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For lots of people, financing is the main barrier to obtaining the vehicle they desire. Often, it’s possible to line up your car loan on the day of purchase, though this can be pretty time consuming. In most cases, it’s best to line up your finance package ahead of time.

A local lending professional can help you get approved for your auto loan, answering your questions along the way.

Auto Loan Rates in Sioux City

Wondering what rate of interest you’ll be charged? In fact, your rate of interest differs greatly based on your credit, plus a variety of other factors. The rates displayed below are only for informational purposes. These are not advertisements, and your exact rate could be very different.

FICO 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%

Used Car Auto Loans in Sioux City

You will find that it is a bit more expensive to finance a used vehicle, at least in terms of the interest. However, pre-owned vehicles are cheaper over the long haul, and they don’t depreciate so quickly. Check out the table below, illustrating the costs of auto loans for brand new versus used vehicles.

Age Price Rate Months Payment Interest Total
New $17,500 6.00% 60 $338.32 $2,799 $20,299
1 Year $14,000 7.50% 60 $280.53 $2,832 $16,832
2 Years $11,900 7.50% 60 $238.45 $2,407 $14,307
3 Years $10,115 7.50% 60 $202.68 $2,046 $12,161

After only a year on the road, the $17,500 new car is worth only $14,000, and only $10,115 after 36 months. Companies charge higher rates for used vehicles, but in many cases, you only need 10% down, and the insurance premiums are less costly.

Poor Credit Car Loans in Sioux City

Your credit score is the first thing loan companies review when deciding whether to approve you financing. Normally, it works like this: the better your credit, the lower your annual percentage rate. Fortunately, the internet has made it much simpler for the non-prime consumer.

A lot of shoppers with credit problems wind up at one of Sioux City’s buy here pay here dealerships. These dealers approve financing on the spot, with no credit check. No credit checks come at a price: exorbitant rates of interest, tons of terms and conditions, and overpriced vehicles. It is best to steer clear of these car lots when you can, and apply for an auto loan via the web. The advantages are considerable: cheaper rates, significantly better service. Not to mention, if you make your payments as agreed, an improved FICO score.

Contact an auto finance professional in your area today.

Can a Car Loan Improve Your Credit?

A car loan can improve your credit, if it meets these guidelines:

  • It is not offered by a BHPH dealer.
  • The installments are paid promptly, every month.

Please keep in mind that this is a step by step process. While the actual increase in your credit score is challenging to determine, the improvement is considerable.

Sioux City Resources

Credit Unions

Credit UnionAddressZip CodeTelephone
First Class Credit Union930 3rd St51101(515) 282-7363
Midwest CCUPO Box 240451106(712) 276-1328
Midwest CCU1909 Old Palmetto St51106(712) 276-1328
Midwest CCU1909 S Palmetto St51106(712) 276-1328
Midwest CCU2400 4th St51101(712) 252-4578
Midwest CCU2729 Outer Dr N51108(712) 239-3803
Midwest CCU401 Douglas St51101(712) 252-2681
Municipal Credit Union103 Fairmount St51106(712) 255-3400
Sioux Valley CommunityPO Box 38751102(712) 277-1440
Sioux Valley Community1120 6th St51101(712) 277-1440
Sioux Valley Community3450 S Lakeport St51106(712) 274-7828
Siouxland2920 Gordon Dr51106(712) 266-8812
Siouxland1820 Hamilton Blvd51103(712) 224-1010
Telco Triad Community Credit Union2500 Glenn Ave #4551106(712) 276-0506
Telco-Triad Community1420 Tri View Ave51103(712) 252-4368
Telco-Triad Community5500 Military Rd51109(712) 277-2487
Telco-Triad Community2550 Glenn Ave51106(712) 276-0506
The Municipal103 S Fairmount St51106(712) 255-3400