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For lots of consumers, getting a loan is the main impediment to purchasing the vehicle they want. In most cases, the lender has a lien on the vehicle while you’re repaying the loan. You will be required to carry full coverage insurance, so that you’ll have the funds to pay off the vehicle in case the car gets wrecked. In most cases, it’s a good idea to arrange your car loan beforehand. Let a vehicle finance expert help you get approved for financing, answering your questions along the way.

Auto Finance Rates in Oregon

Most finance companies only advertise the lowest rate available, only available to consumers with the highest FICO scores. Truth be told, your interest rate can vary greatly based on your credit, among other factors. The rates shown below are only for informational purposes. These aren’t advertisements, and your exact rate could be very different.

FICO Score New Car Used Car
Excellent 3.2% 3.6%
Good 4.4% 5.3%
Average 6.2% 7.8%
Subprime 9.6% 10.0%
Bad 14.3% 15.5%
Very Bad 15.5% 17.9%

Used Auto Loans in Oregon

Pre-owned cars are less expensive, but the loan rates are a little bit more expensive. However, pre-owned cars and trucks are a better value in the long run, and they require smaller sized down payments. You can finance a solid pre-owned vehicle for so much less than what it costs to finance a brand new one.

Years Old Price APR Months Payment Interest Total Cost
New $29,750 6.00% 60 $575.15 $4,759 $34,509
1 Year $23,800 7.50% 60 $476.90 $4,814 $28,614
2 Years $20,230 7.50% 60 $405.37 $4,092 $24,322
3 Years $17,196 7.50% 60 $344.56 $3,478 $20,674

After only a year on the road, the $29,750 new car is worth only $23,800, and only $17,196 after 36 months. Auto loans for used vehicles have slightly higher interest rates, but in most situations, you only need 10% down, and the insurance premiums are less costly.

Bad Credit Auto Loans in Oregon

FICO ratings of less than 680 are often viewed as subprime, and those less than 620 are simply deemed bad. Better credit ratings normally result in cheaper rates, but there is a lot more to it than that. In many cases, it’s a good idea to consult someone who is an expert in the process. Buy here pay here financing is another option. The downsides are sizeable, including extortionate rates and inflexible terms. You will be happier getting financed by a traditional bank or lender–an option through any standard dealership. The down payments are more affordable, as are the interest rates, and the service is typically much better.

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