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Nearly all new cars and trucks are bought through financing, and the others are mainly leased. Unfortunately, lining up an auto loan can be a mind-numbing process, which could take days, even weeks. To streamline approval, you can submit an application on the web for your auto loan. You can let a local Oklahoma finance specialist assist you through the approval process. What’s even better, it’s free to apply.

Auto Loan Rates in Oklahoma

Many companies only display the most affordable rate they have, limited to people with the very best credit scores. In reality, your rate of interest varies widely based on your credit score, as well as a number of other factors. The rates displayed below are only for informational purposes. They are not advertisements, and your actual rate could deviate greatly from what’s seen below.

Credit Rating New Car Pre-owned Car
Excellent 3.6% 4.3%
Good 4.8% 5.8%
Average 6.8% 8.4%
Subprime 9.7% 10.2%
Bad 12.7% 13.9%
Very Bad 13.6% 15.1%

Used Car Loans in Oklahoma

We are constantly hit with advertising for new cars and trucks. Still, a second hand car auto loan has a great deal of benefits, like:

  • Cheaper down payment needed.
  • Decreased out the door cost.
  • Reduced risk of car poor.

Have a look at the chart below, which shows the various costs of auto loans for new versus used cars and trucks.

Age Price APR Months Payment Interest Total
New $19,800 6.00% 60 $382.79 $3,167 $22,967
1 Year $15,840 7.50% 60 $317.40 $3,204 $19,044
2 Years $13,464 7.50% 60 $269.79 $2,723 $16,187
3 Years $11,444 7.50% 60 $229.32 $2,315 $13,759

The moment it leaves the dealership, a new vehicle loses as much as one quarter of its value, and it keeps losing a significant chunk of its value year after year. A car or truck that cost $19,800 new will only be worth $11,444 three years later. Companies charge higher interest rates for used vehicles, but in most situations, you only need 10% down, and the insurance premiums are less costly.

Bad Credit Car Loans in Oklahoma

Below-average credit has become a big problem among individuals in Oklahoma, and all through Oklahoma. The higher your credit score, the wider array of options you’ll have. Like any significant investment, it’s a good idea to consult someone who is an expert in the process. If your credit is in pretty poor form, you may think to stop by a dealer that advertises buy here pay here financing. No, your credit won’t be a worry, but you will end up shelling out a lot in interest for a high mileage vehicle. Instead, you’re better off if you secure the loan you need online. The down payments are less expensive, as are the rates of interest, and the service is much superior.

Go here to apply online.

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