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For most consumers in Youngstown, getting a loan is necessary to buying a new vehicle. A lot of the time, your loan will be arranged in the dealer’s office, but this can be a very inefficient process. Normally, it’s better to line up your car loan package ahead of time. Banks and dealerships will vie to finance your credit, putting you in control of the financing process.

Car Loan Rates in Youngstown

Worried about the interest you’ll be charged? Truth be told, your annual percentage rate varies greatly based on your credit score, not to mention other things. The rates shown below are only for informational purposes. They’re not advertisements, and your actual rate could be very different.

Credit Rating 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%

It’s recommended that you know what your credit score is before you ever submit an application for financing. You’ll find a wealth of ways to check your credit. Here’s one of the best to do so: link.

Used Car Loans in Youngstown

A brand new vehicle is appealing, needless to say. Higher interest rates for pre-owned cars, however, are countered by smaller down payments, monthly payments, and insurance premiums. Take a look at the table below, displaying the costs associated with auto loans for brand new versus pre-owned cars and trucks.

Years Old Price Rate Months Payment Interest Total Cost
New $21,200 6.00% 60 $409.86 $3,391 $24,591
1 Year $16,960 7.50% 60 $339.84 $3,431 $20,391
2 Years $14,416 7.50% 60 $288.87 $2,916 $17,332
3 Years $12,254 7.50% 60 $245.54 $2,479 $14,732

A second hand vehicle makes a great option, whether you’re getting a loan or paying cash. Most companies will help you finance a second hand vehicle that’s up to eight years old, and some have a mileage cap of 100,000 miles.

Poor Credit Car Loans in Youngstown

In most cases, offers like no money down are inconceivable if you’ve got less-than-perfect credit. It’s a simple fact: the higher your credit score is, the lower your annual percentage rate will be. Fortunately, you can now find loan companies who are experts in subprime credit situations.

It’s best to stay clear of no credit check auto lots. These buy here pay here dealers are notorious for consumer abuses. Yes, your credit isn’t going to be an obstacle at such a place, but you will wind up shelling out a boatload in interest for an outdated vehicle. You will be better off getting a loan from a bank or lender–available through any standard dealership. The down payments are lower, as are the interest rates, and the service is commonly a good bit better.

Contact an auto finance professional in your area today.

No Down Payment Auto Loans in Youngstown

Down payments are usually a requirement if you want to get a car financed.

The down payment makes up for the speedy depreciation facing any new vehicle purchase. If you haven’t got top notch credit, it is easier to start setting aside funds for a down payment, or else you could wind up paying an inflated interest rate. With that being said, when you apply online, there are many loan providers and car dealers that offer no money down financing for customers without the most ideal credit.

Youngstown Resources

Credit Unions

Credit UnionAddressZipTelephone
Associated School Employees1690 S Canfield Niles Rd44515(330) 792-4000
Associated School Employees85 Marwood Cir44514(330) 792-4000
Associated School Employees1 University Plaza44505(330) 941-3204
Distinguished Service15 Colonial Dr44505(330) 759-5404
Doy1500 Gypsy Ln44505(330) 744-5680
East Ohio Gas Yn Div Emp1165 W Rayen Ave44502(330) 742-8131
Medical Care Employees630 Gypsy Ln #444505(330) 747-2894
Ohio Edison - Penn Power45 South Ave44503(330) 746-8621
Ohio Edison - Penn Power6000 Mahoning Ave44515(330) 792-5261
R.S.C. Yo/C1 Offices25 E Boardman St #33344503(330) 743-6400
Republic Hose Employees600 Industrial Rd44509(330) 799-2575
Yha South Unit15 Colonial Dr #1344505(330) 759-9570
Youngstown City SchoolsP.O. Box 55044501(330) 744-5846
Youngstown City Schools20 W Wood St44503(330) 744-5846
Youngstown Firefighters3408 Canfield Rd44511(330) 793-4355
Youngstown Ohio City Emp1045 W Rayen Ave44502(330) 744-8447