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Almost all new cars and trucks are bought with loans or leased. Whether you get a loan depends on a range of factors, including:

    • How high your credit score is.
    • How much you earn.

How long you’ve been employed.

  • Where you reside.

To speed up the process, you can apply online for your auto loan. Let a vehicle finance expert help you get approved for your car loan, answering your questions in the process.

Car Loan Rates in Columbus

Listed below you’ll find rates you can expect at different credit levels. These are not to be regarded as advertisements. The rate you’re offered may vary significantly from the rates here.

Credit Rating New Car Used Car
Excellent 3.4% 3.8%
Good 4.9% 5.4%
Average 7.1% 8.0%
Subprime 9.9% 10.1%
Bad 13.4% 13.6%
Very Bad 14.3% 15.1%

If you don’t know what your FICO score is, you need to. We recommend this service, where you can check your score at no charge.

Used Car Financing in Columbus

Options like zero percent car loans and zero down can be found on new cars when you’ve got perfect credit. Steeper interest rates for used vehicles, however, are balanced out by more affordable down payments, monthly payments, and insurance costs. You can finance a low-mileage used vehicle for a small fraction of what it costs to finance a new one.

Years Old Price APR Months Payment Interest Total
New $25,250 6.00% 60 $488.15 $4,039 $29,289
1 Year $20,200 7.50% 60 $404.77 $4,086 $24,286
2 Years $17,170 7.50% 60 $344.05 $3,473 $20,643
3 Years $14,595 7.50% 60 $292.44 $2,952 $17,547

Clearly, the car purchased new for $25,250 is worth only $14,595 after 36 months. More often than not, you can finance a car that is up to ten years old. Mileage restrictions often apply.

Bad Credit Auto Loans in Columbus

Below-average credit makes it challenging to finance a car, but it isn’t out of the question. Basically, banks and lenders use your credit history as an indication of whether or not you will make your payments on time. Fortunately, the internet makes it less of a challenge for the non-prime consumer.

On-site financing is another option, available from Columbus’s buy here pay here car lots. While you won’t have any problem getting financed, it’ll cost you handsomely for the opportunity. Instead, it’s best if you search for the loan you need online. This is how the majority of people nowadays get financed, and it’s a lot cheaper in the long term.

Contact an auto finance professional in your area today.

Columbus Credit Score Improvement

Interest can represent a considerable percentage of your payment each month, particularly if your FICO score isn’t the best. For starters, make sure you fix any discrepancies on your credit report. You can check your credit at zero cost at www.AnnualCreditReport.com, a service offered by the three major credit bureaus. Reporting inaccuracies is actually pretty simple. You can do it yourself, or solicit one of the credit improvement companies that serves Columbus. Occasionally, putting a cosigner on your finance package could also reduce your rate of interest.

Can a Car Loan Improve Your Credit?

An auto loan can be a great method of boosting your credit score, but it’s imperative that you make your payments in a timely manner. It is important to bear in mind that this is a step by step process. It’s smart to register for automated payments, basically to be sure you never miss any monthly payments.

Columbus Resources

Credit Unions

Credit UnionStreet addressZipTelephone
Brightview445 Wilkins-Wise Rd39705(662) 243-4002
Columbus MunicipalP O Box 144439703(662) 327-3030
Columbus Municipal1968 6th St N39701(662) 327-3030
Columbus-Lowndes Educational FCU2630 McArthur Dr39705(662) 327-0384
Members 1St CommunityP.O. BOX 203939704(662) 243-1181
Members 1St Community420 Alabama St39702(662) 243-1181
Mississippi University For Women - Credit UnionCromwell Comm Centre39701(662) 327-2500
Mitchell Lowndes Federal Credit Union3539 Bluecutt Rd39705(662) 245-0270
Muw EmployeesMuw Police Dept 1100 College St39701(662) 327-2500
Muw Employees620 S 10th St39701(662) 327-2500
TriangleP. O. Box 830039705(662) 434-6052
Triangle2330 Hwy 45 N39705(662) 327-9450
Triangle126 Alabama St39702(662) 329-6602
Twin States59 Yorkville Park Square39702(662) 327-7666