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For anyone who is interested in buying a new or used car, it’s likely that you will require a car loan for the required funds. Unfortunately, securing an auto loan can be a major inconvenience, especially if your credit isn’t the best. To help speed up the process, you can submit an application online for financing. An auto finance specialist can guide you through the process, helping you secure financing from a lender that offers reasonable rates.

Auto Loan Rates in Battle Creek

What will your annual percentage rate be? In point of fact, your annual percentage rate can vary hugely based on your credit, plus other variables. The rates displayed below are only for informational purposes. They aren’t advertisements, and your precise rate could deviate widely from what’s seen below.

Credit Rating New Car Used Car
Excellent 3.4% 3.8%
Good 4.5% 5.1%
Average 6.1% 7.0%
Subprime 9.2% 9.6%
Bad 12.8% 13.0%
Very Bad 14.1% 14.5%

Used Car Auto Loans in Battle Creek

New cars are appealing, needless to say. With that being said, financing a used car or truck is smarter, as the total cost will be substantially less. Here, we review the cost of financing a car or truck that is new versus one, two, or three years old.

Years Old Price APR Months Payment Interest Total
New $18,500 6.00% 60 $357.66 $2,959 $21,459
1 Year $14,800 7.50% 60 $296.56 $2,994 $17,794
2 Years $12,580 7.50% 60 $252.08 $2,545 $15,125
3 Years $10,693 7.50% 60 $214.27 $2,163 $12,856

You can buy a lot of car for the money if you aren’t afraid of buying used. Below are the common limits on auto loans for used cars:

  • Car not more than 7-10 years old.
  • Mileage no higher than 100,000.
  • Purchased via dealer, not private party.

Poor Credit Car Loans in Battle Creek

Less-than-perfect credit will make it tough to finance a car, but it isn’t out of the question. Quite frankly, if you’ve got bad credit, a rate of less than 10% isn’t possible. Although below-average credit always leads to an increased rate of interest, you can now request quotes from a variety of loan companies online.

If you can, you should steer clear of no credit check dealerships. These buy here pay here dealerships are notorious for consumer complaints. The disadvantages are considerable: exorbitant interest rates and various stipulations. If you can, you want to secure your finance package through one of these loan providers:

  • Regional or local bank.
  • Credit union you can join.
  • Vehicle finance company.

A dealership or auto finance professional will help you secure financing from one of these loan companies. This is how most people these days get financed, and it’s considerably more affordable in the end.

Best of all, you can submit your application online.

Reducing Your Interest

Besides selecting a more economical vehicle, the best way to lessen your monthly payment is by upping your FICO score. Correcting any credit report errors can improve your credit score appreciably. Fortunately, you can check your credit annually, free of charge, at annualcreditreport.com.

You can challenge any mistakes on your own, or engage a credit repair company to help you. In addition, cosigners, down payments, and faster repayment terms all help with cheaper interest rates.

Can a Car Loan Improve Your Credit?

Much of your credit score is based on payment history. Paying off a car loan as agreed strengthens that payment history, improving your credit score at the same time. If you work with a buy here pay here dealer, you will not have this opportunity. Most lenders offer automatic bill payment solutions, which are crucial to keeping current on your payments.

Battle Creek Resources

Credit Unions

Credit UnionAddressZipTelephone
American 1530 Main St49014(269) 968-2207
Consumers Professional687 Capital Ave SW49015(269) 964-2713
Grand Trunk Battle Creek Emp1275 N Raymond Rd49014(269) 965-1381
Inspire Community DevelopmentPO Box 407849016(269) 441-9114
Inspire Community Development80 W Michigan Ave49017(269) 441-9114
Kalsee427 N 20th St49037(269) 962-1224
Kellogg CommunityPO Box 14049016(269) 968-9251
Kellogg Community2925 W Dickman Rd49037(269) 968-9251
Kellogg Community41 2nd St49014(269) 968-9251
Kellogg Community1425 Capital Ave NE49017(269) 968-9251
Kellogg Community51 W Michigan Ave49017(269) 968-9251
Kellogg Community6247 B Dr N49014(269) 968-9251
Marshall Community1157 E Michigan Ave49014(269) 781-9885
Omni CommunityPO Box 153749016(269) 441-1400
Omni Community1 Denso Rd49037(269) 565-1563
Omni Community3141 Capital Ave SW49015(269) 441-1400
Omni Community220 E Roosevelt Ave49037(269) 441-1400
Post Community240 Cliff St49014(269) 966-3900
Post Community477 W Michigan Ave49037(269) 966-3900
Post Community1671 Michigan Ave W49037(269) 966-3900
Southwest Michigan320 E Columbia Ave49015(269) 964-9704
Southwest Michigan74 N Washington Ave49037(269) 964-9704
United EducationalPO Box 116049016(269) 965-7281
United Educational115 Riverside Dr49015(269) 965-7281