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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

Credit UnionStreet addressZip CodeTelephone
Ad-Top Employees Credit Union116 S Kansas Ave66603(785) 233-4691
Communication501 SW Gage Blvd66606(785) 271-3071
Communication818 S Kansas Ave66612(785) 234-1036
Communication FCU4001 NW 14th St66618(785) 575-1300
Community America1129 S Kansas Ave66612(785) 233-5858
Community America2951 SW Wanamaker Rd66614(785) 234-7670
Credit Union Service Center1080 SW Wanamaker Rd66604(785) 273-9444
Credit Union Service Center601 SW 37th St66611(785) 266-9444
Educational2808 SW Arrowhead Rd66614(785) 271-6900
Educational901 SW Topeka Blvd66612(785) 232-6900
Educational4701 NW Hunters Ridge Cir66618(785) 246-3900
Educational3623 SE 29th St66605(785) 267-4900
Employment Security Employees401 SW Topeka Blvd66603(785) 296-5015
Envista3626 SW Wanamaker Rd66614(785) 228-0149
Envista2120 SW Belle Ave66614(785) 228-0149
Envista811 NW 25th St66618(785) 228-0149
Envista3321 SE 28th Terrace66605(785) 228-0149
Envista501 NE Lake St66616(785) 228-0149
Envista2015 SW 10th Ave66604(785) 228-0149
Kansas Air Guard5920 SE Coyote Dr66619(785) 861-4093
New Century707 SE Quincy St66603(785) 235-9551
QuestPO Box 112866601(785) 233-5556
Quest2634 NW Us 24 Hwy66618(785) 357-4479
Quest610 SW 10th Ave66612(785) 233-5556
Topeka City Employees215 SE 7th St66603(785) 368-3832
Topeka Firemens2447 SE 29th St66605(785) 266-7533
Topeka Police320 SW Kansas Ave #10066603(785) 368-9436
Topeka Post Office CUPO Box 109766601(785) 233-4323
Topeka Post Office CU424 S Kansas Ave #21266603(785) 233-4323
Topeka Post Office CU424 S Kansas Ave66603(785) 233-4323