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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

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip,Phone” data=”A C Credit Union,50 W Bowery St,44308,(330) 376-7216,A C Credit Union Inc,N Cleve Mass Rd,44333,(330) 659-4121,Akron Firefighters’,161 Massillon Rd,44312,(330) 798-1994,Akron Municipal Employees,146 S. High St. Concourse Level,44308,(330) 375-2020,Akron Municipal Employees,146 S High St,44308,(330) 375-2020,Akron Police Credit Union,217 South High Street Rm 508,44308,(330) 384-8317,Akron Police Department,1570 Akron Peninsula Rd #2,44313,(330) 945-8317,Akron Police Department,1570 Akron Peninsula Rd,44313,(330) 945-8317,Akron Police Department,217 S High St,44308,(330) 384-8317,Bfg,445 S Main St,44311,(330) 374-2990,Buckeye State,PO Box 848,44309,(330) 253-9197,Buckeye State,197 E Thornton St,44311,(330) 253-9106,Buckeye State Credit Union – Administration,155 E Voris St,44311,(330) 253-9197,Cuyahoga Falls Municipal Employees’ Credit Union,1107 Portage Trail Ext,44313,(330) 923-1342,East Oh United Methodist,44 E Exchange St,44308,(330) 966-3060,Equitable,PO BOX 4706,44310,(330) 633-7307,Equitable,2000 Brittain Rd,44310,(330) 633-7307,Firestone,1200 Firestone Pkwy,44301,(330) 379-6400,Firstenergy Family,39 E Market St,44308,(330) 535-3611,Genfed,2492 Wedgewood Dr,44312,(330) 734-0225,Genfed,85 Massillon Rd,44312,(330) 784-5451,Goodyear Employees,501 Kelly Ave,44306,(330) 724-9391,Local 219 Federal Credit Union,644 E Tallmadge Ave,44310,(330) 253-5844,Med-Pro Federal Credit Union,337 S Main St,44308,(330) 379-3525,Med/Pro,1174 Battles Ave,44314,(330) 848-6066,North East Cath Credit Union,99 Kent St,44305,(330) 253-3413,Ohio Catholic,1900 W Market St,44313,(216) 663-6800,Ohio Catholic Federal Credit Union,526 Canton Rd #203,44312,(330) 733-8590,St Matthews Credit Union,526 Canton Rd #201,44312,(330) 733-6002,St. Pauls Parish,1762 Brown St,44301,(330) 724-5183,Summit,P O BOX 1460,44309,(330) 376-3626,Summit,100 Wheeler St,44311,(330) 376-3626,Telecommunity,2500 N Turkeyfoot Rd,44319,(330) 645-2700,Towpath,645 N Main St,44310,(330) 664-4700,U F C W Union Local 880 Credit Union Inc,3435 Fortuna Dr,44312,(330) 645-0362,United Te Credit Union Inc,1155 George Washington Blvd,44312,(330) 784-0407″][/tboot_table]

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