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For the majority of buyers in Springfield, a loan is an essential part of buying any new or used car, truck, or SUV. Unfortunately, securing such a loan can be a real pain, particularly when you’ve got poor credit. Rather than spending hours at the dealership or bank, you can request an auto loan online.

You could be discussing the details of your car loan in a matter of minutes.

Car Loan Rates in Springfield

These interest rates are only for informational purposes. They aren’t advertisements. Precise rates differ.

Credit Rating 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

Used Car Loans in Springfield

New cars have the most affordable loan rates. That said, new cars and trucks lose value so quickly, used cars are often a better investment. You can finance a low-mile used car or truck for a fraction of the cost of a new one.

Years Old Price Rate Months Payment Interest Total
New $18,200 6.00% 60 $351.86 $2,911 $21,111
1 Year $14,560 7.50% 60 $291.75 $2,945 $17,505
2 Years $12,376 7.50% 60 $247.99 $2,503 $14,879
3 Years $10,520 7.50% 60 $210.79 $2,128 $12,647

As you have seen, the car purchased new for $18,200 won’t be worth but $10,520 after three years. Auto loans for used vehicles have slightly higher rates, but in many instances, you only need 10% down, and the insurance costs are less expensive.

Poor Credit Auto Loans in Springfield

In most cases, deals such as 0% financing are unfeasible if you’ve got poor credit. When determining your interest rates, loan providers evaluate your history of managing previous car loans and leases. When it comes to vehicle financing, it’s best to speak with someone familiar with the process.

Of course, you have to be alert for unethical practices. This is especially the truth if you resort to a buy here pay here dealer. While you won’t have any trouble when it comes to approval, it’ll cost you a king’s ransom for the opportunity. You’ll want to steer clear of these dealers when possible, and apply for a car loan online. The down payments are less expensive, as well as the interest rates, and the service tends to be noticeably superior.

Go here to apply online.

Springfield Credit Restoration

Interest can take up a substantial percentage of your monthly payment, particularly if your credit score isn’t the best. Is your credit report marred by any discrepancies? These can hurt your credit score quite appreciably. Fortunately, you can check your credit once a year, at no cost, at AnnualCreditReport.com.

Correcting any mistakes–a not too difficult process–could lead to major advances in your credit score. If you don’t have a good credit score, the addition of a cosigner could give you a better interest rate.

Can a Car Loan Improve Your Credit?

When you need to increase your credit score, financing a car may help–if you pay it off as scheduled. Your FICO score won’t increase the second you pay off your car loan. It slowly but surely improves as you make your payments from month to month. Be sure to register for automatic payments, as this will stop you from missing payments.

Springfield Resources

Credit Unions

Credit UnionStreet addressZipTelephone
C U Of Providence SystemsP O Box 90121102(413) 748-9590
C U Of Providence Systems271 Carew St1104(413) 748-9590
FreedomPO BOX 30091101(413) 739-6961
Freedom1976 Main St1103(413) 739-6961
Greater Springfield1030 Wilbraham Rd1109(413) 782-3161
Massmutual1295 State St1109(413) 744-3431
Pioneer Valley246 Brookdale Dr1104(413) 733-2800
Pioneer Valley1883 Main St #1401101(413) 734-8960
Pioneer Valley Postal Federal Credit Union1883 Main St1101(413) 734-8960
Premier Source254 Cottage St1104(413) 731-8200
Premier Source Credit Union450 Cottage St1104(413) 731-8200
Springfield Street Railway Emp.640 Page Blvd #1021104(413) 781-4454
Springfield Street Railway Emp.640 Page Blvd1104(413) 781-4454
Stcu145 Industry Ave1104(413) 732-9812
Wemelco300 Cadwell Dr #21104(413) 787-9278