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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

Credit UnionAddressZipTelephone
E. W. No. 4012713 E 4th St89512(775) 329-3883
Frontier FinancialPO Box 7009989570(775) 829-2070
Frontier Financial5200 Neil Rd89502(775) 829-2070
Frontier Financial75 Pringle Way89502(775) 829-2070
Great Basin9770 S Virginia St89511(775) 333-4228
Great Basin9600 S McCarran Blvd89523(775) 333-4228
Greater Nevada6745 Sierra Center Pkwy89511(775) 882-2060
Nevada1296 E Plumb Ln89502(702) 457-1000
Nevada Federal Credit Union6180 Mae Anne Ave89523(775) 746-8600
Operating Engineers Local Union #31290 Corporate Blvd89502(775) 856-2727
Reno City Employees386 Holcomb Ave89502(775) 334-2038
Sierra PacificPO BOX 1010089511(775) 834-4579
Sierra Pacific6100 Neil Rd #15089511(775) 834-4579
Sierra Pacific645 N Arlington Ave #30089503(775) 336-4900
Sierra Pacific5580 Mill St #70089502(775) 857-2424
Sierra Pacific Federal Credit Union - Reno5580 Mill St89502(775) 857-2424
Silver State Schools Credit Union1654 Robb Dr89523(775) 823-4000
Silver State Schools Family87 Stadium View Ct89512(775) 224-7911
United5150 Mae Anne Ave #40289523(775) 329-6673
United10705 Double R Blvd89521(775) 329-6673
United380 Edison Way89502(775) 329-6673
Weststar394 E Moana Ln89502(702) 791-4777
Weststar Credit Union394 E Moana Ln #389502(775) 826-7555