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If you are interested in buying a new car or truck, you will likely need a loan. Many times, financing is arranged on the day of purchase, but this can be a very long-drawn-out process. If you want to get approved with the most affordable interest rate possible, we’re here to help. A local finance expert can direct you step-by-step through the process, ensuring you get an auto loan from a lender that won’t charge you a fortune.

Car Loan Rates in Lansing

What will your rate of interest be? The truth is, your annual percentage rate differs widely based on your credit, among a number of other variables. The rates displayed below are only for informational purposes. They’re not advertisements, and your precise rate could be very different.

Credit Score New Car Pre-owned 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 Loans in Lansing

Yes, the rates of interest for a pre-owned car are higher than those for a brand new one. With that being said, it’s better to finance a used vehicle, considering that the sum total will be a lot less. Check out the numbers below.

Age Price APR Months Payment Interest Total Cost
New $21,200 6.00% 60 $409.86 $3,391 $24,591
1 Year $16,960 7.50% 60 $339.84 $3,431 $20,391
2 Years $14,416 7.50% 60 $288.87 $2,916 $17,332
3 Years $12,254 7.50% 60 $245.54 $2,479 $14,732

In only one full year on the road, the $21,200 new car is worth only $16,960, and only $12,254 after three years. Auto loans for used vehicles come with slightly higher interest rates, but in many cases, you only need 10% down, and the insurance costs are less costly.

Bad Credit Car Loans in Lansing

By and large, loan companies favor buyers with prime credit, as auto loans involve lots of money. There is nothing more embarrassing than having your credit turned down at the bank or dealership. Prior generations had to go from lender to lender, in search of one willing to offer them financing. Fortunately, the internet has gotten rid of a lot of this legwork.

If your credit is really bad, you may be tempted to stop by a dealer that advertises buy here pay here financing. Yes, your credit will not be a concern at such a place, but you will find yourself shelling out a boatload in interest for a high mileage vehicle. Instead, it’s smart to apply for financing via the internet. The advantages are countless: cheaper rates, far better service. Also, if you make your payments in a timely manner, an increased FICO score.

Contact an auto finance professional in your area today.

Limiting Your Interest

There are a variety of methods to reduce your rate of interest. First, you should fix any errors on your credit report. You can pull your credit report at zero cost at www.annualcreditreport.com, a service offered by the three major credit bureaus. Reporting errors is pretty simple. You can do it yourself, or solicit one of the credit repair companies that serves Lansing. Other ways to minimize your rate of interest:

  • Getting somebody to cosign the loan.
  • Supplying a bigger down payment.
  • Saying yes to shorter loan repayment terms.

Zero Down Car Loans in Lansing

Really need to get a car financed, but you have no cash to put down?

The down payment minimizes lender risk in the vehicle, and it makes up for the rapid drop in value faced with any new car sale. Assuming you have poor credit, there’s only one main alternative: locate a car dealer that allows trades, and see if they can consider your existing car instead of a down payment.

Lansing Resources

Credit Unions

Credit UnionAddressZipTelephone
Astera111 S Waverly Rd48917(517) 323-3644
Astera320 E Jolly Rd48911(517) 323-3644
Astera137 S Marketplace Blvd48917(517) 323-3644
Auto-Owners Associates6101 Anacapri Dr48917(517) 323-1370
Case4316 S Pennsylvania Ave48910(517) 393-7710
Case422 Washington Square S48933(517) 393-7710
Case5125 W Saginaw Hwy48917(517) 393-7710
Communication Services4265 5 Oaks Dr48910(517) 887-1611
Consumers Professional525 W Willow St48906(517) 372-2400
DFCU Financial4510 S Pennsylvania Ave48910(313) 336-2700
DFCU Financial1700 Lake Lansing Rd48912(313) 336-2700
DFCU Financial7525 W Saginaw Hwy48917(313) 336-2700
Farm Bureau Family7373 W Saginaw Hwy48917(517) 323-7000
Gabriels Community1901 E Michigan Ave48912(517) 484-0601
Lake Trust501 S Capitol Ave48933(888) 267-7200
Lake Trust300 N Clippert St48912(888) 267-7277
Lake Trust7007 W Saginaw Hwy48917(888) 267-7268
Lake Trust6440 S Pennsylvania Ave48911(888) 267-7117
Lansing AutomakersP.O. Box 2618848909(517) 622-6600
Lansing Automakers1121 Keystone Ave48911(517) 622-6600
Lansing Automakers106 S Marketplace Blvd48917(517) 622-6600
Lansing Postal CommunityP.O. Box 2209848909(517) 337-0401
Lansing Postal Community4600 Collins Rd48910(517) 337-0401
Michigan State University653 Migaldi Ln48917(517) 664-6880
Michigan State University104 S Washington Square48933(517) 664-6777
Michigan State University200 E Jolly Rd48911(517) 664-5180
Option 11200 W Michigan Ave48915(616) 243-0125
Option 16250 S Cedar St48911(616) 243-0125
Portland2930 N Grand River Ave48906(517) 321-1300