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For a lot of buyers, getting a loan is the main hurdle to buying the car they desire. Whether you get approved, and what interest rate you’ll have to pay, depends mainly on your credit scores. Additional variables:

  • Location (Louisville)
  • Debt-to-income ratio
  • Down payment
  • Employment record

We can help you arrange your car loan the day you apply, at an economical rate of interest, even when your credit isn’t ideal.

There are experts in Louisville, who can help you finance the car you need at a rate that’s reasonable.

Car Loan Rates in Louisville

Curious about the rate of interest you’ll be charged? Truth be told, your rate of interest varies widely based on your credit, among other variables. The rates shown below are only for informational purposes. These are not advertisements, and your exact rate could deviate vastly from what’s displayed below.

Credit Score 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%

Knowing your credit score can keep you from being overcharged. Many banks make use of an auto loan-specific credit score unavailable to individuals, but you can visit here to check your tri-bureau score online.

Used Auto Loans in Louisville

Some buyers shy away from pre-owned cars because they involve higher interest financing. Having said that, to put yourself in the best financial position, it’s better to opt for a second hand car. Have a look at the chart below.

Age Price APR Months Payment Interest Total Cost
New $22,800 6.00% 60 $440.79 $3,647 $26,447
1 Year $18,240 7.50% 60 $365.49 $3,690 $21,930
2 Years $15,504 7.50% 60 $310.67 $3,136 $18,640
3 Years $13,178 7.50% 60 $264.07 $2,666 $15,844

Once it leaves the dealership, a new car loses nearly one quarter of its value, and it keeps shedding a significant slice of its value year after year. A car or truck that cost $22,800 new will only be worth $13,178 three years later. Auto loans for used vehicles come with slightly higher rates, but in most situations, you only need 10% down, and the insurance costs are less costly.

Poor Credit Auto Loans in Louisville

Are you hoping to finance a car from a dealership in Louisville with a bad credit score? The better your credit score is, the more options you’ll have. In decades past, you might be rejected at a few banks or dealerships before securing financing.

Lots of people with below-average credit find themselves at one of Louisville’s buy here pay here car dealers. These dealers offer on-the-spot financing, sans credit assessment. While you shouldn’t have any problems in terms of approval, it’ll cost you a lot for the opportunity.

Whenever possible, you’ll want to get your finance package through one of the following loan companies:

  • National or regional bank.
  • Credit union you can join.
  • Automotive loan company.

A dealer or finance professional will help you secure financing from one of these lenders. This is how the majority of people get financed, and it’s a lot more economical over the long haul.

Best of all, you can submit your application online.

Minimizing Your Interest Rate

There are a number of strategies to reduce your rate of interest. Is your credit report marred by any inaccuracies? These can hurt your credit score more than you might think. You can check your credit at zero cost at AnnualCreditReport.com, a service offered by the three major credit bureaus.

Addressing any mistakes–a not too difficult process–could result in major advances in your credit score. Other ways to lower your interest rate:

  • Getting a parent, spouse, or sibling to cosign the loan.
  • Offering a bigger down payment.
  • Going with a shorter loan.

Can a Car Loan Improve Your Credit?

With time, the payments made on an auto loan can boost your credit score . Your FICO score isn’t going to surge as soon as you pay off your car loan. It progressively increases as you make your payments on time. It’s impossible to determine exactly how much you credit score could improve, as it depends on a variety of factors, but the improvement is usually significant.

