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With our present-day prices, it is very tough to obtain a vehicle without financing. It would be nice if this was a simple process, but it really isn’t. Banks have to have lots of info before agreeing to give you enough money to purchase a car. We make it possible to secure an auto loan a lot sooner, at an economical interest rate, even if your credit isn’t perfect. Lenders and dealers compete for your business in real time, putting you in the driver’s seat of the financing process.

Auto Loan Rates in Lexington

Down below we’ve got rates you can expect at different credit tiers. These aren’t to be regarded as advertisements. Variables that influence your precise rate of interest include, most significantly, your FICO score, but also a host of other factors

FICO Rating New Car Pre-owned Car
Excellent 3.0% 3.3%
Good 4.4% 4.6%
Average 6.5% 7.0%
Subprime 8.6% 9.9%
Bad 11.9% 14.3%
Very Bad 13.1% 15.5%

You’ll want to know your credit score when applying for financing. We suggest this site, where you can check your score at zero cost.

Used Car Financing in Lexington

Automakers are in the business of selling brand new cars. Having said that, to put yourself in the strongest position financially, you should choose a second hand car. Below, we review the costs of a loan for a car or truck that’s new versus 1-3 old.

Years Old Price Rate Months Payment Interest Total
New $21,800 6.00% 60 $421.46 $3,487 $25,287
1 Year $17,440 7.50% 60 $349.46 $3,528 $20,968
2 Years $14,824 7.50% 60 $297.04 $2,999 $17,823
3 Years $12,600 7.50% 60 $252.49 $2,549 $15,149

It’s possible to buy a great car for the money if you don’t mind a used car. Most loan companies will allow you to finance a used car that’s up to eight years old, and some have a mileage cap of 100K miles.

Poor Credit Auto Loans in Lexington

Less-than-perfect credit has become a big issue among the consumers of Lexington and Kentucky as a whole. The higher your credit score, the wider array of options you’ll have. Fortunately, the internet makes it much easier for the consumer with below-average credit.

For people with recent bankruptcies or foreclosure, a buy here pay here car dealership may well be the only real solution. No, your credit will not be a worry at such a place, but you will wind up coughing up a lot in interest for an older vehicle. You will be better off getting a loan from a traditional bank, credit union, or lender. The down payments are less expensive, as well as the loan rates, and the service is commonly noticeably superior.

Go here to apply online.

Minimizing Your Interest Rates

If you would like to decrease your rate of interest, you have a couple of options. For starters, you should fix any discrepancies on your credit report. Fortunately, you can check your credit once a year, at zero cost, at AnnualCreditReport.com.

It takes 30-60 months to get any errors remedied. In some cases, adding a cosigner to your auto loan could also trim your annual percentage rate.

Can a Car Loan Improve Your Credit?

Much of your credit score draws on payment history. Paying off an auto loan bolsters that payment history, increasing your credit score at the same time. If you decide to do business with a buy here pay here dealership, you will not have this ability. While the actual boost in your credit score isn’t easy to estimate, the improvement is sizeable.

Lexington Resources

Credit Unions

Credit UnionStreet addressZipPhone
Altra1515 Mercer Rd40511(859) 288-2689
Commonwealth280 Meijer Way40503(502) 564-4775
Greater Kentucky Cu Inc.1001 Red Mile Rd40504(859) 231-9300
Human Rights Commission162 E Main St #22640507(859) 252-4931
Kentucky Conference Credit UnionPo Box 3408540588(859) 971-3081
KUE1 Quality St40507(859) 367-5845
Lexington PostalPO BOX 1100140512(859) 233-7902
Lexington Postal1088 Nandino Blvd40511(859) 233-7902
Lexington Postal100 Midland Ave40508(859) 231-3198
Member Service Center Of Kentucky2549 Regency Rd #10540503(859) 278-2263
Members Heritage440 Park Pl40508(859) 259-3466
Members Heritage2420 Members Way40504(859) 259-3466
Members Heritage3202 Custer Dr40517(859) 259-3466
Members Heritage740 W New Circle Rd40511(859) 256-3466
Members Heritage3301 Leestown Rd40511(859) 259-3466
Metro Employees1306 Versailles Rd #14040504(859) 258-3990
Metro Employees101 E Vine St40507(859) 258-3820
Metro Employees1306 Versailles Rd40504(859) 258-3990
Park Community440 W New Circle Rd40511(859) 255-6881
Square D Credit Union1601 Mercer Rd40511(859) 243-8221
Square D Employees FCU2421 Members Way40504(859) 245-3777
Square D Federal Credit Union2421 Harrodsburg Rd40504(859) 514-2744
The Health & Education424 Park Pl40508(859) 231-8262
The Health & Education185 Pasadena Dr #15540503(859) 231-8262
University Of Kentucky2557 Sir Barton Way40509(859) 264-4200
University Of Kentucky370 Meijer Way40503(859) 264-4200
University Of Kentucky245 S Limestone40508(859) 264-4200
University Of Kentucky1080 Export St40504(859) 264-4200
University Of Kentucky Federal Credit UnionMain Line40502(859) 257-8528