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The vast majority of new vehicles are purchased with loans or leased. In most cases, the finance company has a lien on the car or truck until you’ve made all of the payments. You’ll be expected to carry full coverage insurance during this period, to make sure that you will have enough cash to pay the remaining loan balance in case the car gets totaled. Why would you waste time applying for financing at the finance company or dealer when you can get approved right here on the web? A finance professional can lead you through the process, helping you get a loan from a finance company you can trust.

Auto Loan Rates in West Point

Keep in mind, the rates below aren’t advertisements, but instead estimates at the time of publication. Actual interest rates vary.

FICO Score 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 Loans in West Point

New cars have the least expensive interest rates. Nonetheless, a second hand auto loan has a great deal of benefits, including:

  • Just 10% required down.
  • More affordable purchase price.
  • Less risk of negative equity.

You can finance a solid pre-owned car or truck for so much less than what it costs to finance a new one.

Age Price Rate Months Payment Interest Total
New $20,700 6.00% 60 $400.19 $3,311 $24,011
1 Year $16,560 7.50% 60 $331.83 $3,350 $19,910
2 Years $14,076 7.50% 60 $282.05 $2,847 $16,923
3 Years $11,965 7.50% 60 $239.75 $2,420 $14,385

Essentially, the car bought new for $20,700 won’t be worth but $11,965 after three years on the road. Most finance companies will help you finance a second hand car that’s up to 10 years old, sometimes a bit less, and some cap the miles at 100K miles.

Poor Credit Auto Loans in West Point

Are you trying to get a car loan in West Point with poor credit? In effect, your FICO score is used to calculate risk. In most cases, it’s a good idea to work with a professional who can direct you through the process.

Many individuals with unfavorable credit end up at one of West Point’s buy here pay here dealerships. These sellers offer on-site auto loans, with no credit assessment. The rates are borderline criminal, and the cars and trucks are always second hand. If possible, you’ll want to obtain your loan through one of these loan companies:

  • National or regional bank.
  • Credit union for which you’re eligible.
  • Automobile finance company.

A dealership or auto finance expert can help you get financed through one of these loan providers. This is how the majority of people get financed, and it’s much more affordable over the long haul.

Best of all, you can submit your application online.

Decreasing Your Interest Rate

Are you concerned that your interest rate will be too costly? First off, you can check your credit report for discrepancies. Many consumers don’t realize that, once per year, you can check your credit report cost free via Generally, it takes 30-60 months to get any errors corrected, after which time you may see an improvement in your credit score. Other things that might reduce your APR:

  • Getting someone to cosign the loan.
  • Supplying an increased down payment.
  • Purchasing a new vehicle instead of used.

Can a Car Loan Improve Your Credit?

If you need to elevate your credit score, a car loan will help–as long as you make your payments as scheduled. Buy here pay here car dealerships don’t report back to the credit agencies, meaning your credit score will not go up. Most lenders offer automated payment options, which are crucial to keeping current on your payments.

West Point Resources

Credit Unions


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