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Almost all new vehicles are purchased with a car loan, and the rest are typically leased. For those who have first-class credit, this is a pretty simple process. If you’ve got poor credit, however, it can be complicated. Many finance specialists encourage securing your auto loan in advance, which provides a variety of benefits:

  • Less time wasted at the dealer.
  • More affordable annual percentage rate.
  • Increased negotiating power.

Let a vehicle finance expert help you secure your car loan, answering your questions at the same time.

Auto Loan Rates in Quincy

Keep in mind, the rates below aren’t advertisements, but estimations at the time of publication. Actual rates differ.

FICO Score New Car Used 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 Auto Loans in Quincy

Some buyers steer clear of second hand cars and trucks because the rates of interest are higher. Nonetheless, a second hand car auto loan has all kinds of advantages, such as:

  • Down payment is cheaper.
  • Decreased purchase price.
  • Lesser risk of being upside down.

The figures speak for themselves.

Age Price APR Months Payment Interest Total
New $32,800 6.00% 60 $634.12 $5,247 $38,047
1 Year $26,240 7.50% 60 $525.80 $5,308 $31,548
2 Years $22,304 7.50% 60 $446.93 $4,512 $26,816
3 Years $18,958 7.50% 60 $379.89 $3,835 $22,793

Interested in a used car? Most loan providers will let you finance a used vehicle that’s up to ten years old, sometimes a little less, and some cap the miles at 100K miles.

Bad Credit Auto Loans in Quincy

A bad credit score can make it tough to finance a car, but it isn’t impossible. To put it succinctly, when you’ve got less-than-perfect credit, you can expect an interest rate upwards of 10%. A couple of decades ago, loan companies were scarce who would approve consumers with unfavorable credit. Now many lenders, including some banks and credit unions, have special finance divisions.

If your credit is pretty awful, you may be tempted by a dealer that advertises buy here pay here loans. While you’ll have no trouble getting approved, you’ll pay handsomely for the privilege.

You will be happier getting a loan from a bank or loan company–available through any conventional dealership. The down payments are lower, the same as the interest rates, and the service is significantly better.

Best of all, you can submit your application online.

Limiting Your Interest Rates

Aside from buying a more economical vehicle, the simplest way to reduce your payment is by improving your credit. For starters, it’s smart to search your credit report for discrepancies. Many consumers don’t know that, once per year, you can check your credit report cost free via www.annualcreditreport.com.

You can address any errors on your own, or hire a service to manage the dispute for you. Other things that might lower your rate of interest:

  • Getting someone to cosign the loan.
  • Supplying an increased down payment.
  • Obtaining a new vehicle.

Can a Car Loan Improve Your Credit?

Over time, the payments you make on a car loan can improve your FICO score . Buy here pay here car dealers rarely ever report to the credit agencies, so your credit score won’t go up. You’ll want to sign up for auto-pay, as this will prevent you from skipping payments.

Quincy Resources

Credit Unions

Credit UnionLocationZipPhone
Great River Community1426 N 26th St62301(217) 222-5427
Hometown Credit Union1420 Harrison St62301(217) 228-2168
Hometown Credit Union1261 Maine St62301(217) 228-2168
Hometown Credit Union3200 Wisman Ln62301(217) 221-7339
Members First1201 N 24th St62301(217) 223-4377
Members First1706 N 16th St62301(217) 223-4377
Quincy Municipal507 Vermont St62301(217) 277-2010
Quincy Postal Employeesp o box 300362305(217) 224-3188
Quincy Postal Employees3535 Locust St62301(217) 224-3188
United Community1001 Vermont St62301(217) 224-1093
United Community3633 Maine St62301(217) 221-1963
W.I.S.E. Credit Union1444 Maine St62301(217) 224-2091
Western Illinois School Employees1416 Maine St62301(217) 224-2091