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The purchase of a new car or truck without the aid of a loan or lease is pretty uncommon these days. How great it would be if this was easy, but it really isn’t. Lending institutions ask a number of questions before choosing to give you enough money to buy a new car or truck. If you need to secure the least expensive rate of interest possible, we can help. This is especially helpful for folks with poor credit, as a range of dealers and finance companies will consider your credit, many of which specialize in bad credit lending scenarios.

Car Loan Rates in Portland

Here we’ve got rates estimated at varying credit scores. These aren’t to be considered advertisements. Your precise interest rate will be determined by various factors, like loan provider, down payment, monthly income, type of vehicle, and more.

FICO Rating 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 Portland

Pre-owned cars and trucks are cheaper, but the APR rates are a little more expensive compared with brand new vehicles. Intelligent consumers, however, typically go for used cars. The figures speak for themselves.

Years Old Price APR Months Payment Interest Total Cost
New $32,000 6.00% 60 $618.65 $5,119 $37,119
1 Year $25,600 7.50% 60 $512.97 $5,178 $30,778
2 Years $21,760 7.50% 60 $436.03 $4,402 $26,162
3 Years $18,496 7.50% 60 $370.62 $3,741 $22,237

Most cars a chunk of their value per annum, so a new car you buy for $32,000 will be worth $25,600 after just one year of ownership. Below are the common restrictions on used vehicle financing:

  • Vehicle no older than 7-10 years.
  • Mileage no more than 100,000 miles.
  • Purchased via dealer, not private party.

Bad Credit Auto Loans in Portland

Have a credit rating that’s subprime? Essentially, loan providers review your credit ratings as a way to determine whether or not you will pay off your loan on time. Fortunately, the internet has made it less of a challenge for the consumer with poor credit.

For consumers with recent bankruptcy or foreclosures, a buy here pay here dealership is sometimes the only solution. While you might not have difficulty in terms of approval, it’ll cost you a king’s ransom for the opportunity.

You will be better off getting financed by a bank or credit union. The interest rates will be more affordable, the terms improved, and you have the chance to re-establish your credit at the same time.

Contact an auto finance professional in your area today.

Can a Car Loan Improve Your Credit?

Financing a car can be an effective method of raising your credit score, but you have to make sure that you make your payments promptly. If you opt to work with a buy here pay here dealer, you won’t have this ability. It’s smart to register for automated deduction, in order to ensure you never forget any payments.

Portland Resources

Credit Unions

Credit UnionAddressZip CodePhone
CportPO Box 7774104(207) 878-6200
Cport50 Riverside Industrial Pkwy4103(207) 878-6200
Cumberland County1345 Washington Ave4103(207) 797-6492
EvergreenPO Box 10384104(207) 221-5000
Evergreen225 Riverside St4103(207) 221-5000
Five County19 Commercial St4101(800) 750-0959
Gpm Credit Union190 Riverside St4103(207) 828-1716
Gte Federal Credit Union68 Marginal Way4101(207) 791-8528
Infinity4 Davis Farm Rd4103(207) 854-6000
Maine MediaPO Box 77024112(207) 774-4307
Maine Media Federal Credit Union390 Congress St4101(207) 774-4307
Portland Maine Police Department109 Middle St4101(207) 773-0726
Portland Maine Police Department50 County Way4102(207) 774-5291
Town & Country426 Forest Ave4101(207) 553-5656
Town & Country3 Auburn St4103(207) 878-0352
Trademark162 Canco Rd4103(207) 623-1134
TruchoicePO Box 106594104(207) 772-0808
Truchoice272 Park Ave4102(207) 772-0808
Truchoice2211 Congress St4102(207) 772-0808
University391 Forest Ave4101(207) 772-1906
University1071 Brighton Ave4102(207) 553-9259