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Generally individuals obtain their cars via financing, as few have the money on hand for a straight-up purchase. Whether or not you get financed, and what interest rate you get charged, depends primarily on your credit scores. Other variables:

  • Where you live (Kalamazoo)
  • Monthly income
  • Cash down
  • Employment record

Typically, it’s best to line up your loan ahead of time.

You will find specialists ready to help you finance the car you want with a rate that’s reasonable.

Auto Finance Rates in Kalamazoo

These rates should not be interpreted as anything but estimates to give you an idea of what annual percentage rate you can expect given your location and your credit score. Your precise rate of interest will be determined by quite a number of variables, such as loan provider, down payment, monthly income, type of vehicle, and much more.

Credit 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 Auto Loans in Kalamazoo

The rates are increased on pre-owned autos, because they introduce a somewhat higher risk of maintenance complications. With that being said, to put yourself in the best position financially, you will go with a pre-owned car. Check out the table below, which displays the costs of car loans for brand new versus pre-owned cars and trucks.

Age Price Rate Months Payment Interest Total
New $19,800 6.00% 60 $382.79 $3,167 $22,967
1 Year $15,840 7.50% 60 $317.40 $3,204 $19,044
2 Years $13,464 7.50% 60 $269.79 $2,723 $16,187
3 Years $11,444 7.50% 60 $229.32 $2,315 $13,759

A used vehicle is an excellent option, whether you’re financing or paying cash. Companies charge higher interest rates for used vehicles, but in most cases, you only need 10% down, and the insurance premiums are cheaper.

Bad Credit Car Loans in Kalamazoo

Your FICO score is crucial when financing a car. Higher credit ratings usually lead to decreased rates of interest, but there are a good many other variables at play. Years ago, loan providers were few who would fund auto loans for people with credit problems. Now many lenders, including some banks and credit unions, have special finance divisions.

Countless shoppers with unfavorable credit end up at one of Kalamazoo’s buy here pay here dealers. These sellers approve auto loans in house, sans credit assessment. There’s a price to be paid for that lack of credit check: excessive rates, a lot of conditions and terms, and high-priced, well-used vehicles.

Invariably, it’s safer to work with a regular bank, credit union, or loan provider. The benefits are many: improved rates of interest, significantly better service. And, if you make your payments on schedule, an improvement to your credit score.

Go here to apply online.

No Money Down Financing in Kalamazoo

The down payment necessary to finance a new car or truck can be as much as the price of a second hand one. Zero down car loans, like zero percent financing deals, are mostly reserved for individuals who have outstanding credit. If you don’t have top notch credit, it’s better to save for a down payment, or else you could wind up paying an outrageous rate of interest. With that being said, when you apply online, there are many lenders and dealerships that do offer 100% financing, even for individuals who don’t have the best credit.

Kalamazoo Resources

Credit Unions

Credit UnionStreet addressZip CodeTelephone
Access First1609 E Cork St49001(269) 668-6336
Allegis5713 Venture Park Dr49009(269) 372-4455
Consumers2315 Cambridge Dr49001(269) 345-7804
Consumers7040 Stadium Dr49009(269) 345-7804
Consumers5940 Gull Rd49048(269) 345-7804
Consumers6699 W Main St49009(269) 345-7804
Consumers5018 W Main St49009(269) 345-7804
Consumers125 S Kalamazoo Mall #10449007(269) 345-7804
Educational Community1551 S 9th St49009(269) 375-6702
Educational Community5190 Gull Rd49048(269) 383-2844
First Community4308 W Main St49006(269) 382-9845
First Community5039 Comstock Ave49048(269) 382-9845
First Community6869 W Q Ave49009(269) 382-9845
First Community706 N Westnedge Ave49007(269) 382-9845
Grand Valley Co-Op4245 S Westnedge Ave49008(269) 382-3206
Kalamazoo Building Trades2988 Business 1 Dr49048(269) 382-5966
KalseePO Box 300649003(269) 382-7800
Kalsee2501 Millcork St49001(269) 382-7800
Kalsee316 W Mosel Ave49004(269) 382-4236
Lake Michigan487 S Drake Rd49009(616) 242-9790
Lake Michigan6170 W Main St49009(616) 242-9790
Lake Michigan435 S Westnedge Ave49007(616) 242-9790
Lake Michigan3326 Gull Rd49048(616) 242-9790
Latvian Heritage100 Cherryhill St49006(269) 343-4716
Omni Community6622 W Main St49009(269) 441-1400
Southwest Michigan4000 S Sprinkle Rd49048(269) 342-4651
Tower Family3302 Mindy Ln49001(269) 344-8525