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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

Credit Unions

Credit UnionAddressZipTelephone
Cando Credit Union Inc113 Main St43605(419) 666-3113
Champion4140 W Laskey Rd43623(419) 407-4140
Champion1347 S Detroit Ave43614(419) 407-4140
DirectionsPO BOX 2333043623(419) 841-9838
Directions3000 Tremainsville Rd43613(419) 473-3098
Directions3450 W Central Ave43606(419) 535-3255
Directions2533 S Reynolds Rd43614(419) 385-4530
Directions1 Owens Corning Pkwy43604(419) 248-6385
Erie Shores Credit Union IncOwens Corning Whq43601(419) 897-8111
Focus1001 S Reynolds Rd43615(419) 724-6611
Focus Federal Credit Union524 Orange St43604(419) 327-6166
Glass City1666 E Broadway St43605(419) 691-3595
Glass City5642 Secor Rd43623(419) 475-8201
Glass City1353 Gage Rd43612(419) 476-1791
Jeep Country3737 N Detroit Ave43612(419) 255-3703
Jeep Country Federal Credit Union3437 N Detroit Ave43610(419) 255-3703
LibbeyPO Box 91943697(419) 727-2346
Libbey940 Ash St43604(419) 727-2346
Maumee Valley28 N Fearing Blvd43607(419) 382-4071
Mercy Health Partners2213 Cherry St43608(419) 251-4706
Mercy Health Partners2200 Jefferson Ave43620(419) 251-4139
Nueva Esperanza CommunityPO Box 987543697(419) 720-9530
Nueva Esperanza Community1638 Broadway St43609(419) 720-9530
Parish5138 N Summit St43611(419) 729-9650
Parish3907 N Detroit Ave43612(419) 729-9650
Promedica2301 W Central Ave43606(419) 479-4040
Promedica2142 N Cove Blvd43606(419) 291-4221
Suburban5310 Elmer Dr43615(419) 531-9683
Sun4760 Monroe St43623(419) 474-6530
Sun3341 Executive Pkwy43606(419) 537-0200
Toledo Fire Fighters2800 W Laskey Rd43613(419) 474-7200
Toledo Metro1212 Adams St43604(419) 242-4926
Toledo Police4280 Heatherdowns Blvd43614(419) 385-0101
Toledo Police525 N Erie St43604(419) 241-9730
Toledo Postal Credit Union435 N St Clair St43601(419) 249-7943
Toledo Postal Credit Union435 S St Clair St43604(419) 241-1507
Toledo Postal EmployeesP.O. Box 11743697(419) 241-1507
Toledo Postal Employees435 S St Clair St #21043604(419) 241-1507
Toledo Teamsters435 S Hawley St43609(419) 254-3239
Toledo Urban1339 Dorr St43607(419) 255-8876
Tps3845 Angola Rd43615(419) 381-2323
Tps3384 Elm St43608(419) 726-1539
United Services1716 Spielbusch Ave43604(419) 241-2163
University Of Toledo5248 Hill Ave43615(419) 534-3770
University Of Toledo3000 Arlington Ave43614(419) 383-2850
University Of Toledo2801 W Bancroft St43606(419) 530-2316