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Purchasing a new car without help from a loan or lease is quite rare these days. Unfortunately, getting such a loan can be a real headache, particularly when your credit isn’t ideal. If you’d like to secure the least expensive interest rate possible, we’re here to help. You can let a local New Mexico finance specialist direct you through the approval process. What’s even better, it takes just two minutes to apply.

Auto Loan Rates in New Mexico

Very few banks, credit unions, and car loan sites provide auto loan rates based on credit score. Instead, they give you the most affordable rate available. In reality, your annual percentage rate differs widely based on your FICO score, not to mention other things. The rates shown below are only for informational purposes. These aren’t advertisements, and your exact rate will vary.

Credit Rating New Car Pre-owned Car
Excellent 3.3% 3.6%
Good 4.7% 5.5%
Average 6.6% 8.2%
Subprime 9.2% 10.5%
Bad 13.8% 16.1%
Very Bad 16.5% 18.2%

Don’t know your credit score? You really should. Many loan providers actually use an automotive-specific credit score unavailable to buyers, but you can go here to check your credit scores.

Used Car Loans in New Mexico

New cars and trucks have the least expensive rates. However, it is smarter to finance a used vehicle, since the total cost will be considerably less. You can finance a solid pre-owned car or truck for half what it costs to finance a new one.

Years Old Price APR Months Payment Interest Total
New $15,500 6.00% 60 $299.66 $2,480 $17,980
1 Year $12,400 7.50% 60 $248.47 $2,508 $14,908
2 Years $10,540 7.50% 60 $211.20 $2,132 $12,672
3 Years $8,959 7.50% 60 $179.52 $1,812 $10,771

Are you considering pre-owned car? In most cases, you can get an auto loan for a vehicle that’s up to a decade old. Mileage restrictions often apply.

Bad Credit Car Loans in New Mexico

Are you trying to finance a car from a dealer in New Mexico, despite below-average credit? Basically, if you have a bad credit score, a rate of less than 10% isn’t in the cards. Fortunately, the internet has made it much simpler for the consumer with less-than-perfect credit.

Buy here pay heredealerships are a second option. The APR rates are borderline criminal, and the cars and trucks are sometimes overpriced. As a general rule, it’s better to deal with a regional bank or finance company. There are several benefits: cheaper rates of interest, far better service, and if you make your payments on time, a better FICO score.

Go here to apply online.

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