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For lots of consumers, getting a loan is the main hurdle to getting the car or truck they desire. Often, your finance package will be arranged in the F&I office, but this can be a very time-consuming process. We can help you get approved for financing faster, at a reasonable rate of interest, even if your credit isn’t perfect. You will find professionals who can help you finance the car you want with a rate that won’t break the bank.

Auto Loan Rates in Maine

Please keep in mind that these rates are not advertisements, but rather estimates at the time of publication. Actual interest rates differ.

FICO Score New Car Pre-owned Car
Excellent 3.1% 3.4%
Good 4.5% 4.6%
Average 7.1% 7.6%
Subprime 10.0% 10.8%
Bad 13.3% 14.6%
Very Bad 13.8% 15.2%

Used Car Loans in Maine

We’re consistently hit with advertising for new cars. If building wealth is important to you, however, you might want to choose a used car. Below, we look at the costs of financing a car or truck that is new versus a few years old.

Age Price APR Months Payment Interest Total
New $17,500 6.00% 60 $338.32 $2,799 $20,299
1 Year $14,000 7.50% 60 $280.53 $2,832 $16,832
2 Years $11,900 7.50% 60 $238.45 $2,407 $14,307
3 Years $10,115 7.50% 60 $202.68 $2,046 $12,161

Are you interested in a pre-owned car or truck? Most of the time, you can finance a vehicle that’s up to 10 years old. Mileage constraints may apply.

Bad Credit Auto Loans in Maine

FICO scores of 680 or less are often regarded as subprime, and those less than 620 are simply considered bad. Simply speaking, lenders use your credit history as an indication of how likely you are to repay your loan as agreed. Before the internet, you might be declined at various lenders or dealerships before being approved for financing.

A lot of consumers end up turning to buy here pay here dealerships, which don’t do credit assessments. While you won’t have any trouble getting financed, it’ll cost you handsomely for the opportunity.

In most cases, it’s better to find a regional bank, credit union, or loan company. A traditional lender will report your repayment to the credit bureaus, which means your credit score will get better as long as you make your payments on schedule.

Go here to apply online.

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