) 633-7980
Citizens Equity First5401 W Everett M Dirksen Pkwy61607(309) 633-3630
Citizens Equity First900 W Lake Ave61614(309) 633-7500
Credit Bureau Of Greater Peoria331 Fulton St61602(309) 671-0500
HaulpakPO BOX 24061650(309) 672-7332
Haulpak2300 NE Adams St61603(309) 672-7332
Kemba Peoria2318 W Willow Knolls Dr61614(309) 693-6000
Members Choice3919 N University St61614(309) 672-5230
Members Choice Credit Union416 NE St Mark Ct61603(309) 672-2576
Peoria Bell8216 N University St61615(309) 692-8257
Peoria City EmployeesPeoria City Employees Credit Union61603(309) 494-8790
Peoria City EmployeesPeoria City Employees Credit Union61603(309) 494-8790
Peoria Fire Fighters505 NE Monroe St61603(309) 494-8795
Peoria Hiway1025 W Detweiller Dr61615(309) 693-5166
Peoria Hiway401 Main St61602(309) 671-3333
Peoria Journal Star Credit Union1 News Plaza61643(309) 686-3057
Peoria Postal EmployeesP. O. Box 121561654(309) 673-8832
Peoria Postal Employees95 State St #3461601(309) 673-8832
Peoria U S Employees1815 N University St61604(309) 681-6536
Redbrand201 E Lake Ave61614(309) 697-1447