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For many shoppers in Hannibal, an auto loan is necessary to buy any new or used car or truck. Quite often, your loan will be arranged in the F&I office, but this can take a lot of time. If you need to obtain the least expensive interest rate possible, we can help. This is especially helpful for people with bad credit, as an array of dealerships and lending institutions will consider financing you, a number of of which specialize in special finance scenarios.

Car Loan Rates in Hannibal

Here we have rates you can expect at different credit levels. These aren’t to be regarded as advertisements. The rate you’re provided may deviate substantially from the rates seen here.

FICO Rating 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%

Used Car Loans in Hannibal

Options like zero percent car loans and no money down can be found on new cars if you’ve got terrific credit. Intelligent buyers, however, typically purchase used cars. Have a look at the comparison below, which displays the various costs associated with auto loans for new versus pre-owned cars and trucks.

Years Old Price Rate Months Payment Interest Total Cost
New $16,200 6.00% 60 $313.19 $2,591 $18,791
1 Year $12,960 7.50% 60 $259.69 $2,622 $15,582
2 Years $11,016 7.50% 60 $220.74 $2,228 $13,244
3 Years $9,364 7.50% 60 $187.63 $1,894 $11,258

Interested in a pre-owned car? Generally, you can get an auto loan for a car that’s up to a decade old. Mileage constraints often apply.

Bad Credit Auto Loans in Hannibal

For the most part, deals such as no money down are unthinkable if your credit score isn’t exceptional. If you’ve got a FICO score of 700 or above, securing an auto loan should be easy, but approval and interest rate both become considerations at the lower tiers of the credit ladder. Before the web, you had to accept whatever interest rate and conditions you were offered. Today, there are better ways to get financed.

If possible, you should avoid going to a no credit check car dealership. These buy here pay here dealers are notorious for aggressive sales tactics. While you won’t have any trouble getting approved, you’ll pay a king’s ransom for the opportunity.

You will be happier getting a loan from a bank or credit union. An established bank or finance company will report to the credit reporting agencies, so your credit score will get better as long as you keep making your payments on schedule.

Best of all, you can submit your application online.

Zero Down Auto Loans in Hannibal

Saving up enough cash required to get a car or truck is difficult, even if you only need enough for a down payment. Truth be told, getting a car loan with no down payment can be tough. Not having a down payment raises your rate of interest. When you’ve got great credit, this is a less important issue, as your rate is affordable already. If you have poor credit, such a high interest rate isn’t a good idea. You are better off saving money for a down payment or exchanging your existing vehicle for equity.

Hannibal Resources

Credit Unions

Credit UnionLocationZip CodePhone
Atlas10107 Missouri 7963401(573) 221-1740
Community First Credit UnionPO Box 134763401(573) 248-2569
Community First Credit Union1711 U.S. 6163401(573) 248-2569
Community First Credit UnionPo Box 106763401(573) 248-2569
Mill City Credit Union1 Red Devil Rd63401(573) 248-1290
Northeast Regional Credit UnionP.O. Box 110563401(573) 221-0201
Northeast Regional Credit Union514 Broadway Exd63401(573) 221-0201
Northeast Regional Credit Union1329 Broadway Exd63401(573) 221-0201
United Community109 Lindsey Road63401(573) 221-1245
United Industries Credit Union109 Lindsey Drive63401(573) 221-1245