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Purchasing a new car or truck without a loan or lease is pretty uncommon nowadays. Unfortunately, securing this kind of loan can be a time consuming process, making it incredibly challenging to buy the vehicle you want. Normally, you’ll want to line up your loan beforehand. You could be in the driver’s seat of a new car tomorrow.

Auto Finance Rates in Portland

These rates of interest aren’t ads, but estimations to give you an idea of what interest rate can be expected given your location and your FICO score. Your exact rate of interest will be determined by various variables, which includes loan company, down payment, monthly income, loan-to-value ratio, etc.

FICO Rating New Car Pre-owned 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%

Don’t know what your FICO score is? You really should. There are loads of places to check your credit. Here’s one of the best: link.

Used Car Financing in Portland

Yes, the loan rates for a pre-owned car are greater than those for a new one. Having said that, it’s better to finance a second hand car or truck, considering that the total price will be significantly less. Consider the chart below, which displays the different costs associated with car loans for new versus pre-owned vehicles.

Age Price APR Months Payment Interest Total Cost
New $32,200 6.00% 60 $622.52 $5,151 $37,351
1 Year $25,760 7.50% 60 $516.18 $5,211 $30,971
2 Years $21,896 7.50% 60 $438.75 $4,429 $26,325
3 Years $18,612 7.50% 60 $372.94 $3,765 $22,376

Basically, the car financed new for $32,200 is worth only $18,612 after three years of ownership. Most lenders will let you finance a second hand car that’s up to eight years old, and some cap the mileage at 100K miles.

Bad Credit Car Loans in Portland

Your FICO score is extremely important when financing a car. In simple terms, your credit score is used to quantify risk. Fortunately, the internet has made it less difficult for the non-prime buyer.

Many individuals with non-prime credit wind up at one of Portland’s buy here pay here dealerships. These sellers grant auto loans in house, sans credit check. There’s a price you pay for that lack of credit check: ridiculous annual percentage rates, rigid terms, and high-priced, well-used vehicles.

It is best to keep away from these car lots when possible, obtaining an auto loan via the web. There are lots of advantages: more affordable interest rates, considerably better service. And, if you make your payments on schedule, a boost to your credit score.

Contact an auto finance professional in your area today.

No Money Down Car Loans in Portland

Saving up enough money you need to get a car or truck can be tough, even if you only need enough for a down payment. For people with first-rate credit, a down payment isn’t usually required. No down payment elevates your rate of interest. If you have exceptional credit, this isn’t so much a concern, as it’s okay for your rate to increase slightly. If you have less-than-perfect credit, on the other hand, your rate could really climb. You’d be smarter to save for a down payment or trade in your existing vehicle for equity.

