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Generally men and women decide to pay for their vehicles using a loan, making monthly installments versus forking over all of the money at once. Most often, the bank retains a lien on the vehicle until it’s paid off. You’ll have to carry full coverage insurance, to ensure that you will have enough money to pay the remaining loan balance in case of any sort of accident. Why would you want to waste time applying for financing at the finance company or dealer when you can get approved right now through our site? This is particularly advantageous for individuals with below-average credit, as a selection of dealers and finance companies will consider your credit, a good number of of which specialize in special finance scenarios.

Auto Loan Rates in Albany

These interest rates are for informational purposes only. They’re not advertisements. Your precise interest rate could differ considerably from the interest rates right here.

Credit Rating New Car Used Car
Excellent 3.3% 3.5%
Good 4.6% 4.9%
Average 6.6% 6.9%
Subprime 9.2% 9.4%
Bad 13.3% 14.0%
Very Bad 14.2% 15.5%

Don’t know your FICO score? You should. You should check your score here.

Used Car Auto Loans in Albany

The rates of interest are much higher when financing pre-owned vehicles, as they introduce a higher risk of maintenance difficulties. However, pre-owned cars and trucks are less expensive in the end, and they don’t depreciate so quickly. The numbers speak on their own.

Age Price APR Months Payment Interest Total
New $15,250 6.00% 60 $294.83 $2,440 $17,690
1 Year $12,200 7.50% 60 $244.46 $2,468 $14,668
2 Years $10,370 7.50% 60 $207.79 $2,098 $12,468
3 Years $8,815 7.50% 60 $176.62 $1,783 $10,597

For most folks, a used vehicle is a much better option. Auto loans for used vehicles come with slightly higher rates of interest, but in most situations, you only need 10% down, and the insurance costs are cheaper.

Bad Credit Auto Loans in Albany

Credit rating is an important factor when it comes to financing approval and annual percentage rate. Simply speaking, your credit score is used a barometer of risk. Although subprime credit always results in a higher rate of interest, you can now request quotes from a variety of loan providers online.

Of course, you’ve got to be alert for deceptive tactics. Albany’s buy here pay here dealerships are known for this. The annual percentage rates are very steep, and the vehicles are sometimes overpriced.

Whenever feasible, you’ll want to get your auto loan through one of the below loan companies:

  • Regional or local bank.
  • Credit union for which you’re eligible.
  • Vehicle finance company.

A car dealership or auto finance expert can help you get financed through one of these lenders. A conventional bank or finance company will report your payments to the credit bureaus, which means your credit score will get better as long as you make your payments on time.

Go here to apply online.

Can a Car Loan Improve Your Credit?

A car loan can improve your credit rating, so long as it meets the following conditions:

  • It is not provided by a BHPH dealer.
  • The payments are made on time, every month.

There’s no direct spike in your FICO score. Rather, it should increase progressively with your payments. You can’t really determine how much you credit score will improve, because it hinges on several factors, but the improvement is often substantial.

Albany Resources

Credit Unions

Credit UnionLocationZipTelephone
Albany City Lodge K Of P 54010 Russell Rd12206(518) 438-2224
Albany Community Development FCU185 Clinton Ave12210(518) 432-9881
Albany Firemens532 Central Ave12206(518) 453-9748
Capital Communications18 Computer Dr E12205(518) 458-2195
Capital Communications341 New Karner Rd12205(518) 458-2195
Directors Choice426 New Karner Rd12205(518) 456-2686
Empire Corporate Federal Credit Union1021 Watervliet Shaker Rd12205(518) 292-3800
Fasny107 Washington Ave12210(518) 434-3709
First New York2 Wall St12205(518) 393-1326
First New York818 Central Ave12206(518) 435-0051
Health EmployeesAlbany Medical Center MC-31 43 New12208(518) 262-3090
Health EmployeesAlbany Medical Center MC-3112208(518) 262-3090
Health Employees315 S Manning Blvd12208(518) 525-1655
J P Morgan Chase Bank3 Marcus Blvd12205(518) 435-2000
National Credit Union Administration9 Warmington St12205(518) 862-7400
Newspaper Employees645 Shaker Rd12212(518) 454-5363
Niagara Mohawk Albany Federal Credit Union1125 Broadway12204(518) 433-3800
School System Federal Credit Union325 Washington Ave12206(518) 456-1611
School Systems325 Washington Ave Ext12205(518) 456-1611
SEFCURR 146 Box A12206(518) 452-8234
State Employees700 Patroon Creek Blvd12206(518) 452-8234
State Employees99 Washington Ave12210(518) 452-8234
State Employees388 Clinton Ave12206(518) 452-8234
State Employees1400 Washington Ave12206(518) 452-8234
State Employees40 Wolf Rd12205(518) 452-8234
State Employees5 Empire State Plaza12210(518) 452-8234
State Employees655 Patroon Creek Blvd12206(518) 452-8234
State Employees110 State St12207(518) 452-8234
State Employees200 S Pearl St12202(518) 452-8234
State Employees257 Fuller Rd12203(518) 452-8234
State Employees16 New Scotland Ave12208(518) 452-8234
Sunmark1 Clinton Square #11712207(518) 382-0605
Sunmark113 Holland Ave12208(518) 382-0605