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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

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip,Telephone” data=”A.B.D.,2222 Conner St,48215,(313) 822-1034,Amez United,11359 Dexter Ave,48206,(313) 933-1818,Bethel Baptist Church East,5715 Holcomb Ave,48213,(313) 923-1644,Christian Financial,18770 Harper,48201,(313) 642-0443,Co-Op Services,1351 E Jefferson Ave,48207,(800) 321-8570,Communicating Arts,PO Box 32584,48232,(313) 965-8640,Communicating Arts,14740 Mack Ave,48215,(313) 821-2800,Communicating Arts,630 Howard St,48226,(313) 965-8640,Craftsman,2444 Clark St,48209,(313) 554-9300,Credit Union One,Campus Martius Park 800 Woodward Ave,48226,(313) 227-7877,Credit Union One,5601 Eldred St,48209,(313) 849-0080,Credit Union One,Detroit Receiving Hospital,48201,(313) 832-7030,Detroit Metropolitan,1480 E Jefferson Ave,48207,(313) 568-5000,Dfcu Financial,2799 W Grand Blvd,48202,(313) 336-2700,Eds Credit Union,500 Renaissance Center,48226,(313) 567-5815,Electrical Workers Local 58,1366 Porter St,48226,(313) 963-6060,Fannie B. Peck Of Bethel Ame Church,5050 St Antoine St,48202,(313) 831-8810,Greater Christ Baptist Church,P.O. Box 7303,48207,(313) 925-1359,Greater Christ Baptist Church,3544 Iroquois St,48214,(313) 925-1359,Greater New Mt. Moriah Baptist Chrh,586 Owen St,48202,(313) 871-0744,Health One,600 E Lafayette Blvd,48226,(313) 225-9755,Health One,500 E Lafayette Blvd,48226,(313) 225-9755,I.M. Detroit District,2101 Gratiot Ave,48207,(313) 259-5817,International Uaw,8000 E Jefferson Ave,48214,(313) 926-5281,Intouch,200 Renaissance Center,48243,(313) 262-4221,Lake Trust,One Energy Plaza #100,48226,(313) 962-2727,Metropolitan Church Of God,13400 Schaefer Hwy,48227,(313) 837-5642,Michigan First,19200 Wyoming St,48221,(248) 395-4183,Michigan First,3031 W Grand Blvd,48202,(248) 395-4194,Michigan First,5057 Woodward Ave,48202,(248) 443-4291,Michigan First,5221 Gullen Mall,48202,(248) 443-4291,Motor City Co-Op,3151 Gratiot Ave,48207,(586) 228-8484,New Rising Star,10605 Mack Ave,48214,(313) 823-5084,Peoples Trust,477 Michigan Ave,48226,(248) 263-4210,Peoples Trust,3011 W Grand Blvd,48202,(248) 263-4230,Public Service,3044 W Grand Blvd,48202,(734) 641-8400,Public Service,333 E Jefferson Ave,48226,(734) 641-8400,Public Service,1001 W Fort St,48226,(734) 641-8400,Public Service,1400 Oakman Blvd,48238,(734) 641-8100,Research Federal Credit Union,100 Renaissance Center,48243,(313) 393-7970,Teamsters,2825 Trumbull St,48216,(313) 962-4666,Veterans Health Administration,4646 John R St,48201,(313) 576-3300″][/tboot_table]

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