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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

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip,Phone” data=”Altra,1515 Mercer Rd,40511,(859) 288-2689,Commonwealth,280 Meijer Way,40503,(502) 564-4775,Greater Kentucky Cu Inc.,1001 Red Mile Rd,40504,(859) 231-9300,Human Rights Commission,162 E Main St #226,40507,(859) 252-4931,Kentucky Conference Credit Union,Po Box 34085,40588,(859) 971-3081,KUE,1 Quality St,40507,(859) 367-5845,Lexington Postal,PO BOX 11001,40512,(859) 233-7902,Lexington Postal,1088 Nandino Blvd,40511,(859) 233-7902,Lexington Postal,100 Midland Ave,40508,(859) 231-3198,Member Service Center Of Kentucky,2549 Regency Rd #105,40503,(859) 278-2263,Members Heritage,440 Park Pl,40508,(859) 259-3466,Members Heritage,2420 Members Way,40504,(859) 259-3466,Members Heritage,3202 Custer Dr,40517,(859) 259-3466,Members Heritage,740 W New Circle Rd,40511,(859) 256-3466,Members Heritage,3301 Leestown Rd,40511,(859) 259-3466,Metro Employees,1306 Versailles Rd #140,40504,(859) 258-3990,Metro Employees,101 E Vine St,40507,(859) 258-3820,Metro Employees,1306 Versailles Rd,40504,(859) 258-3990,Park Community,440 W New Circle Rd,40511,(859) 255-6881,Square D Credit Union,1601 Mercer Rd,40511,(859) 243-8221,Square D Employees FCU,2421 Members Way,40504,(859) 245-3777,Square D Federal Credit Union,2421 Harrodsburg Rd,40504,(859) 514-2744,The Health & Education,424 Park Pl,40508,(859) 231-8262,The Health & Education,185 Pasadena Dr #155,40503,(859) 231-8262,University Of Kentucky,2557 Sir Barton Way,40509,(859) 264-4200,University Of Kentucky,370 Meijer Way,40503,(859) 264-4200,University Of Kentucky,245 S Limestone,40508,(859) 264-4200,University Of Kentucky,1080 Export St,40504,(859) 264-4200,University Of Kentucky Federal Credit Union,Main Line,40502,(859) 257-8528″][/tboot_table]

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