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Have you been shopping for a new or pre-owned vehicle in Albuquerque, and wish to finance it? Ordinarily, the loan company retains a lien on the vehicle until the loan is fully repaid. You will be required to carry full coverage insurance, to ensure that you will have the funds to pay off the vehicle in case the car gets totaled. We make it possible to secure financing today, at a cost-effective rate, regardless of your credit score.

Let a vehicle finance expert in Albuquerque help you get approved for financing, answering your questions in the process.

Auto Loan Rates in Albuquerque

Here we’ve got interest rates you can expect at different credit levels. These are not to be viewed as advertisements. Your precise rate will depend on several variables, which include loan company, down payment, average income, length and type of loan, and more.

Credit Score New Car Used 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%

Used Car Financing in Albuquerque

It’s true that the loan rates for a used car are greater than the rates for a brand new one. Savvy consumers, however, usually go for used cars. Consider the chart below.

Age Price Rate Months Payment Interest Total Cost
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

In only a year on the road, the $15,500 new car is worth only $12,400, and only $8,959 after 36 months. Listed below are the typical restrictions on auto loans for used cars:

  • Vehicle not more than 7-10 years old.
  • Mileage no more than 100,000 miles.
  • Purchased through dealer, not private party.

Bad Credit Car Loans in Albuquerque

Have a FICO rating that’s 620 or lower? Many consumers neglect to check their FICO score, because they would rather not know. However, you really should keep an eye on your score. Although below-average credit always leads to a more expensive rate of interest, you can now request quotes from multiple loan creditors online.

In Albuquerque, buy here pay here car dealers wind up assisting a large proportion of the bad credit demographic The APR rates border on extortionate, and the vehicles tend to be price over market value. You will be happier getting a loan from a bank or credit union. There are a number of advantages: better rates of interest, superior service. And, if you make your payments in a timely manner, an improved FICO score.

Best of all, you can submit your application online.

Albuquerque Credit Score Improvement

Interest can make up a major percentage of your payment each month, especially when your credit score isn’t top notch. Does your credit report have any inaccuracies? These can hurt your credit score to a large degree. A lot of people don’t know that, once a year, you can check your credit report completely free via

Albuquerque has several credit restoration firms that can help you fix these inaccuracies, or you can write the credit agencies all by yourself. Other things that might reduce your rate of interest:

  • Getting somebody to cosign the loan.
  • Saving up for a larger down payment.
  • Purchasing a brand new vehicle instead of preowned.

Can a Car Loan Improve Your Credit?

A large proportion of your credit score is based on payment history. Paying off a financed vehicle builds out that payment history, increasing your credit score at the same time. If you deal with a buy here pay here dealer, you will not have this ability. You’ll want to enroll in automatic payments, as this will prevent you from missing payments.

Albuquerque Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip Code,Telephone” data=”Aero,9201 San Mateo Blvd NE,87113,(505) 828-5890,Credit Union Mortgage Service,4100 Pan American Fwy NE,87107,(505) 855-5950,Employment Security Credit Union,401 Broadway Blvd NE,87102,(505) 841-8538,Financial Resources,3801 University Blvd SE,87106,(505) 768-5287,First Financial,P.O. Box 25587,87125,(505) 766-5600,First Financial,2700 San Mateo Blvd NE,87110,(505) 766-5600,First Financial,1625 Rio Bravo Blvd SW #6,87105,(505) 766-5600,First Financial,601 Tijeras Ave NW,87102,(505) 766-5600,First Financial,2929 Coors Blvd NW,87120,(505) 766-5600,First Financial,831 Juan Tabo Blvd NE,87123,(505) 462-1560,GE Company,336 Woodward Ave SE,87102,(505) 765-9200,Hemi Group Llc The Teachers FCU,218 Cynthia Loop NW,87114,(505) 922-2440,Kirkland Federal Credit Union,3650 Sherman Ave SE,87106,(505) 254-4367,Kirtland,6440 Gibson Blvd SE,87108,(505) 254-4369,Kirtland,10200 Corrales Rd NW,87114,(505) 254-4356,Kirtland,8900 Montgomery Blvd NE,87111,(505) 254-4360,Mountain America,9200 Golf Course Rd NW,87114,(505) 897-0090,Mountain America,8104 Wyoming Blvd NE,87113,(505) 856-7885,Navy Federal Credit Union,2600 San Pedro Dr NE,87110,(888) 842-6328,New Mexico Central,PO BOX 11670,87112,(505) 266-8611,New Mexico Central,10001 Lomas Blvd NE,87112,(505) 266-8611,New Mexico Central Credit Union,8418 Zuni Rd SE,87108,(505) 266-8611,New Mexico Educators,PO Box 8530,87198,(505) 889-7755,New Mexico Educators,10800 Dennis Chavez Blvd SW,87121,(505) 889-7755,New Mexico Educators,1801 Lomas Blvd NE,87106,(505) 889-7755,New Mexico Educators,6125 4th St NW,87107,(505) 889-7755,New Mexico Educators,2801 Juan Tabo NE,87112,(505) 889-7755,New Mexico Educators,7517 Montgomery Blvd NE,87109,(505) 889-7755,New Mexico Educators,3600 Coors Blvd SW,87121,(505) 889-7755,New Mexico Educators,6501 Indian School Rd NE,87110,(505) 889-7755,New Mexico Educators,10090 Coors Blvd NW,87114,(505) 889-7755,New Mexico Educators,301 Cornell Dr NE,87106,(505) 889-7755,New Mexico Educators,3205 Coors Blvd NW,87120,(505) 889-7755,New Mexico Educators FCU,320 Main,87101,(505) 889-7755,New Mexico Energy,PO BOX 5400,87185,(505) 845-6939,New Mexico League Credit Union,7410 Wolcott Ave NE,87109,(505) 797-8295,Rio Grande,301 Rio Bravo Blvd SE,87105,(505) 262-1401,Rio Grande,1401 San Pedro Dr NE,87110,(505) 262-1401,Rio Grande,1501 San Pedro Dr SE,87108,(505) 262-1401,Rio Grande,485 Coors Blvd NW,87121,(505) 262-1401,Rio Grande,1211 4th St NW,87102,(505) 262-1401,Rio Grande Credit Union – Downtown Office,200 3rd St NW,87102,(505) 262-1401,Sandia Area,P.O. Box 18044,87185,(505) 292-6343,Sandia Area,8000 Palomas Ave NE,87109,(505) 292-6343,Sandia Area,1850 Wyoming Blvd NE,87112,(505) 292-6343,Sandia Area,8505 Candelaria Rd NE,87111,(505) 292-6343,Sandia Area,6410 Coors Blvd NW,87120,(505) 292-6343,Sandia Area Federal Credit Union,8010 Palomas Ave NE,87109,(505) 797-7713,Southwest Federal Credit Union,301 Gold Ave SW,87102,(505) 243-6751,State Employees,3451 Candelaria Rd NE,87107,(505) 884-0128,State Employees Credit Union Of New Mexico,3401 Candelaria Rd NE,87107,(505) 884-0128,U.S. New Mexico,P.O. BOX 129,87103,(505) 342-8888,U.S. New Mexico,616 Gold Ave SW,87102,(505) 342-8888,U.S. New Mexico,2608 Tennessee St NE,87110,(505) 342-8888,U.S. New Mexico,4411 Irving Blvd NW,87114,(505) 342-8888,U.S. New Mexico,3939 Osuna Rd NE,87109,(505) 342-8888″][/tboot_table]