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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

Credit UnionLocationZip CodePhone
Atwood Credit Union2929 N Main St61103(815) 636-3291
Citizens Community4227 Maray Dr61107(815) 399-3830
Citizens Community Credit Union320 N Alpine Rd61107(815) 399-7023
Citizens Community Credit Union320 N Alpine Rd #10261107(815) 399-3830
Credit Union 14227 Maray Dr #561107(815) 399-1881
First Northern104 N Show Pl Dr61107(815) 332-9898
First Northern2235 12th St61104(815) 963-4282
Generations5618 Harrison Ave61108(815) 316-2900
Generations Credit Union1111 Samuelson Rd61109(815) 391-5218
Gunite Employees Credit Union816 Marchesano Dr61102(815) 964-1555
HeritageHERITAGE CREDIT UNION61108(815) 229-7000
Heritage Credit Union5959 E State St61108(815) 229-7000
Members Alliance Credit Union2550 S Alpine Rd61108(815) 226-2260
Members Alliance Credit Union6951 Olde Creek Rd61114(815) 226-2260
Members Alliance Credit Union7219 Walton St61108(815) 398-8470
Members Alliance Credit Union7912 Walton St61108(815) 484-5345
Muller-Pinehurst Credit UnionOgilby Road Montague Road61101(815) 968-3024
Rock Winn Credit Union400 W State St61101(815) 987-3000
Rockford Bell702 E Jefferson St61107(815) 968-7020
Rockford Municipal Employes634 N Church St61103(815) 316-4655
Rockford Newspapers99 E State St61104(815) 987-1405
St. Anthony Hospital EmployeePO Box 510561125(815) 395-5146
St. Anthony Hospital Employee5510 E State St61107(815) 395-5146
Swedish American1401 E State St61104(815) 489-4096
Winnebago County Schools4563 Hydraulic Rd61109(815) 874-2188