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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

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip,Phone” data=”Aac,904 Broadway Ave NW,49504,(616) 459-4429,Bissell Employees,2345 Walker Ave NW,49534,(616) 791-0631,Credit Union One,1609 Walker Ave NW,49504,(616) 453-5500,Dfcu Financial,641 44th St SE,49548,(313) 336-2700,Dfcu Financial,1030 4 Mile Rd NW,49544,(313) 336-2700,Dfcu Financial,2058 Celebration Dr NE,49525,(313) 336-2700,Fedcom,150 Ann St NW,49505,(616) 364-7283,Fedcom,2329 44th St SE,49508,(616) 364-7283,Grand Rapids Family,1225 Plymouth Ave NE,49505,(616) 456-8848,Grand Rapids Family,87 Monroe Center St NW,49503,(616) 458-1705,Grand Valley Co-Op,PO Box 120010,49528,(800) 328-4131,Grand Valley Co-Op,3767 Sparks Dr SE,49546,(800) 328-4131,Kent County,1619 Plainfield Ave NE,49505,(616) 336-3490,Lake Michigan,PO Box 2848,49501,(616) 242-9790,Lake Michigan,1210 Spaulding Ave SE,49546,(616) 242-9790,Lake Michigan,4027 Lake Dr SE,49546,(616) 242-9790,Lake Michigan,1820 Leonard St NE,49505,(616) 242-9790,Lake Michigan,3810 Sparks Dr SE,49546,(616) 242-9790,Lake Michigan,2720 Lake Michigan Dr NW,49504,(616) 242-9790,Lake Michigan,600 5th St NW,49504,(616) 242-9790,Lake Michigan,143 Bostwick Ave NE,49503,(616) 242-9790,Lake Michigan,260 Jefferson Ave SE,49503,(616) 242-9790,Lake Michigan,342 Michigan St NE,49503,(616) 242-9790,Lake Michigan,1840 Wealthy St SE,49506,(616) 242-9790,Lake Michigan,5453 Northland Dr NE,49525,(616) 242-9790,Lake Michigan,3870 Division Ave S,49548,(616) 242-9790,Lake Michigan,4050 Lake Dr SE,49546,(616) 242-9790,Latvian Heritage,504 Grand Ave NE,49503,(616) 454-8012,Meijer,2410 Gaynor Ave NW,49544,(616) 784-4822,My Personal,1327 Plainfield Ave NE,49505,(616) 452-2161,My Personal,4833 Town Center Dr SE,49512,(616) 452-2161,North Kent Catholic,4056 Plainfield Ave NE,49525,(616) 364-9819,Option 1,P.O. BOX 895,49518,(616) 243-0125,Option 1,4211 Plainfield Ave NE,49525,(616) 243-0125,Option 1,3286 Alpine Ave NW,49544,(616) 243-0125,Option 1,630 32nd St SE,49548,(616) 243-0125,Option 1,6750 Kalamazoo Ave SE,49508,(800) 323-2129,Rockford Community,6000 28th St SE #100,49546,(616) 285-5711,West Michigan,1319 Front Ave NW,49504,(616) 451-4567,Western Districts Members,201 36th St SE,49548,(616) 241-2516,Western Districts Members,600 Plymouth Ave NE,49505,(616) 459-0716″][/tboot_table]

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