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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

Credit UnionLocationZip CodeTelephone
Aero9201 San Mateo Blvd NE87113(505) 828-5890
Credit Union Mortgage Service4100 Pan American Fwy NE87107(505) 855-5950
Employment Security Credit Union401 Broadway Blvd NE87102(505) 841-8538
Financial Resources3801 University Blvd SE87106(505) 768-5287
First FinancialP.O. Box 2558787125(505) 766-5600
First Financial2700 San Mateo Blvd NE87110(505) 766-5600
First Financial1625 Rio Bravo Blvd SW #687105(505) 766-5600
First Financial601 Tijeras Ave NW87102(505) 766-5600
First Financial2929 Coors Blvd NW87120(505) 766-5600
First Financial831 Juan Tabo Blvd NE87123(505) 462-1560
GE Company336 Woodward Ave SE87102(505) 765-9200
Hemi Group Llc The Teachers FCU218 Cynthia Loop NW87114(505) 922-2440
Kirkland Federal Credit Union3650 Sherman Ave SE87106(505) 254-4367
Kirtland6440 Gibson Blvd SE87108(505) 254-4369
Kirtland10200 Corrales Rd NW87114(505) 254-4356
Kirtland8900 Montgomery Blvd NE87111(505) 254-4360
Mountain America9200 Golf Course Rd NW87114(505) 897-0090
Mountain America8104 Wyoming Blvd NE87113(505) 856-7885
Navy Federal Credit Union2600 San Pedro Dr NE87110(888) 842-6328
New Mexico CentralPO BOX 1167087112(505) 266-8611
New Mexico Central10001 Lomas Blvd NE87112(505) 266-8611
New Mexico Central Credit Union8418 Zuni Rd SE87108(505) 266-8611
New Mexico EducatorsPO Box 853087198(505) 889-7755
New Mexico Educators10800 Dennis Chavez Blvd SW87121(505) 889-7755
New Mexico Educators1801 Lomas Blvd NE87106(505) 889-7755
New Mexico Educators6125 4th St NW87107(505) 889-7755
New Mexico Educators2801 Juan Tabo NE87112(505) 889-7755
New Mexico Educators7517 Montgomery Blvd NE87109(505) 889-7755
New Mexico Educators3600 Coors Blvd SW87121(505) 889-7755
New Mexico Educators6501 Indian School Rd NE87110(505) 889-7755
New Mexico Educators10090 Coors Blvd NW87114(505) 889-7755
New Mexico Educators301 Cornell Dr NE87106(505) 889-7755
New Mexico Educators3205 Coors Blvd NW87120(505) 889-7755
New Mexico Educators FCU320 Main87101(505) 889-7755
New Mexico EnergyPO BOX 540087185(505) 845-6939
New Mexico League Credit Union7410 Wolcott Ave NE87109(505) 797-8295
Rio Grande301 Rio Bravo Blvd SE87105(505) 262-1401
Rio Grande1401 San Pedro Dr NE87110(505) 262-1401
Rio Grande1501 San Pedro Dr SE87108(505) 262-1401
Rio Grande485 Coors Blvd NW87121(505) 262-1401
Rio Grande1211 4th St NW87102(505) 262-1401
Rio Grande Credit Union - Downtown Office200 3rd St NW87102(505) 262-1401
Sandia AreaP.O. Box 1804487185(505) 292-6343
Sandia Area8000 Palomas Ave NE87109(505) 292-6343
Sandia Area1850 Wyoming Blvd NE87112(505) 292-6343
Sandia Area8505 Candelaria Rd NE87111(505) 292-6343
Sandia Area6410 Coors Blvd NW87120(505) 292-6343
Sandia Area Federal Credit Union8010 Palomas Ave NE87109(505) 797-7713
Southwest Federal Credit Union301 Gold Ave SW87102(505) 243-6751
State Employees3451 Candelaria Rd NE87107(505) 884-0128
State Employees Credit Union Of New Mexico3401 Candelaria Rd NE87107(505) 884-0128
U.S. New MexicoP.O. BOX 12987103(505) 342-8888
U.S. New Mexico616 Gold Ave SW87102(505) 342-8888
U.S. New Mexico2608 Tennessee St NE87110(505) 342-8888
U.S. New Mexico4411 Irving Blvd NW87114(505) 342-8888
U.S. New Mexico3939 Osuna Rd NE87109(505) 342-8888