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In this day and age, you will find it extremely tricky to get a new car or truck if you can’t get a car loan. Typically, the bank keeps a lien on the vehicle until the loan is fully repaid. They’ll expect you to carry full coverage insurance, so that you will have enough money to pay off the vehicle in case the car gets totaled. For those who would like to obtain the least expensive rate of interest available, we’re here to help. This is particularly helpful for consumers with less-than-perfect credit, as a variety of dealers and lending companies will consider your credit, a good number of of which are experts in special finance scenarios.

Car Loan Rates in New Bedford

Down below we have rates of interest you can expect at various credit tiers. These aren’t to be considered advertisements. The rate you’re offered may vary appreciably from the rates displayed here.

FICO Score New Car Pre-owned Car
Excellent 3.1% 3.0%
Good 4.3% 4.2%
Average 6.1% 6.1%
Subprime 8.3% 8.3%
Bad 13.5% 13.5%
Very Bad NA NA

Make sure you know what your FICO score is. There are loads of places to check your credit. Here’s one of the best: link.

Used Auto Loans in New Bedford

New cars and trucks have the most competitive loan rates. Still, it’s better to finance a second hand car or truck, given that the sum total will be significantly less. Consider the numbers below.

Years Old Price APR Months Payment Interest Total Cost
New $27,200 6.00% 60 $525.85 $4,351 $31,551
1 Year $21,760 7.50% 60 $436.03 $4,402 $26,162
2 Years $18,496 7.50% 60 $370.62 $3,741 $22,237
3 Years $15,722 7.50% 60 $315.03 $3,180 $18,902

A second hand car is a good option, regardless of whether you’re financing or not. Most companies will allow you to finance a used vehicle up to eight years old, and some have a mileage cap of 100K miles.

Bad Credit Auto Loans in New Bedford

Credit scores of 680 or less are generally regarded as subprime, and those below 620 are simply deemed bad. Simply speaking, banks and lenders use your FICO score as a measure of how likely you are to pay off your loan on a regular basis. Like any major investment, it’s better to work with someone experienced in the process.

Buy here pay here financing is another option. The annual percentage rates are very steep, and the vehicles are always second hand, sometimes with lots of miles.

You will be happier getting financed by a bank, credit union, or loan provider–a possibility through any basic dealership. This is how the majority of people get financed nowadays, and it’s substantially more affordable in the end.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

A large proportion of your FICO score draws on payment history. Paying off an auto loan rebuilds that payment history, improving your credit score at the same time. But keep in mind that this is a step by step process. While the actual increase in your credit score is tough to estimate, the improvement is sizeable.

New Bedford Resources

Credit Unions

Credit UnionStreet addressZipTelephone
First Citizens'271 Union St2740(508) 979-4745
First Citizens'570 N Front St2745(508) 990-8397
First Citizens'1341 Cove Rd2744(508) 997-6267
First Citizens' Federal Credit Union1331 Cove Rd2744(508) 997-6267
New Bedford1150 Purchase St2740(508) 994-6546
New Bedford120 Dawson St2745(508) 998-9115
Southcoast Health System101 Page St2740(508) 997-4475
Southern Mass2926 Acushnet Ave2745(508) 994-9971
St Annes Credit Union2180 Acushnet Ave2745(508) 998-7038
St. Anne93 Union St2740(508) 993-0011
St. Annes Credit Union - Fairhaven Office93 Adams St2746(508) 991-7828
St. Anthony Of New Bedford1743 Acushnet Ave2745(508) 996-5492