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Trying to finance a car in Akron? Whether you are approved for financing depends on a number of factors, such as:

  • How high your credit score is.
  • How much you earn.
  • Where you reside.
  • How much you can put down.

Many finance professionals advise obtaining your auto loan before going to the dealership. Let a vehicle finance expert in Akron help you get approved for financing, answering your questions along the way.

Auto Finance Rates in Akron

Most lenders don’t supply loan rates based on credit score. Instead, they advertise the best rate they offer. The truth is, your annual percentage rate can vary greatly based on your credit score, plus a range of other variables. The rates displayed below are only for informational purposes. They aren’t advertisements, and your actual rate could deviate vastly from what you see below.

Credit 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 Akron

Second hand autos are less expensive, but the loan rates are slightly higher as compared with brand new cars. If building wealth is important to you, however, you’ll opt for a second hand car. Below, we review the cost of a loan for a car 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

In only a year on the road, the $15,000 new car is worth only $12,000, and only $8,670 after three years. Most lenders will permit you to finance a pre-owned vehicle up to a decade old, sometimes a bit less, and some have a mileage cap of 100K miles.

Bad Credit Auto Loans in Akron

Your FICO score is extremely important when financing a car. The better your credit score is, the greater number of options you will have. A couple of decades ago, there were few finance companies who would finance those with non-prime credit. Now many lenders, as well as some banks, have special finance departments.

If you can, you should steer clear of no credit check car dealerships. These buy here pay here dealers are notorious for aggressive sales tactics. Of course, your credit will not be a problem at such a place, but you will wind up forking over a lot in interest for a high mileage car or truck. If possible, you want to obtain your auto loan through one of these loan companies:

  • Regional or local bank.
  • Credit union you can join.
  • Vehicle finance company.

A dealership or auto finance expert will help you get financed through one of these loan companies. A regular bank or finance company will report your payments to the credit reporting agencies, so your credit score will increase as long as you keep making your payments on time.

Best of all, you can submit your application online.

Decreasing Your Rate of Interest

Apart from choosing a less expensive vehicle, the simplest way to reduce your payment is by improving your credit. Correcting any credit report discrepancies can improve your credit score considerably. You can check your credit cost free online.

Disputing mistakes is pretty easy. You can do it on your own, or solicit one of the credit restoration agencies that serves Akron. Furnishing a more substantial down payment or the addition of a cosigner who’s got favorable credit may also reduce your rate of interest.

No Down Payment Auto Loans in Akron

The down payment needed to finance a new car or truck can be as much or even more than the price of a used one.

The down payment diminishes lender risk in the vehicle, and it compensates for the rapid devaluation you see with any new vehicle purchase. By applying online, it’s possible to increase your odds of securing this kind of an offer, as car dealers are able to see what you want your down payment to be upfront. If you leave the down payment field empty, the lending consultant will get it.

Akron Resources

Credit Unions

Credit UnionLocationZipPhone
A C Credit Union50 W Bowery St44308(330) 376-7216
A C Credit Union IncN Cleve Mass Rd44333(330) 659-4121
Akron Firefighters'161 Massillon Rd44312(330) 798-1994
Akron Municipal Employees146 S. High St. Concourse Level44308(330) 375-2020
Akron Municipal Employees146 S High St44308(330) 375-2020
Akron Police Credit Union217 South High Street Rm 50844308(330) 384-8317
Akron Police Department1570 Akron Peninsula Rd #244313(330) 945-8317
Akron Police Department1570 Akron Peninsula Rd44313(330) 945-8317
Akron Police Department217 S High St44308(330) 384-8317
Bfg445 S Main St44311(330) 374-2990
Buckeye StatePO Box 84844309(330) 253-9197
Buckeye State197 E Thornton St44311(330) 253-9106
Buckeye State Credit Union - Administration155 E Voris St44311(330) 253-9197
Cuyahoga Falls Municipal Employees' Credit Union1107 Portage Trail Ext44313(330) 923-1342
East Oh United Methodist44 E Exchange St44308(330) 966-3060
EquitablePO BOX 470644310(330) 633-7307
Equitable2000 Brittain Rd44310(330) 633-7307
Firestone1200 Firestone Pkwy44301(330) 379-6400
Firstenergy Family39 E Market St44308(330) 535-3611
Genfed2492 Wedgewood Dr44312(330) 734-0225
Genfed85 Massillon Rd44312(330) 784-5451
Goodyear Employees501 Kelly Ave44306(330) 724-9391
Local 219 Federal Credit Union644 E Tallmadge Ave44310(330) 253-5844
Med-Pro Federal Credit Union337 S Main St44308(330) 379-3525
Med/Pro1174 Battles Ave44314(330) 848-6066
North East Cath Credit Union99 Kent St44305(330) 253-3413
Ohio Catholic1900 W Market St44313(216) 663-6800
Ohio Catholic Federal Credit Union526 Canton Rd #20344312(330) 733-8590
St Matthews Credit Union526 Canton Rd #20144312(330) 733-6002
St. Pauls Parish1762 Brown St44301(330) 724-5183
SummitP O BOX 146044309(330) 376-3626
Summit100 Wheeler St44311(330) 376-3626
Telecommunity2500 N Turkeyfoot Rd44319(330) 645-2700
Towpath645 N Main St44310(330) 664-4700
U F C W Union Local 880 Credit Union Inc3435 Fortuna Dr44312(330) 645-0362
United Te Credit Union Inc1155 George Washington Blvd44312(330) 784-0407