My Car Lender
 

Home / Finance / Maine Auto Finance / Auburn (ME) Auto Loans

 

Getting a new vehicle without help from a loan or lease is pretty uncommon nowadays. How great it would be if this was easy, but it rarely is. Lenders have to have lots of info before choosing to give you the money to afford a new car or truck. We can help you obtain your auto loan faster, at a reasonable rate, even when your credit isn’t ideal. You will find experts waiting to help you finance the car you need at a reasonable rate.

Auto Finance Rates in Auburn

Most companies only show you the best rate they offer, only available to people with the very best credit scores. In reality, your interest rate can vary greatly based on your credit score, as well as a variety of other things. The rates displayed below are only for informational purposes. These aren’t advertisements, and your actual rate could be very different.

Credit Score New Car Used 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 Auto Loans in Auburn

Pre-owned cars and trucks aren’t as expensive, but the APR rates are a bit elevated. If building wealth is important to you, however, you will opt for a used car. Below, we look at the costs of financing a vehicle that is new versus a few years old.

Years Old Price Rate 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

The majority of cars lose roughly 15% of their value per annum, so you can obtain a low-mileage used car for thousands less than a brand new one. More often than not, you can finance a car that’s up to a decade old. Mileage limitations often apply.

Poor Credit Auto Loans in Auburn

By and large, lenders want consumers with exceptional credit, as auto loans involve a lot of money. Improved FICO ratings normally result in reduced interest rates, but there’s a lot more to it than that. Although below-average credit always leads to a higher annual percentage rate, you can now request quotes from a variety of loan companies online.

If your credit is hurting, you may want to stop by a dealership that promotes buy here pay here financing. While you will have no problem getting approved, it’ll cost you handsomely for the privilege. You will be happier getting financed by a bank or loan company. A regular lender will report your progress to the credit reporting agencies, meaning your credit score will get better as long as you keep making your payments on time.

Go here to apply online.

Auburn Credit Restoration

If you want to decrease your rate of interest, there are a number of options. Lots of potential buyers have errors on their credit histories. These errors could be hurting your credit score, and you won’t have any idea. Fortunately, it’s free to check your credit report annually at www.AnnualCreditReport.com.

Generally, it takes 30-60 months to get such issues fixed, after which time you may see an improvement in your credit score. What’s more, cosigners, down payments, and shorter-term loans all bring about reduced rates.

Zero Down Cars in Auburn

Saving up the cash required to obtain a car isn’t easy, especially if you have below-average credit, in which case you might have to offer a significant down payment. The truth is, getting a car financed without any down payment isn’t always possible. If you haven’t got great credit, it’s better to start setting aside money for a down payment, or you could find yourself paying an outrageous rate of interest. However, when you apply online, there are many loan companies and dealerships that will offer no down payment car deals for individuals without the greatest credit.

Auburn Resources

Credit Unions

Credit UnionLocationZip CodePhone
Community40 Stanley St4210(207) 777-4547
Five County100 Mt Auburn Ave4210(800) 750-0959
Great Falls Regional760 Minot Ave4210(207) 753-0500
Maine Family831 Minot Ave4210(207) 783-2071
Rainbow20 Washington St N4210(207) 783-0351