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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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