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For many Springfield car-buyers, getting a loan is necessary to buying a new car, truck, or SUV. For those who have excellent credit, this is an easy process. For those who have less-than-perfect credit, however, it can be challenging. We can help you get approved for your car loan online, at a low rate, no matter your credit score. You could be behind the wheel of a new car in no time flat.

Auto Finance Rates in Springfield

What will your rate of interest be? Truth be told, your annual percentage rate differs greatly based on your credit score, among other variables. The rates shown below are only for informational purposes. They’re not advertisements, and your exact rate could be very different.

FICO Rating New Car Used 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%

Have you reviewed your credit score of late? You really should. You will find a wealth of places to check your credit. Here’s one of the best to do so: link.

Used Car Loans in Springfield

New cars and trucks have the most affordable rates of interest. Smart buyers, however, always buy used cars. Below, we compare the cost of a loan for a car or truck that is brand new versus a few years old.

Age Price APR Months Payment Interest Total
New $18,300 6.00% 60 $353.79 $2,927 $21,227
1 Year $14,640 7.50% 60 $293.36 $2,961 $17,601
2 Years $12,444 7.50% 60 $249.35 $2,517 $14,961
3 Years $10,577 7.50% 60 $211.95 $2,140 $12,717

A pre-owned car is an excellent option, regardless of whether you’re financing or paying cash. Most of the time, you can get a car loan for a car that is up to ten years old. Mileage constraints often apply.

Poor Credit Car Loans in Springfield

Credit scores of 680 or less are often regarded as subprime, and those below 620 are simply bad. If you have a credit score of 700 or above, you shouldn’t have any problem locking down financing, but approval and annual percentage rate both become factors if you have a low credit score. Years ago, shoppers had to go from lender to lender, trying to find one willing to offer them financing. Fortunately, technological advances have phased out a lot of this legwork.

It is best to keep away from no credit check auto lots. These buy here pay here dealers are known for aggressive sales tactics. The downsides are substantial, and they include exorbitant interest rates and rigid terms.

It’s best to keep clear of these dealers when possible, obtaining an auto loan online. The down payments are cheaper, the same as the rates, and the service is far superior.

Contact an auto finance professional in your area today.

Can a Car Loan Improve Your Credit?

Your payment history has a significant influence on your credit score. Paying off an auto loan strengthens that payment history, boosting your credit score in the process. If you decide to work with a BHPH car lot, you simply won’t have this ability. You’ll want to enroll in automatic payments, as this will stop you from forgetting payments.

Springfield Resources

Credit Unions

Credit UnionLocationZipTelephone
Americas2350 E Bennett St65804(417) 881-0482
AGCU1535 N Campbell Ave65803(417) 831-4398
AGCU1455 W Battlefield St65807(417) 831-4398
AGCU1776 E Independence St65804(417) 831-4398
AGCU248 E Primrose St65807(417) 887-5770
City Utilities Employees Credit Union2500 N Partnership Blvd65803(417) 864-5307
Community FinancialP.O. Box 121765801(417) 862-0471
Community Financial815 W Tampa St65802(417) 862-0471
Community Financial1220 E Walnut Lawn St65804(417) 862-0471
Cu Community818 N Benton Ave65802(417) 865-3912
Cu Community1017 E Republic Rd65807(417) 865-3912
District 8 Highway EmployeesPO Box 86865801(417) 895-7607
District 8 Highway Employees3025 E Kearney St65803(417) 895-7607
Educational Community1221 E Grand St65804(417) 831-0534
Greater Ozarks Community2363 W Division St65802(417) 862-1880
Metro447 S Campbell Ave65806(417) 869-9654
Metro3868 South Ave65807(417) 887-3388
Postal Federal Community1770 W Sunset St65807(417) 887-1983
Postal Federal Community1983 E Seminole St65804(417) 887-1983
Southwest Missouri1620 W Elfindale St65807(417) 864-6767
Southwest Missouri1000 E Primrose St65807(417) 877-9041
Springfield Catholic1029 S Campbell Ave65807(417) 862-7074
Springfield News-Leader CU651 N Boonville Ave65806(417) 836-1203
Springfield Teachers1131 N Boonville Ave65802(417) 895-2770
St Johns Employees1444 E Sunshine St65804(417) 820-2931
St Johns Employees1235 E Cherokee St65804(417) 820-2932
Telcomm Credit Union2155 E Sunshine St65804(417) 886-5355
Telcomm Credit Union400 E Chestnut Expy65806(417) 831-5755
Telcomm Credit Union2416 W Battlefield Rd65807(417) 881-8814
Telcomm Credit Union2416 W Battlefield St65807(417) 881-8814
Telcomm Credit Union400 E Chestnut St65806(417) 831-5755