Toledo (OH) Auto Loans

Have you been interested in a new or pre-owned vehicle in Toledo, and need to finance it? Whether you get a loan depends on an array of factors, for example:

• What your credit score is.
• What your income is.

How long you’ve been employed.

• Where you live.

Instead of sweating it out at the car lot or lender, you can request your auto loan online. There are professionals standing by, determined to help you finance the car you need at an inexpensive rate.

Auto Finance Rates in Toledo

Not many banks, credit unions, and car loan sites display loan rates in Toledo based on FICO score. Instead, they advertise the most affordable rate they offer. The truth is, your interest rate can vary hugely based on your FICO score, plus other things. The rates displayed below are only for informational purposes. These are not advertisements, and your exact rate could be very different.

Credit Score	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 Car Loans in Toledo

As a consumer, you’re consistently bombarded by advertising for new cars and trucks. However, used vehicles are less expensive in the long run, and they depreciate less. The figures speak on their own.

Age	Price	Rate	Months	Payment	Interest	Total
New	$19,500	6.00%	60	$376.99	$3,119	$22,619
1 Year	$15,600	7.50%	60	$312.59	$3,156	$18,756
2 Years	$13,260	7.50%	60	$265.70	$2,682	$15,942
3 Years	$11,271	7.50%	60	$225.85	$2,280	$13,551

A used vehicle is an excellent option, regardless of whether you’re getting a loan or not. As a rule, you can get a car loan for a vehicle that’s up to 10 years old. Mileage limitations may apply.

Poor Credit Auto Loans in Toledo

Credit history is an important factor when it comes to financing approval and rate of interest. Some of us never check our credit scores, as we’re terrified of how low they could be. The thing is, this can be detrimental. A couple of decades ago, loan providers were rare who would approve those with bad credit. Now many loan companies, as well as some banks and credit unions, have subprime finance units.

On the spot financing is another option, provided by Toledo’s buy here pay here car dealerships. While you probably won’t have problems when it comes to approval, you’ll pay handsomely for the privilege. You will be happier with financing from a bank, credit union, or loan company. There are a number of benefits: more affordable rates of interest, better service. And, if you make your payments in a timely manner, an increased FICO score.

Go here to apply online.

Can a Car Loan Improve Your Credit?

Over time, the payments made on an auto loan can lift your FICO . There is no instantaneous increase in your FICO score. Rather, it should increase slowly as time goes on. It’s smart to enroll in automatic payments, as this will keep you from missing payments.

Toledo Resources

• Ohio BMV: http://www.bmv.ohio.gov/
• Financial Institution Division – Ohio: http://www.com.ohio.gov/fiin/

Credit Unions