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Have you been buying a new or pre-owned vehicle in Detroit, and need to finance it? Unfortunately, arranging an auto loan can be a pretty irritating process, keeping you from getting the car you want. Why would you waste time applying for financing at the finance company or car dealership when you can apply right here on the web?

You could be behind the wheel of a new car tomorrow.

Car Loan Rates in Detroit

These rates of interest aren’t ads, but estimations to give you a notion of what annual percentage rate can be expected given where you are and your FICO score. Your exact interest rate will depend on various variables, including lender, down payment, monthly income, loan-to-value ratio, etc.

FICO 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 Financing in Detroit

Used vehicles are cheaper, but the rates are a bit more expensive as compared with new vehicles. Then again, new autos lose value so quickly, second hand cars are generally the better investment. Check out the chart below.

Age Price Rate Months Payment Interest Total Cost
New $27,750 6.00% 60 $536.49 $4,439 $32,189
1 Year $22,200 7.50% 60 $444.84 $4,491 $26,691
2 Years $18,870 7.50% 60 $378.12 $3,817 $22,687
3 Years $16,040 7.50% 60 $321.40 $3,244 $19,284

As soon as it leaves the dealership, a new car or truck loses as much as one quarter of its value, and it keeps depreciating every year. A vehicle that cost $27,750 when new won’t be worth but $16,040 after 36 months of ownership. Typically, you can finance a car that’s up to a decade old. Mileage restrictions often apply.

Bad Credit Car Loans in Detroit

FICO scores of less than 680 are usually considered subprime, and those below 620 are simply considered bad. When deciding your APR, banks and finance companies pay special attention to your history with previous car loans and leases. Although less-than-perfect credit always leads to an increased rate of interest, you can now request quotes from various loan providers online.

If your credit is in pretty lousy form, you may be drawn to a dealership that promotes buy here pay here loans. Of course, your credit won’t be an obstacle at this type of place, but you will wind up spending a ton in interest for an older car or truck.

Whenever possible, you’ll want to secure your car loan through one of the following loan companies:

  • Regional or local bank.
  • Credit union local to you.
  • Automotive finance company.

A dealer or local finance specialist can help you obtain financing from one of these lenders. The down payments are lower, the same as the rates of interest, and the service is typically a good bit better.

Go here to apply online.

No Money Down Car Loans in Detroit

A lot of people don’t fully grasp that you normally need some cash in your bank account to get a car loan. Zero down car loans, like 0% financing promotions, are mostly limited to consumers with great credit. No down payment increases the risk of the loan, which will increase your interest rate. For people with great credit, this isn’t so much a concern, as you have room for your rate to rise some. If you’ve got below-average credit, however, your rate could go up quite a bit. You are better off saving up for a down payment or exchanging your old vehicle for equity.

Detroit Resources

Credit Unions

Credit UnionLocationZipTelephone
A.B.D.2222 Conner St48215(313) 822-1034
Amez United11359 Dexter Ave48206(313) 933-1818
Bethel Baptist Church East5715 Holcomb Ave48213(313) 923-1644
Christian Financial18770 Harper48201(313) 642-0443
Co-Op Services1351 E Jefferson Ave48207(800) 321-8570
Communicating ArtsPO Box 3258448232(313) 965-8640
Communicating Arts14740 Mack Ave48215(313) 821-2800
Communicating Arts630 Howard St48226(313) 965-8640
Craftsman2444 Clark St48209(313) 554-9300
Credit Union OneCampus Martius Park 800 Woodward Ave48226(313) 227-7877
Credit Union One5601 Eldred St48209(313) 849-0080
Credit Union OneDetroit Receiving Hospital48201(313) 832-7030
Detroit Metropolitan1480 E Jefferson Ave48207(313) 568-5000
Dfcu Financial2799 W Grand Blvd48202(313) 336-2700
Eds Credit Union500 Renaissance Center48226(313) 567-5815
Electrical Workers Local 581366 Porter St48226(313) 963-6060
Fannie B. Peck Of Bethel Ame Church5050 St Antoine St48202(313) 831-8810
Greater Christ Baptist ChurchP.O. Box 730348207(313) 925-1359
Greater Christ Baptist Church3544 Iroquois St48214(313) 925-1359
Greater New Mt. Moriah Baptist Chrh586 Owen St48202(313) 871-0744
Health One600 E Lafayette Blvd48226(313) 225-9755
Health One500 E Lafayette Blvd48226(313) 225-9755
I.M. Detroit District2101 Gratiot Ave48207(313) 259-5817
International Uaw8000 E Jefferson Ave48214(313) 926-5281
Intouch200 Renaissance Center48243(313) 262-4221
Lake TrustOne Energy Plaza #10048226(313) 962-2727
Metropolitan Church Of God13400 Schaefer Hwy48227(313) 837-5642
Michigan First19200 Wyoming St48221(248) 395-4183
Michigan First3031 W Grand Blvd48202(248) 395-4194
Michigan First5057 Woodward Ave48202(248) 443-4291
Michigan First5221 Gullen Mall48202(248) 443-4291
Motor City Co-Op3151 Gratiot Ave48207(586) 228-8484
New Rising Star10605 Mack Ave48214(313) 823-5084
Peoples Trust477 Michigan Ave48226(248) 263-4210
Peoples Trust3011 W Grand Blvd48202(248) 263-4230
Public Service3044 W Grand Blvd48202(734) 641-8400
Public Service333 E Jefferson Ave48226(734) 641-8400
Public Service1001 W Fort St48226(734) 641-8400
Public Service1400 Oakman Blvd48238(734) 641-8100
Research Federal Credit Union100 Renaissance Center48243(313) 393-7970
Teamsters2825 Trumbull St48216(313) 962-4666
Veterans Health Administration4646 John R St48201(313) 576-3300