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Vehicle financing makes it possible to purchase a car or truck that you would be unable to buy in cash. Whether you’re approved for a car loan, and what rate of interest you’re charged, depends largely on your credit score. Additional factors include:

  • Where you live (Keokuk)
  • Loan to income ratio
  • Money down
  • Occupational history

The good news is, you can request financing online, saving yourself a great deal of time and effort.

There are professionals determined to help you finance the car you want with a rate you can afford.

Auto Loan Rates in Keokuk

Please keep in mind that the rates below should not be seen as advertisements, but rather estimates at the time of publication. Your actual interest rate could vary substantially from the rates listed 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 Keokuk

As consumers, we’re continually hit with advertising for new cars and trucks. Smart consumers, however, usually go for pre-owned cars. You can finance a low-mileage used vehicle for so much less than what it costs to finance a brand new one.

Age Price Rate Months Payment Interest Total
New $20,200 6.00% 60 $390.52 $3,231 $23,431
1 Year $16,160 7.50% 60 $323.81 $3,269 $19,429
2 Years $13,736 7.50% 60 $275.24 $2,778 $16,514
3 Years $11,676 7.50% 60 $233.96 $2,362 $14,037

After only one full year of driving, the $20,200 new car is worth only $16,160, and only $11,676 after 36 months. Most lenders will allow you to finance a used car that’s up to ten years old, sometimes a bit less, and some cap the miles at 100,000 miles.

Poor Credit Auto Loans in Keokuk

As a rule, lenders want shoppers with prime credit, as car loans involve a lot of money. To help set your annual percentage rate, banks and finance companies review your history with prior auto loans and leases. Fortunately, we know of lenders who are experts in subprime lending scenarios.

Many shoppers with unfavorable credit find themselves at one of Keokuk’s buy here pay here car dealers. These dealers offer in-house auto loans, sans credit assessment. The downsides are sizeable: excessively high rates and rigid terms.

It’s best to stay away from these car lots if possible, and obtain a car loan via the web. There are several benefits: better interest rates, superior service. Plus, if you make your payments on time, an improved credit score.

Go here to apply online.

Keokuk Credit Score Improvement

Although your interest will be driven largely by your FICO score, there are things you can do to make your auto loan less expensive. For starters, you’ll want to double check your credit report for any inaccuracies. Lots of people don’t know that, once a year, you can check your credit report free of charge via annualcreditreport.com. Generally, it takes 1-2 months to get any inaccuracies fixed. Offering an increased down payment or the addition of a cosigner who’s got a good credit score can also reduce your interest rate.

Can a Car Loan Improve Your Credit?

Over time, the payments made financing a car can elevate your credit score . Please bear in mind that this is a slow process. It’s impossible to calculate just how many points you credit score could increase, given that it depends on a wide array of factors, but the increase is usually substantial.

Keokuk Resources

Credit Unions

Credit UnionStreet addressZip CodePhone
K.E.M.13 S 5th St52632(319) 524-9553
Kah1600 Morgan St52632(319) 524-7150
Kcse Credit Union629 Blondeau St52632(319) 524-3237
Lee Co Credit Union123 Boulevard Rd52632(319) 524-4346
LeecoPO BOX 90752632(319) 524-4346
Leeco123 Boulevard Rd #552632(319) 524-4346
S E C U3200 Main St52632(319) 524-4560
The Hub-Co310 Bank St52632(319) 524-8133