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Almost all new vehicles are financed, and the others are generally leased. Unfortunately, the process of obtaining such a loan can be a major inconvenience, especially if you’ve got poor credit. To speed up approval, you can apply online for your auto loan. You could be behind the wheel of a new car before you know it.

Auto Finance Rates in Rockford

Here you’ll find interest rates estimated at different credit levels. These are not to be regarded as advertisements. The rate you’re offered may vary considerably from the rates here.

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 Car Financing in Rockford

The loan rates are higher on pre-owned autos, because they introduce a somewhat higher risk of maintenance problems. Still, financing a second hand car is smarter, as the total price will be considerably less. The numbers speak for themselves.

Years Old Price APR Months Payment Interest Total Cost
New $15,600 6.00% 60 $301.59 $2,496 $18,096
1 Year $12,480 7.50% 60 $250.07 $2,524 $15,004
2 Years $10,608 7.50% 60 $212.56 $2,146 $12,754
3 Years $9,017 7.50% 60 $180.68 $1,824 $10,841

Many cars a chunk of their value each and every year, so a new car you buy for $15,600 will be worth $12,480 after just one year of ownership. Loan companies charge higher rates for pre-owned vehicles, but in many cases, you only need 10% down, and the insurance costs are cheaper.

Bad Credit Car Loans in Rockford

A bad credit score can make it tricky to finance a car, but it isn’t hopeless. In simple terms, when you have less-than-perfect credit, a single digit annual percentage rate is out of the question. Before the web, you had to take whatever interest rate and terms you were provided. Today, there are better strategies to get approved.

On the spot financing is a second option, offered by Rockford’s buy here pay here (BHPH) car lots. While you won’t have any problems getting financed, you’ll get taxed a lot for the privilege. You will be better off with an auto loan from a bank or credit union, which you can do through any traditional dealership. The down payments are lower, as well as the annual percentage rates, and the service tends to be much better.

Go here to apply online.

Can a Car Loan Improve Your Credit?

As time passes, the payments you make on an auto loan can heighten your credit score . Please understand that this is a slow process. It isn’t possible to estimate exactly how much you credit score could improve, simply because it will depend on lots of different factors, but the increase is typically considerable.

Rockford Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip Code,Phone” data=”Atwood Credit Union,2929 N Main St,61103,(815) 636-3291,Citizens Community,4227 Maray Dr,61107,(815) 399-3830,Citizens Community Credit Union,320 N Alpine Rd,61107,(815) 399-7023,Citizens Community Credit Union,320 N Alpine Rd #102,61107,(815) 399-3830,Credit Union 1,4227 Maray Dr #5,61107,(815) 399-1881,First Northern,104 N Show Pl Dr,61107,(815) 332-9898,First Northern,2235 12th St,61104,(815) 963-4282,Generations,5618 Harrison Ave,61108,(815) 316-2900,Generations Credit Union,1111 Samuelson Rd,61109,(815) 391-5218,Gunite Employees Credit Union,816 Marchesano Dr,61102,(815) 964-1555,Heritage,HERITAGE CREDIT UNION,61108,(815) 229-7000,Heritage Credit Union,5959 E State St,61108,(815) 229-7000,Members Alliance Credit Union,2550 S Alpine Rd,61108,(815) 226-2260,Members Alliance Credit Union,6951 Olde Creek Rd,61114,(815) 226-2260,Members Alliance Credit Union,7219 Walton St,61108,(815) 398-8470,Members Alliance Credit Union,7912 Walton St,61108,(815) 484-5345,Muller-Pinehurst Credit Union,Ogilby Road Montague Road,61101,(815) 968-3024,Rock Winn Credit Union,400 W State St,61101,(815) 987-3000,Rockford Bell,702 E Jefferson St,61107,(815) 968-7020,Rockford Municipal Employes,634 N Church St,61103,(815) 316-4655,Rockford Newspapers,99 E State St,61104,(815) 987-1405,St. Anthony Hospital Employee,PO Box 5105,61125,(815) 395-5146,St. Anthony Hospital Employee,5510 E State St,61107,(815) 395-5146,Swedish American,1401 E State St,61104,(815) 489-4096,Winnebago County Schools,4563 Hydraulic Rd,61109,(815) 874-2188″][/tboot_table]