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In this day and age, it’s become extremely hard to get a new car if you aren’t approved for a loan. Whether you’re approved for a loan, and what interest rate you are charged, depends mainly on your credit history. Other elements:

  • Place of residence (Cleveland)
  • Debt-to-income ratio
  • Cash or trade
  • Job security

Normally, it’s best to line up your car loan package in advance.

This is particularly helpful for consumers who have credit problems, as a variety of dealers and lending companies will consider your credit, a number of of which are experts in special finance scenarios.

Auto Loan Rates in Cleveland

The majority of lenders only display the lowest rate available, only available to folks with the highest FICO scores. The reality is, your rate of interest differs hugely based on your credit score, not to mention a number of other things. The rates shown below are only for informational purposes. They’re not advertisements, and your exact rate will vary.

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 Auto Loans in Cleveland

More often than not, it is slightly more expensive to finance a used vehicle, at least in terms of the annual percentage rate. Regardless, it’s smart to finance a second hand car, as the sum total will be considerably less. Consider the table below.

Age Price Rate Months Payment Interest Total Cost
New $24,250 6.00% 60 $468.82 $3,879 $28,129
1 Year $19,400 7.50% 60 $388.74 $3,924 $23,324
2 Years $16,490 7.50% 60 $330.43 $3,336 $19,826
3 Years $14,017 7.50% 60 $280.86 $2,835 $16,852

Once it leaves the dealership, a new car loses nearly 25% of its value, and it continues shedding a significant slice of its value year after year. A car or truck that cost $24,250 new won’t be worth but $14,017 after 36 months of ownership. Loan providers charge higher rates for used vehicles, but in many cases, you only need 10% down, and the insurance costs are less expensive.

Bad Credit Car Loans in Cleveland

Credit scores of less than 680 are normally viewed as subprime, and those below 620 are simply bad. Higher FICO scores usually result in lower rates, but it’s a lot more complicated than that. Although bad credit always results in an increased rate of interest, you can now request quotes from various loan providers online.

A lot of individuals with non-prime credit find themselves at one of Cleveland’s buy here pay here dealers. These sellers offer on-the-spot auto loans, with no credit check. The rates of interest are very steep, and the vehicles are always used, often with very high mileage. In most cases, it’s better to work with a local bank, credit union, or loan provider. The benefits are considerable: better rates of interest, significantly better service. Plus, if you make your payments as agreed, an increased credit score.

Best of all, you can submit your application online.

Limiting Your Rate of Interest

Although your rate will be based on your credit score, there are things you can do to make your auto loan more economical. First of all, it’s smart to double check your credit report for any inaccuracies. Fortunately, you can check your credit annually, cost free, at

You can dispute any inaccuracies yourself, or engage a service to write the dispute letters for you. In addition, cosigners, down payments, and shorter-term financing all contribute to decreased loan rates.

Can a Car Loan Improve Your Credit?

A car loan can be a great method of increasing your credit score, but it’s imperative that you make your payments in a timely manner. If you decide to work with a buy here pay here dealership, you simply won’t have this opportunity. Though the actual boost in your credit score isn’t easy to determine, the improvement is significant.

