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Auto loans permit you to make monthly payments on a vehicle that you wouldn’t be able to buy with cash. For those who have brilliant credit, this is a pretty simple process. If you’ve got bad credit, however, it can be a major hassle. Thankfully, you can request financing online, which can save you a great deal of time and effort.

Banks and dealerships will compete to finance your credit, putting you in control of the financing process.

Car Loan Rates in Columbia

The majority of finance companies only advertise the best rate they have, only available to consumers with superior credit scores. In point of fact, your rate of interest can vary widely based on your FICO score, not to mention a variety of other variables. The rates shown below are only for informational purposes. They are not advertisements, and your precise rate could deviate widely from what you see below.

FICO Score New Car Pre-owned Car
Excellent 3.3% 3.5%
Good 4.7% 4.8%
Average 6.8% 7.8%
Subprime 9.1% 10.3%
Bad 13.0% 13.7%
Very Bad 13.5% 14.9%

It’s smart to know what your credit score is before you ever get financed. You can check your score here online.

Used Car Auto Loans in Columbia

Some shoppers stay away from used cars because the rates of interest are higher. However, pre-owned cars are less expensive in the long run, and they don’t depreciate as quickly. You can finance a low-mile used car or truck for half what it costs to finance a new one.

Years Old Price Rate Months Payment Interest Total
New $24,500 6.00% 60 $473.65 $3,919 $28,419
1 Year $19,600 7.50% 60 $392.74 $3,965 $23,565
2 Years $16,660 7.50% 60 $333.83 $3,370 $20,030
3 Years $14,161 7.50% 60 $283.76 $2,864 $17,025

Interested in a pre-owned car? Generally, you can finance a vehicle that is up to a decade old. Mileage constraints often apply.

Bad Credit Car Loans in Columbia

Your FICO score is crucial when financing a car. Realistically, when you’ve got poor credit, you can expect a rate in excess of 10%. Fortunately, there are now lenders who are experts in non-prime credit situations.

Of course, you’ve got to be watch out for predatory tactics. Columbia’s buy here pay here car lots are slightly infamous when it comes to this. While you might not have difficulty with respect to approval, you’ll pay a king’s ransom for the opportunity.

Instead, it’s a good idea to secure the loan you need via the internet. There are several benefits: improved interest rates, better service. Also, if you make your payments in a timely manner, an improved FICO score.

Contact an auto finance professional in your area today.

Can a Car Loan Improve Your Credit?

Financing a car can be a highly effective way to improve your credit rating, but it’s imperative that you make your payments punctually. Your credit score isn’t going to increase the minute you pay off your loan. Rather, it slowly improves as you make your payments from month to month. Although the actual improvement in your credit score is challenging to estimate, the increase is sizeable.

Columbia Resources

Credit Unions


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