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For anyone who’s interested in buying a new car, you’ll likely need a car loan for the necessary funds. Whether you’re approved for financing, and what rate of interest you get charged, depends mainly on your credit score. Additional variables:

  • Where you live
  • Monthly income
  • Advance payment
  • Job security

To improve approval, you can fill out an application on the web for financing.

This is especially useful for folks who’ve got below-average credit, as a selection of dealerships and finance companies will consider your application, a number of of which specialize in special finance scenarios.

Auto Loan Rates in Canton

These rates of interest aren’t anything but estimations to give you a feeling for what rate of interest can be expected given where you live and your credit score. Your precise rate of interest will depend on various factors, which include lender, down payment, monthly income, type of loan, etc.

FICO Rating New Car Pre-owned 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 Financing in Canton

Options like zero percent finance and no money down are available on new cars if you have terrific credit. However, used cars are more economical in the end, and they require smaller down payments. Take a look at the comparison below, which shows the costs associated with car loans for new versus pre-owned vehicles.

Age Price Rate Months Payment Interest Total Cost
New $21,250 6.00% 60 $410.82 $3,399 $24,649
1 Year $17,000 7.50% 60 $340.65 $3,439 $20,439
2 Years $14,450 7.50% 60 $289.55 $2,923 $17,373
3 Years $12,283 7.50% 60 $246.12 $2,484 $14,767

As soon as it leaves the dealership, a new vehicle loses up to one quarter of its value, and it continues dropping a significant percentage of its value year after year. A car that cost $21,250 when new will be worth only about $12,283 after 36 months of ownership. Let’s consider the common limitations on used car loans:

  • Vehicle no older than 7-10 years.
  • Mileage no greater than 100,000.
  • Purchased through dealer, not private party.

Poor Credit Auto Loans in Canton

Are you wanting to get an auto loan in Canton, despite below-average credit? Higher FICO ratings usually lead to decreased interest rates, but it’s a good deal more complex than that. Fortunately, we know of finance companies who specialize in non-prime financing scenarios.

For consumers who have recent bankruptcies or foreclosures, a buy here pay here car dealership may well be the only option. The rates of interest border on extortionate, and the cars and trucks tend to be overpriced. You’ll want to avoid these car lots if at all possible, securing a car loan online. An established bank or finance company will report your progress to the credit bureaus, meaning your credit score will improve if you make your payments as agreed.

Best of all, you can submit your application online.

Zero Down Cars in Canton

Usually, you’ll still need some substantial cash to get financed, as a down payment of 10-20% is typically necessary. Normally, there are a couple of prerequisites for zero down financing:

  • The vehicle is new.
  • The shopper has an exceptional FICO score.

By completing your application online, it’s possible to increase your odds of obtaining such a package, as car dealers can view your down payment in advance. Just enter 0 in the down payment field, and the financing professional will get it.

Canton Resources

Credit Unions

Credit UnionStreet addressZipTelephone
Buckeye State4100 Munson St NW44718(330) 492-5700
Canton Police & Firemens530 Mckinley Ave NW44702(330) 453-2467
Canton School Employees1380 Market Ave N44714(330) 452-9801
Canton School Employees5414 Fulton Dr NW44718(330) 452-9801
Community One Credit Union Of Ohio537 Cleveland Ave NW44702(330) 305-3050
Golden Circle1215 Greenfield Ave SW44706(330) 453-8127
Seven Seventeen4450 Belden Village St NW44718(330) 492-1106
St. Josephs Canton Parish1811 Whipple Ave NW44708(330) 478-8400
Stark4100 Dressler Rd NW44718(330) 493-8325
Stark Metropolitan Housing AuthoritPOST OFFICE BOX 700644705(330) 454-0779
Sugardale EmployeesP O Box 742344705(330) 430-7662
Sugardale Employees1600 Harmont Ave NE44705(330) 430-7662
Teamsters Local 921105 9th St SW44707(330) 453-8409
Truliant1835 Dueber Ave SW44706(800) 822-0382