Cleveland Resources

Credit Unions

Credit UnionLocationZip CodePhone
Antioch8629 Cedar Ave44106(216) 421-8885
Antioch14516 Euclid Ave44112(216) 541-6825
Byzantine Catholic4682 State Rd44109(216) 351-4353
Century1240 East Ninth Street AJC Federal44199(216) 535-3200
Century1240 E 9th St44199(216) 535-3200
Century21000 Brookpark Rd44135(216) 535-3400
Century10701 East Blvd44106(216) 535-3600
Century101 Prospect Ave44115(216) 535-3700
Chartway5300 Riverside Dr44135(757) 552-1000
Civil Service Employees Association601 LAKESIDE AVE. RM. 344114(216) 664-2217
Cleveland Church Of Christ1035 E 105th St44108(216) 761-2110
Cleveland Police2301 Payne Ave44114(216) 861-3535
Columbian2132 E 9th St44115(216) 771-4811
Cory Methodist Church1117 E 105th St44108(216) 451-2077
Cory Methodist Church3232 E 128th St44120(216) 921-7591
Cuyahoga Works Credit Union Inc8001 Sweet Valley Dr44125(216) 642-3300
East Ohio Gas Clev Oper Emp1201 E 55th St44103(216) 736-6959
Faith Community United3550 E 93rd St44105(216) 271-7111
Firefighters Community Credit Union20333 Emerald Pkwy44135(216) 898-9471
Firefighters Community Cu2300 St Clair Ave NE44114(216) 621-4644
Garfield Hts Employees Credit Union Inc5422 E 96th St44125(216) 581-5581
Greater Abyssinia1161 E 105th St44108(216) 795-4028
Harris United Federal Credit Union9999 Granger Rd44125(216) 587-4641
Health One2060 E 9th St44115(216) 687-6241
Hillcrest Community Credit Union754 Richmond Rd44143(216) 691-3917
Industrial Distributors3615 Euclid Ave #1b44115(216) 432-3230
Lane Metro Cme Church2131 E 46th St44103(216) 921-9022
Navy Federal Credit UnionAnthony Celebrezze Building 26th Floor44199(888) 842-6328
Noteworthy1900 Superior Ave E #12644114(216) 263-7034
NYC Mercury614 W Superior Ave #71044113(216) 771-4666
Ohio Catholic3167 Fulton Rd44109(216) 663-6800
Ohio Catholic Credit Union13623 Rockside Road Rear44125(330) 733-6002
Ohio Catholic FCU8600 Woodhawk Dr44124(216) 663-6800
Ohio Education Credit Union5233 Wilson Mills Rd44143(440) 442-1084
Ohio EducationalPO Box 9307944101(216) 621-6296
Ohio Educational2554 E 22nd St44115(216) 621-6296
Ohio Operating Engineers3515 Prospect Ave #20044115(216) 432-0300
Ohios First ClassP O BOX 587744101(216) 241-1088
Ohios First Class1219 Ontario St #3744113(216) 443-7290
Ohios First Class1800 Carnegie Ave44115(216) 241-1088
Orange School Employees Credit Union32000 Chagrin Blvd44124(216) 765-1070
Our Lady Of Angels3644 Rocky River Dr44111(216) 252-0665
Pef Federal Credit Union390 Alpha Park44143(440) 442-0300
Plain Dealer1801 Superior Ave E44114(216) 999-4270
Pse Credit Union Inc.2900 Community College Ave #88e44115(216) 987-4250
Public Library Employees325 Superior Ave E #47044114(216) 902-4901
R T A Brooklyn4319 State Rd44109(216) 749-0583
Shaker Community Credit Union Inc15808 Chagrin Blvd44120(216) 752-6111
Southeast Area Credit Union Inc13422 Kinsman Rd44120(216) 491-9756
St Columbkille Federal Credit Union6740 Broadview Road Side44134(216) 524-0414
St Gregory The Great Church CU1499 Dean Dr44121(216) 691-0242
St Paschal Federal Credit Union5384 Wilson Mills Rd44143(440) 646-0409
St Therese Peter & Paul FCU5269 E 104th St44125(216) 587-0631
St. Colman & Affiliates6637 Lorain Ave44102(216) 281-4570
St. Paul A.M.E. Zion Church2393 E 55th St44104(216) 431-3233
Steel Valley3840 Pearl Rd44109(216) 741-9430
Steel Valley2500 Metrohealth Dr44109(216) 741-9430
Taupa Lithuanian767 E 185th St44119(216) 481-6677
Transfiguration11405 Detroit Ave44102(216) 226-4580
U.F.C.W. Union Local 8802828 Euclid Ave44115(216) 241-5930
United Telephone Inc1275 Ontario St44113(216) 443-6214
United Telephone Inc4110 Warrensville Center Rd44128(216) 491-7294
Western Region18101 Lorain Ave44111(216) 476-7072
Western Region1730 W 25th St44113(216) 363-2217