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For many car-buyers, financing is the main obstacle to buying the car or truck they want. Unfortunately, lining up such a loan can be a pretty irritating process, which could take days, sometimes weeks. Rather than wasting time at the dealer or finance company, you can submit your application for financing today online.

Let a vehicle finance expert help you get approved for financing, answering your questions in the process.

Auto Finance Rates in Springfield

Listed below we have rates you can expect at various credit scores. These are not to be viewed as advertisements. Your precise interest rate will be determined by a number of factors, including loan provider, down payment, debt-to-income ratio, loan-to-value ratio, and more.

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 Springfield

You will find that companies charge slightly more expensive interest rates for second hand cars and trucks. Having said that, new vehicles lose value so quickly, pre-owned cars are often the better investment. Have a look at the chart below, showing the different costs of car loans for brand new versus pre-owned cars and trucks.

Years Old Price Rate Months Payment Interest Total Cost
New $18,100 6.00% 60 $349.92 $2,895 $20,995
1 Year $14,480 7.50% 60 $290.15 $2,929 $17,409
2 Years $12,308 7.50% 60 $246.63 $2,490 $14,798
3 Years $10,462 7.50% 60 $209.63 $2,116 $12,578

Essentially, the car financed new for $18,100 is worth only $10,462 after 36 months of ownership. As a rule, you can get an auto loan for a car that is up to ten years old. Mileage limits may apply.

Bad Credit Car Loans in Springfield

Credit score is a key factor when it comes to credit approval and annual percentage rate. When determining your annual percentage rate, finance companies look at your history with prior car loans and leases. In decades past, there were few loan companies who would finance consumers with bad credit. Now many loan providers, and also some banks and credit unions, have special finance departments.

A lot of consumers wind up relying on buy here pay here car lots, which don’t even evaluate a shopper’s credit. The disadvantages are substantial, including excessively high rates of interest and inflexible terms.

It’s better to keep clear of these dealers whenever possible, securing a car loan online. This is how the majority of people get financed, and it’s substantially more economical over time.

Go here to apply online.

Reducing Your Rate of Interest

Aside from selecting a more inexpensive vehicle, the most effective way to decrease your payment is by improving your credit. Is your credit report marred by any errors? These can damage your credit score quite drastically. A lot of consumers don’t realize that, once per year, you can check your credit report completely free via annualcreditreport.com.

Springfield has a variety of credit restoration agencies to help you rectify these types of errors, or you can file the dispute all by yourself. Providing an increased down payment or the addition of a cosigner who has a good credit rating can also trim your interest rate.

Can a Car Loan Improve Your Credit?

Gradually, the payments you make on an auto loan can raise your FICO score . But keep in mind that this is a slow process. You can’t really calculate how much you credit score could improve, mainly because it will depend on a number of factors, but the increase is usually substantial.

Springfield Resources

Credit Unions

Credit UnionAddressZip CodePhone
Citizens Equity First2424 W Iles Ave62704(217) 546-0076
Financial Partners940 N MacArthur Blvd62702(217) 744-1456
Financial Partners2105 E Cook St62703(217) 522-6930
Heartland2213 W White Oaks Dr62704(217) 726-8877
LECPO Box 267962708(217) 529-6045
LEC6460 S 6th Street Rd62712(217) 529-6045
Illinois State Police FCU730 Engineering Ave62703(217) 523-8000
Illinois State Police FCU801 S 7th St62703(217) 557-6269
ImperialPO Box 452562708(217) 522-4796
Imperial1130 S 16th St62703(217) 522-4796
IRSE3101 Constitution Dr #11162704(217) 726-9595
SJH Employees801 E Carpenter St62702(217) 544-6464
Sangamo Chapter310 S Grand Ave E62703(217) 528-0677
Sangamon Schools1420 S 8th St62703(217) 528-2642
Sangamon Schools1124 Centre W Dr62704(217) 241-9781
Springfield City Employees300 S 7th St62701(217) 789-2346
Springfield Firefighters2401 N Peoria Rd62702(217) 638-5550