My Car Lender

Home / Finance / Ohio Auto Finance / Cleveland (OH) Auto Loans


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


[tboot_column size=”15″]

[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip Code,Phone” data=”Antioch,8629 Cedar Ave,44106,(216) 421-8885,Antioch,14516 Euclid Ave,44112,(216) 541-6825,Byzantine Catholic,4682 State Rd,44109,(216) 351-4353,Century,1240 East Ninth Street AJC Federal,44199,(216) 535-3200,Century,1240 E 9th St,44199,(216) 535-3200,Century,21000 Brookpark Rd,44135,(216) 535-3400,Century,10701 East Blvd,44106,(216) 535-3600,Century,101 Prospect Ave,44115,(216) 535-3700,Chartway,5300 Riverside Dr,44135,(757) 552-1000,Civil Service Employees Association,601 LAKESIDE AVE. RM. 3,44114,(216) 664-2217,Cleveland Church Of Christ,1035 E 105th St,44108,(216) 761-2110,Cleveland Police,2301 Payne Ave,44114,(216) 861-3535,Columbian,2132 E 9th St,44115,(216) 771-4811,Cory Methodist Church,1117 E 105th St,44108,(216) 451-2077,Cory Methodist Church,3232 E 128th St,44120,(216) 921-7591,Cuyahoga Works Credit Union Inc,8001 Sweet Valley Dr,44125,(216) 642-3300,East Ohio Gas Clev Oper Emp,1201 E 55th St,44103,(216) 736-6959,Faith Community United,3550 E 93rd St,44105,(216) 271-7111,Firefighters Community Credit Union,20333 Emerald Pkwy,44135,(216) 898-9471,Firefighters Community Cu,2300 St Clair Ave NE,44114,(216) 621-4644,Garfield Hts Employees Credit Union Inc,5422 E 96th St,44125,(216) 581-5581,Greater Abyssinia,1161 E 105th St,44108,(216) 795-4028,Harris United Federal Credit Union,9999 Granger Rd,44125,(216) 587-4641,Health One,2060 E 9th St,44115,(216) 687-6241,Hillcrest Community Credit Union,754 Richmond Rd,44143,(216) 691-3917,Industrial Distributors,3615 Euclid Ave #1b,44115,(216) 432-3230,Lane Metro Cme Church,2131 E 46th St,44103,(216) 921-9022,Navy Federal Credit Union,Anthony Celebrezze Building 26th Floor,44199,(888) 842-6328,Noteworthy,1900 Superior Ave E #126,44114,(216) 263-7034,NYC Mercury,614 W Superior Ave #710,44113,(216) 771-4666,Ohio Catholic,3167 Fulton Rd,44109,(216) 663-6800,Ohio Catholic Credit Union,13623 Rockside Road Rear,44125,(330) 733-6002,Ohio Catholic FCU,8600 Woodhawk Dr,44124,(216) 663-6800,Ohio Education Credit Union,5233 Wilson Mills Rd,44143,(440) 442-1084,Ohio Educational,PO Box 93079,44101,(216) 621-6296,Ohio Educational,2554 E 22nd St,44115,(216) 621-6296,Ohio Operating Engineers,3515 Prospect Ave #200,44115,(216) 432-0300,Ohios First Class,P O BOX 5877,44101,(216) 241-1088,Ohios First Class,1219 Ontario St #37,44113,(216) 443-7290,Ohios First Class,1800 Carnegie Ave,44115,(216) 241-1088,Orange School Employees Credit Union,32000 Chagrin Blvd,44124,(216) 765-1070,Our Lady Of Angels,3644 Rocky River Dr,44111,(216) 252-0665,Pef Federal Credit Union,390 Alpha Park,44143,(440) 442-0300,Plain Dealer,1801 Superior Ave E,44114,(216) 999-4270,Pse Credit Union Inc.,2900 Community College Ave #88e,44115,(216) 987-4250,Public Library Employees,325 Superior Ave E #470,44114,(216) 902-4901,R T A Brooklyn,4319 State Rd,44109,(216) 749-0583,Shaker Community Credit Union Inc,15808 Chagrin Blvd,44120,(216) 752-6111,Southeast Area Credit Union Inc,13422 Kinsman Rd,44120,(216) 491-9756,St Columbkille Federal Credit Union,6740 Broadview Road Side,44134,(216) 524-0414,St Gregory The Great Church CU,1499 Dean Dr,44121,(216) 691-0242,St Paschal Federal Credit Union,5384 Wilson Mills Rd,44143,(440) 646-0409,St Therese Peter & Paul FCU,5269 E 104th St,44125,(216) 587-0631,St. Colman & Affiliates,6637 Lorain Ave,44102,(216) 281-4570,St. Paul A.M.E. Zion Church,2393 E 55th St,44104,(216) 431-3233,Steel Valley,3840 Pearl Rd,44109,(216) 741-9430,Steel Valley,2500 Metrohealth Dr,44109,(216) 741-9430,Taupa Lithuanian,767 E 185th St,44119,(216) 481-6677,Transfiguration,11405 Detroit Ave,44102,(216) 226-4580,U.F.C.W. Union Local 880,2828 Euclid Ave,44115,(216) 241-5930,United Telephone Inc,1275 Ontario St,44113,(216) 443-6214,United Telephone Inc,4110 Warrensville Center Rd,44128,(216) 491-7294,Western Region,18101 Lorain Ave,44111,(216) 476-7072,Western Region,1730 W 25th St,44113,(216) 363-2217″][/tboot_table]