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Have you been looking to purchase a new or pre-owned vehicle in Ohio, and want to finance it? It would be nice if this was a simple process, but it’s really not. Lending institutions need a good deal of info before choosing to provide you an auto loan. Generally, it’s a good idea to secure your finance package in advance. There are specialists waiting to help you get a loan at a rate that’s reasonable.

Auto Loan Rates in Ohio

Only a few banks, credit unions, and car loan sites display auto loan rates based on credit score. Instead, they give you the best rate available. Truth be told, your interest rate varies greatly based on your FICO score, among a variety of other variables. The rates shown below are only for informational purposes. They’re not advertisements, and your actual rate could be very different.

FICO Rating New Car Used Car
Excellent 3.2% 3.7%
Good 4.5% 5.2%
Average 6.3% 7.1%
Subprime 8.2% 9.3%
Bad 12.4% 14.8%
Very Bad 13.4% 16.4%

Used Car Auto Loans in Ohio

New cars and trucks have the least expensive interest rates. Having said that, new cars lose value so quickly, used vehicles are typically the better investment. Below, we look at the costs of a loan for a car or truck that is new versus one, two, or three years old.

Age Price APR Months Payment Interest Total
New $15,000 6.00% 60 $289.99 $2,400 $17,400
1 Year $12,000 7.50% 60 $240.46 $2,427 $14,427
2 Years $10,200 7.50% 60 $204.39 $2,063 $12,263
3 Years $8,670 7.50% 60 $173.73 $1,754 $10,424

A pre-owned car or truck is an excellent option, regardless of whether you’re getting a loan or paying cash. Auto loans for used vehicles come with slightly higher interest rates, but in most situations, you only need 10% down, and the insurance costs are less costly.

Poor Credit Auto Loans in Ohio

Getting an auto loan with a bad credit score can be difficult, particularly if you don’t want to pay an outrageous interest rate. Simply put, when you’ve got a low credit score, you can expect a rate in excess of 10%. Years ago, shoppers had to go from one lender to the next, searching for one able to approve them for financing. Fortunately, technological advances have phased out most of this homework. Buy here pay herecar lots are another option. While you will have no problems in terms of approval, it’ll cost you a lot for the opportunity. Instead, our recommendation is that you apply for the loan you need on the web. This is the way the majority of people get financed, and it’s much less expensive over time.

On top of that, you can complete your application online.

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