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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

Credit UnionAddressZip CodeTelephone
AffiniaP O Box 100545401(937) 485-0160
Affinia220 E Monument Ave45402(937) 630-9970
Bethel Community401 SPL Dunbar Street45402(937) 222-2994
Bethel Community401 N Paul Laurence Dunbar St45402(937) 222-2994
Bethel Community1500 W 3rd St45417(937) 443-0404
Code355 W Monument Ave45402(937) 222-8971
Day Air4100 W 3rd St45417(937) 610-1505
Day Air300 College Park45469(937) 229-2126
Day Air3434 York Commons Blvd45414(937) 665-0980
Day Air Credit Union Inc3501 Wilmington Pike45429(937) 643-2160
Day-MetP.O. Box 1308745413(937) 236-2562
Day-Met4988 Wagner Ford Rd45414(937) 236-2562
Dayton Area School Employees FCU1030 N Main St45405(937) 222-4546
Dayton Firefighters338 S Patterson Blvd45402(937) 228-1614
Firstday FinancialP.O. Box 40745405(937) 222-4546
Freedom First1645 Webster St45404(937) 223-2828
Globe Industries Employees1944 Troy St45404(937) 229-8598
Heartland3400 Office Park Dr45439(937) 394-1991
Heartland6550 Poe Ave45414(937) 294-1991
Heartland3115 S Dixie Dr45439(937) 294-1991
Incenta2300 S Edwin C Moses Blvd45417(937) 223-4943
Kh Network Credit Union7740 Paragon Rd45459(937) 558-9070
Kh Network Credit Union405 W Grand Ave45405(937) 723-4958
Montgomery County409 E Monument Ave #10545402(937) 224-4050
Montgomery County409 E Monument Ave45402(937) 224-4050
Montgomery County2222 Philadelphia Dr45406(937) 278-2612
Postal Family Credit Union Inc.803 E 5th St45401(513) 381-8600
St Anthony-Credit Union830 Bowen St45410(937) 254-0046
St. Helen5000 Burkhardt Rd45431(937) 252-7477
St. Luke Parish200 Homewood Ave45405(937) 429-0604
St. Luke Parish820 Bowen St45410(937) 429-0604
Standard RegisterPO Box 116745401(937) 223-3333
Standard Register175 Campbell St45417(937) 223-3333
Universal 11 River Park Dr45409(937) 225-6800
Universal 11200 Far Hills Ave45419(937) 297-5325
Universal 11 Wyoming St45409(937) 208-2745
Universal 12933 Harshman Rd45424(937) 235-0303
Universal 16270 Wilmington Pike45305(937) 848-6050
Universal 12700 Miamisburg Centerville Rd45459(937) 435-7268
Universal 16147 Far Hills Ave45459(937) 610-0320
Universal 1 Credit Union Inc2450 Esquire Dr45431(937) 431-3100
Universal 1 Credit Union Inc6022 Wilmington Pike45459(937) 848-6050
Wright-Dunbar AreaPO Box 1760545417(937) 223-1101
Wright-Dunbar Area700 S James H McGee Blvd45402(937) 223-1101
Wright-Patt1 S Main St45402(937) 461-2211
Wright-PattSt. Mary Development Office Bldg.45410(937) 252-7310
Wright-PattThe Shoppes at Siebenthaler45406(937) 276-5627
Wright-Patt8850 Kingsridge Dr45458(937) 291-0489
Wright-Patt4512 Brandt Pike45424(937) 237-5152
Wright-Patt Credit Union101 E Alex Bell Rd45459(937) 435-1750
Wright-Patt Credit Union2070 E Dorothy Ln45420(937) 910-9500