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Need to secure financing in Reno? Unfortunately, lining up a car loan can be a pretty aggravating process, making it incredibly challenging to get the vehicle you want. Why would you want to wait to apply at the bank or dealership when you can apply right now on the web?

You can let a local Reno financing specialist guide you through the car-buying process. Even better, it’s free to apply.

Auto Finance Rates in Reno

Most financial institutions only show you the lowest rate they offer, which is only available to consumers with the highest credit scores. The reality is, your annual percentage rate differs widely based on your credit, among other factors. The rates displayed below are only for informational purposes. These aren’t advertisements, and your exact rate will vary.

FICO Rating New Car Pre-owned Car
Excellent 3.6% 4.2%
Good 5.1% 6.0%
Average 7.2% 8.5%
Subprime 10.4% 11.3%
Bad 15.2% 17.0%
Very Bad 17.1% 19.2%

Do you know your credit score? You need to. If you don’t know your credit score, you could pay too much in interest. Go here to check your score.

Used Car Financing in Reno

Some buyers stay away from pre-owned cars and trucks because they require higher interest loans. That being said, a second hand car loan has all kinds of benefits:

  • Down payment is less expensive.
  • Reduced out the door cost.
  • Less risk of being upside down.

Here, we look at the costs of financing a vehicle that’s brand new versus one, two, or three years old.

Years Old Price Rate Months Payment Interest Total Cost
New $15,100 6.00% 60 $291.93 $2,416 $17,516
1 Year $12,080 7.50% 60 $242.06 $2,444 $14,524
2 Years $10,268 7.50% 60 $205.75 $2,077 $12,345
3 Years $8,728 7.50% 60 $174.89 $1,765 $10,493

A used car or truck is a great option, regardless of whether you’re financing or paying cash. Ordinarily, you can finance a car that is up to ten years old. Mileage restrictions may apply.

Bad Credit Auto Loans in Reno

Has your credit been damaged by chapter 7/13 bankruptcy, repossession, or other issues like this? Higher FICO ratings often lead to decreased rates, but it’s a good deal more complicated than that. Before the web, you pretty much forced to take whatever interest rate and conditions they offered you. Today, there are better strategies to get financed.

It might seem that a buy here pay here dealer is the simplest option. These types of dealers don’t look at your credit, and they offer low-cost, second hand cars and trucks. Yes, your credit will not be an issue at this type of place, but you will find yourself forking over a ton in interest for a high mileage car or truck.

Almost always, it’s best to go to a traditional bank or loan provider. This is the way a lot of consumers get financed, and it’s considerably more affordable in the long run.

Contact an auto finance professional in your area today.

No Money Down Car Loans in Reno

Really need to finance a car, but you don’t have cash to put down? No down payment finance offers, like 0% financing offers, are normally available only to consumers who have extremely good credit. If you haven’t got great credit, it is better to start setting aside money for a down payment, or you could wind up paying an excessive rate of interest. That said, when you apply online, there are many brokers and dealers that offer no money down car loans for consumers without the greatest credit.

Reno Resources

Credit Unions

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip,Telephone” data=”E. W. No. 401,2713 E 4th St,89512,(775) 329-3883,Frontier Financial,PO Box 70099,89570,(775) 829-2070,Frontier Financial,5200 Neil Rd,89502,(775) 829-2070,Frontier Financial,75 Pringle Way,89502,(775) 829-2070,Great Basin,9770 S Virginia St,89511,(775) 333-4228,Great Basin,9600 S McCarran Blvd,89523,(775) 333-4228,Greater Nevada,6745 Sierra Center Pkwy,89511,(775) 882-2060,Nevada,1296 E Plumb Ln,89502,(702) 457-1000,Nevada Federal Credit Union,6180 Mae Anne Ave,89523,(775) 746-8600,Operating Engineers Local Union #3,1290 Corporate Blvd,89502,(775) 856-2727,Reno City Employees,386 Holcomb Ave,89502,(775) 334-2038,Sierra Pacific,PO BOX 10100,89511,(775) 834-4579,Sierra Pacific,6100 Neil Rd #150,89511,(775) 834-4579,Sierra Pacific,645 N Arlington Ave #300,89503,(775) 336-4900,Sierra Pacific,5580 Mill St #700,89502,(775) 857-2424,Sierra Pacific Federal Credit Union – Reno,5580 Mill St,89502,(775) 857-2424,Silver State Schools Credit Union,1654 Robb Dr,89523,(775) 823-4000,Silver State Schools Family,87 Stadium View Ct,89512,(775) 224-7911,United,5150 Mae Anne Ave #402,89523,(775) 329-6673,United,10705 Double R Blvd,89521,(775) 329-6673,United,380 Edison Way,89502,(775) 329-6673,Weststar,394 E Moana Ln,89502,(702) 791-4777,Weststar Credit Union,394 E Moana Ln #3,89502,(775) 826-7555″][/tboot_table]

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