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Are you looking to get your credit approved in Davenport? Whether you get approved, and what interest rate you get charged, depends largely on your credit history. Other factors include:

  • Where you live
  • Debt-to-income ratio
  • Advance payment
  • Occupational history

Typically, it’s better to put together your finance package ahead of time.

Let a finance consultant in Davenport help you secure financing, answering your questions along the way.

Auto Finance Rates in Davenport

Down below you’ll find interest rates you can expect at various credit scores. These aren’t to be regarded as advertisements. Your actual rate will be determined by quite a number of variables, for example lender, down payment, monthly income, loan-to-value ratio, and much more.

Credit Score 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%

Checking your FICO score can prevent you from being overcharged. You will find many ways to check your credit. Here’s one of the best: link.

Used Auto Loans in Davenport

New cars are appealing, beyond doubt. However, used cars and trucks are less expensive in the end, and they don’t lose their value so quickly. You can finance a solid used vehicle for so much less than what it costs to finance a new one.

Years Old Price Rate Months Payment Interest Total Cost
New $26,000 6.00% 60 $502.65 $4,159 $30,159
1 Year $20,800 7.50% 60 $416.79 $4,207 $25,007
2 Years $17,680 7.50% 60 $354.27 $3,576 $21,256
3 Years $15,028 7.50% 60 $301.13 $3,040 $18,068

In only 12 months on the road, the $26,000 new car is worth only $20,800, and only $15,028 after 36 months. As a rule, you can finance a vehicle that is up to 10 years old. Mileage constraints often apply.

Bad Credit Auto Loans in Davenport

By and large, lenders want consumers with exceptional credit, as auto loans involve a great deal of money. With a FICO score higher than 700, you should have no issue getting financing, but approval and interest rate both become factors if you’ve got poor credit. Before the internet, you really had to settle for whatever rate of interest and terms they presented you. Today, there are better methods to get financed.

In Davenport, buy here pay here car dealers wind up serving people with considerable credit issues of one sort or another. No, your credit won’t be a worry, but you will end up spending a ton in interest for a high mileage car or truck. Instead, you’re better off if you look for financing on the web. A regular loan company will report to the credit agencies, which means your credit score will improve if you keep making your payments on schedule.

Best of all, you can submit your application online.

No Money Down Auto Loans in Davenport

The money necessary to finance a new vehicle could be as much or even more than the cost of a used one. For people with great credit, a down payment is usually optional. No down payment increases the lender’s risk, increasing your rate of interest. When you have outstanding credit, this is less of a concern, as your rate will be low no matter what. If you have poor credit, however, your rate could go up a great deal. It’s smarter to save for a down payment or trade in your existing vehicle for equity.

Davenport Resources

Credit Unions

Credit UnionAddressZipTelephone
Ascentra1515 W 53rd St52806(563) 355-0152
Ascentra1710 W 3rd St52802(563) 355-0152
Communications & Catholic709 E 46th St52807(563) 391-2850
Davenport Police Department227 W 4th St52801(563) 323-9003
Dhcu Community5354 Elmore Ave52807(309) 796-7675
Du Trac Community902 W Kimberly Rd52806(563) 386-7668
Du Trac Community3101 W Kimberly Rd52806(563) 445-1600
Du Trac Community2330 E 53rd St52807(563) 355-3606
Dutrac Community Credit UnionE 53rd St52801(563) 355-3606
I. H. Mississippi Valley136 E 3rd St52801(309) 793-6200
I. H. Mississippi Valley2102 E Kimberly Rd52807(309) 793-6200
I. H. Mississippi Valley3646 W Kimberly Rd52806(309) 793-6200
M. A. Ford EmployeesPO Box 362852808(563) 391-6220
M. A. Ford Employees7737 Northwest Blvd52806(563) 391-6220
R.I.A.3509 N Harrison St52806(563) 355-3800
Rimoda1933 W 70th St52806(563) 508-7508
River City CCU325 S Pine St52802(563) 326-1141
Scott Schools122 E 15th St52803(563) 322-2680
The Family1530 W 53rd St52806(563) 388-8328
The Family1400 Rockingham Rd52802(563) 324-0415
The Family2238 Jersey Ridge Rd52803(563) 391-7521
Von Maur Employees6565 N Brady St52806(563) 388-2258