Louisville Resources

Credit Unions

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip,Phone” data=”1st United Labor FCU,7711 Beulah Church Rd,40228,(502) 231-9599,Alcan Employees Credit Union,1402 Burghard St,40210,(502) 635-6458,Asrc Employees’ Federal Credit Union,4500 Camp Ground Rd,40216,(502) 447-8298,Autotruck,PO BOX 18890,40261,(502) 459-8981,Autotruck,3611 Newburg Rd,40218,(502) 459-8981,Autotruck,13210 O’Bannon Station Way,40223,(502) 244-2272,Autotruck Federal Credit Union,9466 Brownsboro Rd,40241,(502) 326-9886,B & W Federal Credit Union,401 S 4th St #2301,40202,(502) 753-5480,B. C. B. S.,13550 Triton Park Blvd,40223,(502) 889-3100,Beacon Community,7910 National Turnpike,40214,(502) 366-6022,Beacon Community,128 Rochester Dr,40214,(502) 364-6801,Brown-Forman Employees,850 Dixie Hwy,40210,(502) 774-7321,Chemco,4200 Bells Ln,40211,(502) 772-5780,Class Act,3620 Fern Valley Rd,40219,(502) 964-7575,Class Act,University of Louisville Student Ctr Rm 316,40292,(502) 852-7321,Class Act,7601 St Andrews Church Rd,40214,(502) 964-7575,Financial Standards Group Inc,3615 Newburg Rd,40218,(502) 459-8023,Fort Knox,2925 Goose Creek Rd,40242,(502) 942-0254,Fort Knox,4917 Dixie Hwy,40216,(502) 942-0254,Jefferson County,P.O. BOX 22289,40252,(502) 429-4955,Jefferson County,810 Barret Ave # 4,40204,(502) 574-6213,Jefferson County,9600 Ormsby Station Rd,40223,(502) 429-4955,Jefferson County,6446 Outer Loop,40228,(502) 964-9899,Jefferson County Federal Credit Union,517 Court Pl,40202,(502) 574-6445,Jefferson County Federal Credit Union,7201 Outer Loop #128,40228,(502) 239-0900,K I T,3415 Bardstown Rd #103a,40218,(502) 459-9286,K I T,3415 Bardstown Rd,40218,(502) 459-9286,Kemba Louisville,4017 Poplar Level Rd,40213,(502) 459-1411,Kentucky Telco,P. O. Box 18303,40261,(502) 459-3000,Kentucky Telco,3740 Bardstown Rd,40218,(502) 459-3000,Kentucky Telco Federal Credit Union,4816 Outer Loop,40219,(502) 962-7455,Kentucky Telco Federal Credit Union,4004 Dutchmans Ln,40207,(502) 891-4550,Kentucky Telco Federal Credit Union,234 E Gray St,40202,(502) 625-1310,Kentucky Telco Federal Credit Union,455 S 4th St,40202,(502) 625-1300,Kentucky Telco Federal Credit Union,2126 S Floyd St,40208,(502) 852-6711,Kitco Employees,900 W Market St #201,40202,(502) 562-7600,Kyang,PO BOX 33247,40232,(502) 413-4410,Kyang,1101 Grade Ln,40213,(502) 413-4410,L & N Federal Credit Union,9265 Smyrna Pkwy,40229,(502) 368-5858,L & N Federal Credit Union,200 W Chestnut St,40202,(502) 368-5858,L & N Federal Credit Union,3099 Breckenridge Ln #109,40220,(502) 368-5858,L & N Federal Credit Union,7412 Dixie Hwy,40258,(502) 368-5858,L & N Federal Credit Union,4700 Southern Pkwy,40214,(502) 368-5858,L & N Federal Credit Union,12981 Shelbyville Rd,40243,(502) 368-5858,L & N Federal Credit Union,3099 Breckenridge Ln,40220,(502) 212-7880,L & N Federal Credit Union,6101 Dixie Hwy,40258,(502) 937-6602,L & N Federal Credit Union,7100 Preston Hwy,40219,(502) 966-5577,Lno Credit Union,5401 Southside Dr,40214,(502) 364-2789,Lou Chemical Federal Credit Union,10309 Dixie Hwy,40272,(502) 995-7599,Lou Chemical Federal Credit Union,4300 Camp Ground Rd,40216,(502) 447-6300,Louchem,PO Box 16940,40216,(502) 447-6300,Louchem,4415 Cane Run Rd,40216,(502) 447-6300,Louchem,525 W Broadway,40202,(502) 582-4491,Louisville Federal,PO BOX 33303,40232,(502) 458-2681,Louisville Federal,1420 Gardiner Ln #66,40213,(502) 458-2681,Louisville Federal,601 W Broadway #113,40202,(502) 584-3579,Louisville Federal Credit Union,1420 Gardiner Ln,40213,(502) 458-2681,Louisville Gas And Electric Company,PO BOX 32040,40232,(502) 627-3140,Louisville Gas And Electric Company,220 W Main St,40202,(502) 627-3142,Louisville Gas And Electric Company,820 W Broadway,40202,(502) 627-3140,Louisville Medical Center,234 E Gray St #130,40202,(502) 629-3716,Louisville Metro Police Officers,900 W Market St #100,40202,(502) 584-7134,Louisville Metro Police Officers,900 W Market St,40202,(502) 584-7134,Louisville-Jefferson County Metro,810 Barret Ave,40204,(502) 574-6213,Louvah,800 Zorn Ave,40206,(502) 287-6282,Louvah,VA Medical Center,40206,(502) 287-6282,Members First Federal Credit Union,2900 W Broadway,40211,(502) 776-6166,Members First Federal Credit Union,4202 Camp Ground Rd,40216,(502) 772-1680,Members First Federal Credit Union,7215 Riverport Plaza Dr,40258,(502) 719-1228,Msd,700 W Liberty St,40203,(502) 540-6213,P L Company Federal Credit Union,3029 W Muhammad Ali Blvd,40212,(502) 776-3724,Park Community,P.O. Box 18630,40261,(502) 968-3681,Park Community,6101 Fern Valley Rd,40228,(502) 968-3681,Park Community,2501 Blankenbaker Pkwy,40299,(502) 297-9919,Park Community,515 W Market St,40202,(502) 585-5596,Park Community,7521 Dixie Hwy,40258,(502) 995-3544,Park Community,2221 Goldsmith Ln,40218,(502) 968-3681,Park Community Federal Credit Union,101 E Main St,40202,(502) 585-5596,Park Community Federal Credit Union,250 N Hurstbourne Pkwy,40222,(502) 968-3681,Rale,2827 Hale Ave,40211,(502) 772-7283,Rural Cooperatives,PO BOX 32170,40232,(502) 451-2430,Rural Cooperatives,4515 Bishop Ln,40218,(502) 451-2430,Tarcana,1000 W Broadway,40203,(502) 561-5150″][/tboot_table]

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