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Most new cars and trucks are purchased with an auto loan or leased. When you have outstanding credit, this is a simple and easy process. When you have bad credit, however, it can be complicated. Rather than sweating it out at the dealer or finance company, you can apply for financing through our site. You will find professionals determined to help you finance the car you want at a rate that’s reasonable.

Auto Loan Rates in Ames

Keep in mind, the rates below are not advertisements, but estimations at the time of publication. The rate you’re offered may deviate appreciably from what’s displayed here.

Credit Rating New Car Pre-owned Car
Excellent 3.4% 3.4%
Good 5.1% 4.6%
Average 6.7% 7.1%
Subprime 9.4% 9.8%
Bad 12.8% 12.4%
Very Bad NA 12.4%

Used Auto Loans in Ames

The rates are much higher for used autos, as they present a somewhat higher risk of maintenance complications. Elevated rates for pre-owned vehicles, however, are contrasted by more affordable down payments, monthly payments, and insurance premiums. You can finance a low-mileage pre-owned car or truck for half the cost of a new one.

Age Price APR Months Payment Interest Total Cost
New $16,000 6.00% 60 $309.32 $2,559 $18,559
1 Year $12,800 7.50% 60 $256.49 $2,589 $15,389
2 Years $10,880 7.50% 60 $218.01 $2,201 $13,081
3 Years $9,248 7.50% 60 $185.31 $1,871 $11,119

A pre-owned car or truck makes a great option, whether you’re financing or paying cash. Most finance companies will allow you to finance a pre-owned vehicle up to eight years old, and some have a mileage cap of 100K miles.

Bad Credit Auto Loans in Ames

Do you have a FICO score in the mid to low 600s? Simply speaking, banks and lenders use your credit history to determine if you’re likely to make your payments on a regular basis. In the old days, you might be turned away at a few lenders or dealers before obtaining financing.

On-site loans are a further option, offered by Ames’s buy here pay here (BHPH) car lots. Having no credit check comes at a price: excessively high annual percentage rates, quite a few stipulations, and a limited selection of vehicles.

More often than not, it’s safer to work with a regular bank, credit union, or loan company. This is how many individuals get approved, and it’s considerably less expensive in the long term.

Go here to apply online.

Ames Credit Score Improvement

Interest can take up a major portion of your monthly payment, particularly when your FICO score isn’t so good. First of all, you should resolve any inaccuracies on your credit report. You can check your credit for free at, a service offered by the three major credit bureaus.

It will take 1-2 months to get such problems resolved. In some instances, including a cosigner with your finance package could also trim your interest rate.

No Down Payment Auto Loans in Ames

The money needed to finance a new vehicle could be as much as the price of a second hand vehicle. In the vast majority of cases, a couple of conditions must be met to get approved for zero down financing:

  • The vehicle is brand new.
  • The individual has excellent credit.

By applying online, it’s possible to boost your odds of obtaining such a package, as dealers can see your down payment upfront.

Ames Resources

Credit Unions


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