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In Evansville, most individuals obtain their cars and trucks with a loan, as few have the money on hand for a straight-up purchase. Often, it’s possible to arrange your car loan on the lot; however, this can be very time consuming. Instead of trekking from one bank to another, trying to get approved, you can apply now through our site. Loan companies and dealers will fight to finance your credit, putting you behind the wheel of the approval process.

Auto Finance Rates in Evansville

Down below we’ve got interest rates you can expect at varying credit tiers. These aren’t to be perceived as advertisements. Factors that influence your precise rate of interest include:

  • Credit Score
  • Location
  • Car Loan and/or Lease History
  • Monthly Income
  • New Vehicle or Used
  • Repayment Period: 24-84 Months
Credit Rating New Car Used Car
Excellent 3.4% 3.7%
Good 4.6% 5.2%
Average 6.2% 6.9%
Subprime 8.1% 8.5%
Bad 10.8% 11.7%
Very Bad 11.5% 12.8%

Used Car Loans in Evansville

More often than not, it is slightly more expensive to finance a pre-owned vehicle, at least in terms of the interest rate. Mind you, it is better to finance a pre-owned car, since the total price will be significantly less. Consider the comparison below.

Age Price APR Months Payment Interest Total
New $30,000 6.00% 60 $579.98 $4,799 $34,799
1 Year $24,000 7.50% 60 $480.91 $4,855 $28,855
2 Years $20,400 7.50% 60 $408.77 $4,126 $24,526
3 Years $17,340 7.50% 60 $347.46 $3,507 $20,847

As you can see, the car bought new for $30,000 will only be worth $17,340 after 36 months of ownership. Auto loans for used vehicles come with slightly higher rates of interest, but in most situations, you only need 10% down, and the insurance premiums are less costly.

Poor Credit Auto Loans in Evansville

Has your credit been marred by chapter 7/13, foreclosure, or other similar issues? Many of us are hesitant to check our credit scores, as we’re afraid of how bad they may be. However, you really should know your score. Although below-average credit always leads to an increased annual percentage rate, you can now request quotes from multiple companies online.

Buy here pay herecar lots are a second option. There’s a price for that lack of credit check: ridiculous rates, strict conditions, and a limited selection of vehicles.

You’ll want to keep clear of these dealers when possible, getting a car loan on the web. The down payments are more affordable, as are the interest rates, and the service tends to be a good bit better.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

A car loan can be an effective way to improve your credit score, but you have to make sure that you make your payments promptly. If you deal with a BHPH car lot, you won’t have this ability. Most lenders offer automatic bill payment options, which are critical for keeping current on your payments.

Evansville Resources

Credit Unions

Credit UnionStreet addressZipPhone
B-M S2400 W Lloyd Expy47712(812) 429-8001
CenturionP.O. Box 378747736(812) 422-1936
Centurion2511 N 1st Ave47710(812) 433-3375
Centurion100 NW ML King Jr Blvd47708(812) 422-1936
Centurion520 Mary Street Suite21047710(812) 450-3693
Diamond Valley840 E Diamond Ave47711(812) 425-5152
Diamond Valley5300 Vogel Rd47715(812) 425-5152
Diamond Valley2521 Washington Ave47714(812) 425-5152
Diamond Valley5020 University Dr47712(812) 425-5152
EvansvillePO Box 065147704(812) 424-2621
Evansville5320 Weston Rd47712(812) 424-2621
Evansville3820 N 1st Ave47710(812) 424-2621
Evansville6209 Vogel Rd47715(812) 424-2621
Evansville Firefighters312 N 4th Ave47710(812) 424-9396
Evansville TeachersPO BOX 512947716(812) 477-9271
Evansville Teachers1100 W Buena Vista Rd47710(812) 421-5171
Evansville Teachers4401 Theater Dr47715(812) 477-9271
Evansville Teachers4905 University Dr47712(812) 422-8204
Gas And Electric Employees1118 W Franklin St47710(812) 425-7932
Heritage331 E Boonville New Harmony Rd47725(812) 867-6800
Heritage5343 Pearl Dr47712(812) 423-3171
Heritage4920 Vogel Rd47715(812) 469-2969
Heritage3540 N 1st Ave47710(812) 464-3177
Seaboard Gateway2710 Dixie Flyer Rd47712(812) 423-6166
Sterling United1330 W Franklin St47710(812) 425-0111
Sterling United1212 St George Rd47711(812) 491-3564
Sterling United5727 Vogel Rd47715(812) 491-9200
Sterling United421 Chestnut St47713(812) 402-5054
Sterling United3900 Washington Ave47714(812) 402-0941