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The majority of new vehicles are financed, and the others are typically leased. Many times, auto loans are arranged on the day of purchase, but this can take hours. To improve approval, you can apply online for your auto loan. You could be driving of a new car before you know it.

Auto Loan Rates in Tupelo

Here we have rates you can expect at varying credit tiers. These are not to be considered advertisements. The rate you’re offered may deviate drastically from what’s displayed here.

FICO Rating New Car Pre-owned 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%

Used Car Auto Loans in Tupelo

You’ll find that it costs a little more to finance a used vehicle, at least when it comes to rate of interest. However, pre-owned cars and trucks are less expensive in the end, and they don’t lose their value so quickly. Consider the chart below.

Years Old Price Rate Months Payment Interest Total Cost
New $19,900 6.00% 60 $384.72 $3,183 $23,083
1 Year $15,920 7.50% 60 $319.00 $3,220 $19,140
2 Years $13,532 7.50% 60 $271.15 $2,737 $16,269
3 Years $11,502 7.50% 60 $230.48 $2,327 $13,829

Clearly, the car bought new for $19,900 will only be worth $11,502 after 36 months. Loan companies charge higher rates of interest for pre-owned vehicles, but in many cases, you only need 10% down, and the insurance costs are less costly.

Poor Credit Auto Loans in Tupelo

Credit score plays a significant part in approval and interest rate. Simply put, lenders look at your credit ratings to determine whether you’ll make your payments as scheduled. In the past, you might be declined at a variety of banks or dealers before obtaining a loan.

Lots of people wind up turning to buy here pay here car lots, which don’t perform credit checks. The rates of interest are very steep, and the cars and trucks are likely to be price over market value.

You will be better off with an auto loan from a traditional bank, credit union, or finance company, which you can do through any conventional dealership. The down payments are more affordable, the same as the rates, and the service is commonly noticeably superior.

Contact an auto finance professional in your area today.

Can a Car Loan Improve Your Credit?

A car loan can be a great way to boost your credit, but you have to ensure that you make your payments on time. Please keep in mind that this is a step by step process. It’s impossible to calculate how many points you credit score could improve, since it depends on lots of different factors, but the improvement is usually substantial.

Tupelo Resources

Credit Unions

Credit UnionAddressZipTelephone
Brightview924 Harmony Ln38804(662) 844-9531
FAA FCU3182 Tupelo Commons38804(662) 680-5620
FAA FCU1804 S Green St38804(662) 680-5667
FAA FCU436 E President St38801(662) 680-5620
Mississippi Employees FCU146 S Thomas St38801(662) 680-8278
N. Mississippi Health Services Emp.830 S Gloster St38801(662) 377-3235
T.P.C. EmployeesP.O. BOX 52738802(662) 566-4810