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.
- 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
Credit Union | Address | Zip | Telephone |
---|---|---|---|
Cando Credit Union Inc | 113 Main St | 43605 | (419) 666-3113 | Champion | 4140 W Laskey Rd | 43623 | (419) 407-4140 | Champion | 1347 S Detroit Ave | 43614 | (419) 407-4140 | Directions | PO BOX 23330 | 43623 | (419) 841-9838 | Directions | 3000 Tremainsville Rd | 43613 | (419) 473-3098 | Directions | 3450 W Central Ave | 43606 | (419) 535-3255 | Directions | 2533 S Reynolds Rd | 43614 | (419) 385-4530 | Directions | 1 Owens Corning Pkwy | 43604 | (419) 248-6385 | Erie Shores Credit Union Inc | Owens Corning Whq | 43601 | (419) 897-8111 | Focus | 1001 S Reynolds Rd | 43615 | (419) 724-6611 | Focus Federal Credit Union | 524 Orange St | 43604 | (419) 327-6166 | Glass City | 1666 E Broadway St | 43605 | (419) 691-3595 | Glass City | 5642 Secor Rd | 43623 | (419) 475-8201 | Glass City | 1353 Gage Rd | 43612 | (419) 476-1791 | Jeep Country | 3737 N Detroit Ave | 43612 | (419) 255-3703 | Jeep Country Federal Credit Union | 3437 N Detroit Ave | 43610 | (419) 255-3703 | Libbey | PO Box 919 | 43697 | (419) 727-2346 | Libbey | 940 Ash St | 43604 | (419) 727-2346 | Maumee Valley | 28 N Fearing Blvd | 43607 | (419) 382-4071 | Mercy Health Partners | 2213 Cherry St | 43608 | (419) 251-4706 | Mercy Health Partners | 2200 Jefferson Ave | 43620 | (419) 251-4139 | Nueva Esperanza Community | PO Box 9875 | 43697 | (419) 720-9530 | Nueva Esperanza Community | 1638 Broadway St | 43609 | (419) 720-9530 | Parish | 5138 N Summit St | 43611 | (419) 729-9650 | Parish | 3907 N Detroit Ave | 43612 | (419) 729-9650 | Promedica | 2301 W Central Ave | 43606 | (419) 479-4040 | Promedica | 2142 N Cove Blvd | 43606 | (419) 291-4221 | Suburban | 5310 Elmer Dr | 43615 | (419) 531-9683 | Sun | 4760 Monroe St | 43623 | (419) 474-6530 | Sun | 3341 Executive Pkwy | 43606 | (419) 537-0200 | Toledo Fire Fighters | 2800 W Laskey Rd | 43613 | (419) 474-7200 | Toledo Metro | 1212 Adams St | 43604 | (419) 242-4926 | Toledo Police | 4280 Heatherdowns Blvd | 43614 | (419) 385-0101 | Toledo Police | 525 N Erie St | 43604 | (419) 241-9730 | Toledo Postal Credit Union | 435 N St Clair St | 43601 | (419) 249-7943 | Toledo Postal Credit Union | 435 S St Clair St | 43604 | (419) 241-1507 | Toledo Postal Employees | P.O. Box 117 | 43697 | (419) 241-1507 | Toledo Postal Employees | 435 S St Clair St #210 | 43604 | (419) 241-1507 | Toledo Teamsters | 435 S Hawley St | 43609 | (419) 254-3239 | Toledo Urban | 1339 Dorr St | 43607 | (419) 255-8876 | Tps | 3845 Angola Rd | 43615 | (419) 381-2323 | Tps | 3384 Elm St | 43608 | (419) 726-1539 | United Services | 1716 Spielbusch Ave | 43604 | (419) 241-2163 | University Of Toledo | 5248 Hill Ave | 43615 | (419) 534-3770 | University Of Toledo | 3000 Arlington Ave | 43614 | (419) 383-2850 | University Of Toledo | 2801 W Bancroft St | 43606 | (419) 530-2316 |