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With the high cost of the average new car, it is very difficult to obtain a car with no financing. If you have superior credit, this is a hassle-free process. For those who have less-than-perfect credit, however, it can be a total nightmare. Normally, you’ll want to line up your car loan package ahead of time.

This is especially useful for people who’ve got below-average credit, as an array of dealerships and lending institutions will consider your application, a number of of which are experts in problematic credit.

Auto Loan Rates in Topeka

What will your rate of interest be? The reality is, your annual percentage rate varies hugely based on your FICO score, among a variety of other factors. The rates shown below are only for informational purposes. These are not advertisements, and your precise rate will vary.

Credit Rating New Car Used Car
Excellent 3.3% 3.7%
Good 4.6% 5.1%
Average 7.3% 8.2%
Subprime 10.0% 10.0%
Bad 13.8% 12.9%
Very Bad 14.6% 13.3%

If you do not know what your credit score is, you should. If you don’t know your score, you could pay too much in interest. Visit here to check your score.

Used Car Loans in Topeka

As consumers, we’re constantly bombarded by advertising for new cars and trucks. That said, financing a used vehicle is a better value, considering that the overall cost will be significantly less. Here, we look at the costs of a loan for a car or truck that is brand new versus one, two, or three years old.

Years Old Price Rate Months Payment Interest Total Cost
New $19,600 6.00% 60 $378.92 $3,135 $22,735
1 Year $15,680 7.50% 60 $314.20 $3,172 $18,852
2 Years $13,328 7.50% 60 $267.07 $2,696 $16,024
3 Years $11,329 7.50% 60 $227.01 $2,292 $13,620

Interested in pre-owned car or truck? Most companies will permit you to finance a used vehicle that’s up to ten years old, sometimes a little less, and some cap the mileage at 100K miles.

Poor Credit Car Loans in Topeka

A bad credit score will make it tough to finance a car, but it isn’t hopeless. Quite frankly, when you’ve got poor credit, an interest rate of less than 10% is out of the question. In the past, you might be rejected at a few lenders or dealers before obtaining financing.

It is best to avoid going to a no credit check dealership. These buy here pay here dealerships are known for aggressive sales tactics. No credit checks come at a price: inflated rates, inflexible conditions, and limited vehicles.

Almost always, it’s better to find a regional bank, credit union, or lender. The interest rates are typically cheaper, the terms considerably better, and you have the ability to repair your credit along the way.

Go here to apply online.

Can a Car Loan Improve Your Credit?

Your payment history has a big influence over your credit score. Paying off a car loan rebuilds that payment history, upping your credit score along the way. It is important to understand that this is a gradual process. It’s wise to register for automatic payments, basically to ensure you won’t miss any installments.

Topeka Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip Code,Telephone” data=”Ad-Top Employees Credit Union,116 S Kansas Ave,66603,(785) 233-4691,Communication,501 SW Gage Blvd,66606,(785) 271-3071,Communication,818 S Kansas Ave,66612,(785) 234-1036,Communication FCU,4001 NW 14th St,66618,(785) 575-1300,Community America,1129 S Kansas Ave,66612,(785) 233-5858,Community America,2951 SW Wanamaker Rd,66614,(785) 234-7670,Credit Union Service Center,1080 SW Wanamaker Rd,66604,(785) 273-9444,Credit Union Service Center,601 SW 37th St,66611,(785) 266-9444,Educational,2808 SW Arrowhead Rd,66614,(785) 271-6900,Educational,901 SW Topeka Blvd,66612,(785) 232-6900,Educational,4701 NW Hunters Ridge Cir,66618,(785) 246-3900,Educational,3623 SE 29th St,66605,(785) 267-4900,Employment Security Employees,401 SW Topeka Blvd,66603,(785) 296-5015,Envista,3626 SW Wanamaker Rd,66614,(785) 228-0149,Envista,2120 SW Belle Ave,66614,(785) 228-0149,Envista,811 NW 25th St,66618,(785) 228-0149,Envista,3321 SE 28th Terrace,66605,(785) 228-0149,Envista,501 NE Lake St,66616,(785) 228-0149,Envista,2015 SW 10th Ave,66604,(785) 228-0149,Kansas Air Guard,5920 SE Coyote Dr,66619,(785) 861-4093,New Century,707 SE Quincy St,66603,(785) 235-9551,Quest,PO Box 1128,66601,(785) 233-5556,Quest,2634 NW Us 24 Hwy,66618,(785) 357-4479,Quest,610 SW 10th Ave,66612,(785) 233-5556,Topeka City Employees,215 SE 7th St,66603,(785) 368-3832,Topeka Firemens,2447 SE 29th St,66605,(785) 266-7533,Topeka Police,320 SW Kansas Ave #100,66603,(785) 368-9436,Topeka Post Office CU,PO Box 1097,66601,(785) 233-4323,Topeka Post Office CU,424 S Kansas Ave #212,66603,(785) 233-4323,Topeka Post Office CU,424 S Kansas Ave,66603,(785) 233-4323″][/tboot_table]