My Car Lender

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


For many consumers, financing is the main stumbling block to buying the car they want. Unfortunately, securing an auto loan can be a frustrating process, preventing you from getting the car you want. Why spend your time applying for financing at the finance company or car dealership when you can get approved right here online?

Let a vehicle finance consultant help you secure your auto loan, answering your questions at the same time.

Auto Finance Rates in Lima

These rates are only for informational purposes. They’re not advertisements. Variables that affect your actual rate of interest include:

  • Credit Standing
  • City of Residence
  • Auto Finance and/or Lease History
  • Income and Employment Status
  • Loan Amount
  • Repayment Period: 2-7 Years
FICO Score 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 Loans in Lima

Some buyers stay away from used cars and trucks because they necessitate higher interest financing. On the other hand, it’s smart to finance a second hand car, considering that the total price will be a lot less. Consider the chart below, which displays the costs of car loans for brand new versus pre-owned cars and trucks.

Years Old Price Rate Months Payment Interest Total Cost
New $22,000 6.00% 60 $425.32 $3,519 $25,519
1 Year $17,600 7.50% 60 $352.67 $3,560 $21,160
2 Years $14,960 7.50% 60 $299.77 $3,026 $17,986
3 Years $12,716 7.50% 60 $254.80 $2,572 $15,288

As you have seen, the car bought new for $22,000 will only be worth $12,716 after 36 months. Listed below are the typical restrictions on used car loans:

  • Vehicle not more than 7-10 years old.
  • Mileage no higher than 100,000.
  • Purchased via dealer, not private party.

Bad Credit Auto Loans in Lima

Most loan companies prefer consumers with solid credit, as car and truck loans involve lots of money. There is nothing more humiliating than having your credit declined at the bank or dealership. Years ago, consumers had to go from one lender to another, looking for one able to offer them a loan. Fortunately, technology has gotten rid of a lot of this legwork.

Whenever possible, you should avoid going to a no credit check dealership. These buy here pay here dealers are notorious for aggressive sales tactics. Sure, your credit isn’t going to be a problem at this kind of place, but you will wind up paying a boatload in interest for an outdated car or truck.

Invariably, it’s better to go to a regular bank, credit union, or loan company. An established lender will report your payments to the credit agencies, so your credit score will increase if you keep making your payments on time.

Contact an auto finance professional in your area today.

No Money Down Financing in Lima

Really need to finance a car, but you don’t have any cash as a down payment? For those who have excellent credit, a down payment isn’t always necessary. If you don’t have very good credit, it’s easier to save for a down payment, or else you could find yourself paying an outrageous rate of interest. Having said that, when you apply online, there are many lenders and car dealers that offer no money down car deals for consumers who haven’t got the best credit.

Lima Resources

Credit Unions

Credit UnionStreet addressZipPhone
Beacon Mutual2301 Allentown Rd45805(419) 228-4321
Lima City Employees1007 N Center St45801(419) 222-4426
Lima Ohio Postal Employee Federal Credit Union350 W High St45801(419) 224-7283
Lima Ohio Postal EmployeesP. O. Box 60245802(419) 224-7283
Lima Ohio Postal Employees350 W. High St. Rm # 245801(419) 224-7283
Lima Superior Federal Credit Union - Branches1400 N West St45801(419) 223-9746
Nickel Steel1067 S Main St45804(419) 224-7861
North Star Federal Credit Union703 N West St45801(419) 229-1951
Superior4230 Elida Rd45807(419) 879-3541
Superior1571 Allentown Rd45805(419) 223-9746
Superior3345 N West St45801(419) 223-9746
Superior2857 Blue Jacket Ct45806(419) 223-9746
Superior1205 E Kibby St45804(419) 223-9746
Topmark1511 N Main St45801(419) 223-5886
Topmark3800 S Dixie Hwy45806(419) 224-2941
Utelco521 Findlay Rd45801(419) 229-1151