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The majority of us buy our cars with a loan, as it’s rare to have the capital in the bank for a straight-up purchase. Whether you’re approved for a loan, and what rate of interest you get charged, depends largely on your credit history. Additional variables include:

  • Where you live (Dayton)
  • Monthly income
  • Cash down
  • Employment record

Plenty of financial experts recommend lining up your auto loan ahead of time, which offers an array of advantages:

  • Fewer hours wasted at the car lot.
  • Cheaper interest rates.
  • Improved negotiating leverage.

There are specialists happy to help you finance the car you want with an affordable rate.

Car Loan Rates in Dayton

The rates below aren’t advertisements, but estimations to give you an idea of what rate can be expected given your location and your FICO score. Your actual rate could differ drastically from the rates of interest listed here.

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 Dayton

Pre-owned vehicles cost less, but the rates are somewhat elevated. However, used cars and trucks are more affordable in the end, and they don’t depreciate so quickly. Here, we review the costs of a loan for a car that’s brand new versus 1-3 old.

Age Price Rate Months Payment Interest Total Cost
New $26,250 6.00% 60 $507.49 $4,199 $30,449
1 Year $21,000 7.50% 60 $420.80 $4,248 $25,248
2 Years $17,850 7.50% 60 $357.68 $3,611 $21,461
3 Years $15,173 7.50% 60 $304.03 $3,069 $18,242

You can get a lot of car for the money if you aren’t afraid of buying it used. Used car loans come with slightly higher rates, but in most cases, you only need 10% down, and the insurance premiums are less expensive.

Bad Credit Auto Loans in Dayton

Has your credit been scarred by bankruptcy, repossession, or other such issues? With a credit score of 700 or higher, securing financing should be quick and painless, but approval and rate of interest both become issues for those who have below-average credit. A couple of decades ago, you might be declined at several different lenders or dealerships before you were approved for a loan.

For individuals with recent bankruptcies or foreclosures, a buy here pay here dealership may be the only alternative. The rates of interest border on extortionate, and the cars and trucks are always used, sometimes with more than 100,000 miles. Typically, it’s safer to find a regular old bank or loan provider. The rates will undoubtedly be cheaper, the terms significantly better, and you have the ability to rebuild your credit at the same time.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

If you need to increase your credit score, a car loan may help–if you pay it off as scheduled. Your credit score won’t increase as soon as you pay off your loan. Rather, it steadily increases as you make your payments on time. It’s smart to register for automatic payments, in order to ensure you never skip any installment payments.

Dayton Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip Code,Telephone” data=”Affinia,P O Box 1005,45401,(937) 485-0160,Affinia,220 E Monument Ave,45402,(937) 630-9970,Bethel Community,401 SPL Dunbar Street,45402,(937) 222-2994,Bethel Community,401 N Paul Laurence Dunbar St,45402,(937) 222-2994,Bethel Community,1500 W 3rd St,45417,(937) 443-0404,Code,355 W Monument Ave,45402,(937) 222-8971,Day Air,4100 W 3rd St,45417,(937) 610-1505,Day Air,300 College Park,45469,(937) 229-2126,Day Air,3434 York Commons Blvd,45414,(937) 665-0980,Day Air Credit Union Inc,3501 Wilmington Pike,45429,(937) 643-2160,Day-Met,P.O. Box 13087,45413,(937) 236-2562,Day-Met,4988 Wagner Ford Rd,45414,(937) 236-2562,Dayton Area School Employees FCU,1030 N Main St,45405,(937) 222-4546,Dayton Firefighters,338 S Patterson Blvd,45402,(937) 228-1614,Firstday Financial,P.O. Box 407,45405,(937) 222-4546,Freedom First,1645 Webster St,45404,(937) 223-2828,Globe Industries Employees,1944 Troy St,45404,(937) 229-8598,Heartland,3400 Office Park Dr,45439,(937) 394-1991,Heartland,6550 Poe Ave,45414,(937) 294-1991,Heartland,3115 S Dixie Dr,45439,(937) 294-1991,Incenta,2300 S Edwin C Moses Blvd,45417,(937) 223-4943,Kh Network Credit Union,7740 Paragon Rd,45459,(937) 558-9070,Kh Network Credit Union,405 W Grand Ave,45405,(937) 723-4958,Montgomery County,409 E Monument Ave #105,45402,(937) 224-4050,Montgomery County,409 E Monument Ave,45402,(937) 224-4050,Montgomery County,2222 Philadelphia Dr,45406,(937) 278-2612,Postal Family Credit Union Inc.,803 E 5th St,45401,(513) 381-8600,St Anthony-Credit Union,830 Bowen St,45410,(937) 254-0046,St. Helen,5000 Burkhardt Rd,45431,(937) 252-7477,St. Luke Parish,200 Homewood Ave,45405,(937) 429-0604,St. Luke Parish,820 Bowen St,45410,(937) 429-0604,Standard Register,PO Box 1167,45401,(937) 223-3333,Standard Register,175 Campbell St,45417,(937) 223-3333,Universal 1,1 River Park Dr,45409,(937) 225-6800,Universal 1,1200 Far Hills Ave,45419,(937) 297-5325,Universal 1,1 Wyoming St,45409,(937) 208-2745,Universal 1,2933 Harshman Rd,45424,(937) 235-0303,Universal 1,6270 Wilmington Pike,45305,(937) 848-6050,Universal 1,2700 Miamisburg Centerville Rd,45459,(937) 435-7268,Universal 1,6147 Far Hills Ave,45459,(937) 610-0320,Universal 1 Credit Union Inc,2450 Esquire Dr,45431,(937) 431-3100,Universal 1 Credit Union Inc,6022 Wilmington Pike,45459,(937) 848-6050,Wright-Dunbar Area,PO Box 17605,45417,(937) 223-1101,Wright-Dunbar Area,700 S James H McGee Blvd,45402,(937) 223-1101,Wright-Patt,1 S Main St,45402,(937) 461-2211,Wright-Patt,St. Mary Development Office Bldg.,45410,(937) 252-7310,Wright-Patt,The Shoppes at Siebenthaler,45406,(937) 276-5627,Wright-Patt,8850 Kingsridge Dr,45458,(937) 291-0489,Wright-Patt,4512 Brandt Pike,45424,(937) 237-5152,Wright-Patt Credit Union,101 E Alex Bell Rd,45459,(937) 435-1750,Wright-Patt Credit Union,2070 E Dorothy Ln,45420,(937) 910-9500″][/tboot_table]