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Auto loans allow you to obtain a new car, truck, or suv, even if you have limited funds on hand. Unfortunately, lining up a car loan can be a frustrating process, which could take days, if not weeks. If you’d like to secure the most affordable interest rate available, we’re here to help. Loan companies and dealerships will fight for your business in real time, putting you in the driver’s seat of the financing process.

Car Loan Rates in Grand Rapids

Please keep in mind that these rates aren’t advertisements, but rather estimates at the time of publication. The rate you’re provided may vary drastically from the rates displayed here.

FICO Score 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 Grand Rapids

You will find that creditors charge slightly higher interest rates for second hand vehicles. However, it’s smarter to finance a pre-owned car or truck, as the total cost will be a lot less. Have a look at the comparison below.

Age Price Rate Months Payment Interest Total
New $15,200 6.00% 60 $293.86 $2,432 $17,632
1 Year $12,160 7.50% 60 $243.66 $2,460 $14,620
2 Years $10,336 7.50% 60 $207.11 $2,091 $12,427
3 Years $8,786 7.50% 60 $176.05 $1,777 $10,563

Essentially, the car financed new for $15,200 will only be worth $8,786 after 36 months. Below are the most common restrictions on used vehicle financing:

  • Vehicle no older than 7-10 years.
  • Mileage no more than 100,000.
  • Purchased from dealer, not private party.

Bad Credit Auto Loans in Grand Rapids

Has your credit been marred by bankruptcy, repossession, or other issues like this? If you have a FICO score of more than 700, you should have no trouble obtaining a car loan, but approval and annual percentage rate both become factors when you’ve got poor credit. Before the net, you really had to agree to whatever annual percentage rate and stipulations they gave you. Today, there are better strategies to get approved.

Buy here pay heredealers are another option. There’s a price you pay for that lack of credit check: inflated rates of interest, stringent terms, and high-priced, well-used vehicles. You will be happier getting financed by a bank or lender–a possibility through traditional car dealerships. The rates will undoubtedly be lower, the terms improved, and you have the chance to boost your credit score in the process.

Best of all, you can submit your application online.

No Money Down Car Loans in Grand Rapids

Down payments are typically required whenever you finance a car.

The down payment minimizes lender investment in the vehicle, and it compensates for the speedy drop in value faced with any new vehicle purchase. Not having a down payment elevates your interest rate. If you’ve got first-rate credit, this is a less important issue, as you’re starting with such an inexpensive rate. If you’ve got a bad credit score, on the other hand, your rate could go up significantly. It’s smarter to save up for a down payment or trade in your existing vehicle for equity.

Grand Rapids Resources

Credit Unions

Credit UnionAddressZipPhone
Aac904 Broadway Ave NW49504(616) 459-4429
Bissell Employees2345 Walker Ave NW49534(616) 791-0631
Credit Union One1609 Walker Ave NW49504(616) 453-5500
Dfcu Financial641 44th St SE49548(313) 336-2700
Dfcu Financial1030 4 Mile Rd NW49544(313) 336-2700
Dfcu Financial2058 Celebration Dr NE49525(313) 336-2700
Fedcom150 Ann St NW49505(616) 364-7283
Fedcom2329 44th St SE49508(616) 364-7283
Grand Rapids Family1225 Plymouth Ave NE49505(616) 456-8848
Grand Rapids Family87 Monroe Center St NW49503(616) 458-1705
Grand Valley Co-OpPO Box 12001049528(800) 328-4131
Grand Valley Co-Op3767 Sparks Dr SE49546(800) 328-4131
Kent County1619 Plainfield Ave NE49505(616) 336-3490
Lake MichiganPO Box 284849501(616) 242-9790
Lake Michigan1210 Spaulding Ave SE49546(616) 242-9790
Lake Michigan4027 Lake Dr SE49546(616) 242-9790
Lake Michigan1820 Leonard St NE49505(616) 242-9790
Lake Michigan3810 Sparks Dr SE49546(616) 242-9790
Lake Michigan2720 Lake Michigan Dr NW49504(616) 242-9790
Lake Michigan600 5th St NW49504(616) 242-9790
Lake Michigan143 Bostwick Ave NE49503(616) 242-9790
Lake Michigan260 Jefferson Ave SE49503(616) 242-9790
Lake Michigan342 Michigan St NE49503(616) 242-9790
Lake Michigan1840 Wealthy St SE49506(616) 242-9790
Lake Michigan5453 Northland Dr NE49525(616) 242-9790
Lake Michigan3870 Division Ave S49548(616) 242-9790
Lake Michigan4050 Lake Dr SE49546(616) 242-9790
Latvian Heritage504 Grand Ave NE49503(616) 454-8012
Meijer2410 Gaynor Ave NW49544(616) 784-4822
My Personal1327 Plainfield Ave NE49505(616) 452-2161
My Personal4833 Town Center Dr SE49512(616) 452-2161
North Kent Catholic4056 Plainfield Ave NE49525(616) 364-9819
Option 1P.O. BOX 89549518(616) 243-0125
Option 14211 Plainfield Ave NE49525(616) 243-0125
Option 13286 Alpine Ave NW49544(616) 243-0125
Option 1630 32nd St SE49548(616) 243-0125
Option 16750 Kalamazoo Ave SE49508(800) 323-2129
Rockford Community6000 28th St SE #10049546(616) 285-5711
West Michigan1319 Front Ave NW49504(616) 451-4567
Western Districts Members201 36th St SE49548(616) 241-2516
Western Districts Members600 Plymouth Ave NE49505(616) 459-0716