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Are you in the market for a new or pre-owned vehicle in Asheville, and need an auto loan? Quite often, car loans are arranged with the dealer’s help, but this can take a lot of time. Instead of trekking from one company to another, hoping to get financed, you can apply just one time online.

Lenders and dealerships will compete for your business in real time, putting you in the driver’s seat of the finance process.

Car Loan Rates in Asheville

The interest rates below should not be seen as ads, but estimates to give you a notion of what interest rate to expect given where you are and your credit score. The rate you’re offered may deviate noticeably from the rates here.

Credit Score New Car Pre-owned Car
Excellent 3.2% 3.5%
Good 4.5% 4.9%
Average 6.2% 6.4%
Subprime 9.3% 10.1%
Bad 12.8% 14.8%
Very Bad 13.2% 15.5%

Used Car Auto Loans in Asheville

Automakers are most interested in selling brand new vehicles. However, used cars and trucks are more economical over the long haul, and they depreciate less. Check out the comparison below, depicting the different costs associated with auto loans for new versus pre-owned cars and trucks.

Age Price Rate Months Payment Interest Total
New $17,000 6.00% 60 $328.66 $2,719 $19,719
1 Year $13,600 7.50% 60 $272.52 $2,751 $16,351
2 Years $11,560 7.50% 60 $231.64 $2,338 $13,898
3 Years $9,826 7.50% 60 $196.89 $1,988 $11,814

You can get a very good car for the money if you aren’t afraid of a pre-owned car. Here are the most common limitations on used vehicle financing:

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

Poor Credit Car Loans in Asheville

In Asheville and beyond, below-average credit isn’t unusual. Simply put, banks and lenders use your FICO score to determine whether you will pay off your loan as agreed. Fortunately, the internet makes it less of a challenge for the consumer with non-prime credit.

If your credit is pretty lousy, you may be tempted to go to a dealership that promotes buy here pay here financing. Of course, your credit won’t be an issue at such a place, but you will wind up paying a boatload in interest for an older vehicle.

It is best to keep clear of these dealerships when possible, and apply for an auto loan on the web. A regular loan provider will report your payments to the credit agencies, which means your credit score will improve if you keep making your payments on schedule.

Go here to apply online.

Asheville Credit Score Improvement

Are you concerned that your rate will be too high? A large proportion of individuals are known to have inaccuracies on their credit histories. These discrepancies could be hurting your FICO score, and you won’t have any idea. A lot of consumers don’t realize that, once per year, you can check your credit report completely free via www.AnnualCreditReport.com. You can address any discrepancies on your own, or hire a credit repair service to assist you. In addition, cosigners, down payments, and shorter-term loans all help with reduced rates.

No Down Payment Cars in Asheville

Usually, you still need some actual cash to get financed, as a down payment of 10-20% is usually required. Truthfully, getting a car financed without a down payment isn’t normally possible. When you’ve got unfavorable credit, there is just one real solution: get a hold of a car dealer that takes trades, and see if they can take your existing car as a down payment.

Asheville Resources

Credit Unions

Credit UnionAddressZipTelephone
Arcade151 Patton Ave #28028801(828) 254-1582
Asheville Postal591 Brevard Rd #23228806(828) 258-9845
Champion2311 Hendersonville Rd28704(828) 274-2040
Mountain219 Haywood St28801(828) 252-8234
Oteen V. A.1100 Tunnel Rd28805(828) 298-8521
Oteen V. A.128 Bingham Rd28806(828) 257-3710
Premier148 Charlotte St28801(800) 951-4482
State Employees Credit Union1911 Hendersonville Rd28803(828) 687-4070
State Employees'1 Oak St #10128801(828) 225-2900
State Employees'20 All Souls Crescent28803(828) 274-4200
State Employees'701 Broadway St28801(828) 253-8009
State Employees'145 Smoky Park Hwy28806(828) 665-4801
Telco Community Credit Union712 New Leicester Hwy28806(828) 252-6458
Telco Community Credit Union1871 Hendersonville Rd28803(828) 210-2090
Telco Community Credit Union36 Tunnel Rd28805(828) 252-6888
Telco Community Credit Union710 New Leicester Hwy28806(828) 225-5919
United ServicesPO Box 333628802(828) 255-0809
United Services391 S French Broad Ave28801(828) 255-0809