Portland Resources

Credit Unions

Credit UnionStreet addressZip CodePhone
AdvantisPO Box 1422097293(503) 785-2528
Advantis825 NE Multnomah St #11097232(503) 785-2528
Advantis3717 SE 17th Ave97202(503) 785-2528
Advantis120 SW Taylor St97204(503) 785-2528
Advantis3010 SE Belmont St97214(503) 785-2528
Arkansas Federal Credit Union5132 SW Slavin Rd97239(503) 982-1000
Blue Cross Blue ShieldPO BOX 24597207(503) 225-6079
Blue Cross Blue Shield100 SW MARKET ST # C1C97201(503) 225-6079
Cascade View Credit Union1952 SE 122nd Ave97233(503) 721-6347
Castparts Employees4600 SE Harney Dr97206(503) 777-3881
Columbia Bv Federal Credit Union100 NE Columbia Blvd97211(503) 285-5110
Consolidated2021 NE Sandy Blvd97232(503) 232-8070
Consolidated2011 NW Savier St97209(503) 226-4991
Consolidated Federal Credit Union1825 NE Glisan St97232(503) 232-8070
Consolidated Federal Credit Union2055 NW Savier St97209(503) 226-4991
Cutting Edge Federal Credit Union4620 SE International Way97222(503) 653-4392
Farmers Insurance13333 SW 68th Pkwy97223(503) 443-6200
First Tech Credit Union - Lloyd District1521 SW 1st Ave97201(503) 644-4034
First Technology650 NE Holladay St97232(503) 644-4034
Forest ParkPO Box 1034497296(503) 228-2106
Forest Park3710 SW US Veterans Hospital Rd97239(503) 248-0342
Forest Park2465 NW Thurman St97210(503) 228-2106
Fred Meyer EmployeesPO Box 3317097292(503) 253-6301
Fred Meyer Employees12001 SE Morrison St97216(503) 253-6301
Fred Meyer Employees3800 SE 22nd Ave97202(503) 797-7800
Global Credit Union9329 SE Montgomery Dr97222(509) 838-6171
Hacienda Community Credit Union6706 NE Killingsworth St97218(503) 249-5559
Ibew & United WorkersPO Box 1687797292(503) 253-8193
Ibew & United Workers9955 SE Washington St97216(503) 253-8193
Kaiperm Northwest500 NE Broadway St #32097232(503) 813-3242
Lacamas Credit Union192 SE 31st Ave97214(503) 883-4480
Legacy2148 NW Overton St97210(503) 413-7474
Machinists - Boilermakers3645 SE 32nd Ave97202(503) 235-8387
Metro Medical Federal Credit Union11300 NE Halsey St #10197220(503) 257-0130
Mt Hood1400 SW 5th Ave #59097201(503) 226-2426
Mt Hood Federal Credit Union1400 SW 5th Ave97201(503) 226-2426
N P T Employees800 NW 6th Ave97209(503) 223-0772
Northwest Adventist10333 SE Main St97216(503) 256-3712
Northwest ResourcePO Box 278897208(503) 220-2592
Northwest Resource221 NW 2nd Ave97209(503) 220-2592
Norwest Medical Federal Credit Union10373 NE Hancock St97220(503) 257-7722
Nw Preferred Federal Credit Union8950 SW Burnham St97223(503) 403-6209
Nw PriorityPO BOX 1664097292(503) 760-5304
Nw Priority715 NW Hoyt Fourth Floor97208(503) 760-5304
Nw Priority12630 SE Division St97236(503) 760-5304
Nw Priority6801 NE Cornfoot Rd97218(503) 760-5304
Nw Priority Credit Union715 NW Hoyt St97208(503) 223-1669
Nw Priority Credit Union7000 Airport Way97218(503) 249-0961
O A P A1804 NE 43rd Ave97213(503) 282-7247
Onpoint CommunityPO Box 375097208(800) 527-3932
Onpoint Community9730 SE Washington St97216(503) 273-1710
Onpoint Community1720 NE 9th Ave97212(503) 273-1700
Oregon Central Credit Union6915 SE Lake Rd97267(503) 353-7728
Oregon Community Credit Union851 SW 6th Ave97204(503) 295-2347
Oregon Pioneer17884 SE McLoughlin Blvd97267(503) 833-1540
Oregon Stanby Credit Union11781 NE Glisan St97220(503) 256-5616
Oregon Telco Community Credit Union2121 SW 4th Ave97201(503) 227-5571
Oregonians336 NE 20th Ave97232(503) 239-5336
Oregonians1437 SW Broadway97201(503) 239-5336
Oregonians Credit Union-Rockwood205 SE 181st Ave97233(503) 239-5336
Pacific N W12106 NE Marx St97220(503) 256-5858
Pacific N W12005 NE Erin Way97220(503) 256-5858
Pacific N W911 NE 11th Ave #12297232(503) 256-5858
Pacific Northwest Ironworkers11620 NE Ainsworth Cir97220(503) 774-3848
Point West718 NE 12th Ave97232(503) 546-5000
Portland Local No 82435 NW Front Ave97209(503) 223-9306
Portland Onized9710 NE Glass Plant Rd97220(503) 251-9458
Portland Teachers Credit Union2915 SE Oak Grove Blvd97267(503) 273-1715
Portland Teachers Credit Union1825 SW Broadway97201(503) 273-1740
Providence9205 SW Barnes Rd97225(503) 215-6090
Providence4340 NE Halsey St97213(503) 215-6090
Radio Cab1613 NW Kearney St97209(503) 205-3350
Rivergate9715 N Ramsey Blvd97203(503) 286-8848
Rivermark Community2537 SE Hawthorne Blvd97214(503) 626-6600
Sunset Science Park1100 NW Murray Blvd #20097229(503) 643-1335
Sunset Science Park Federal Credit Union1100 NW Murray Rd #20097229(503) 643-1335
Teamsters Council #37P O Box 2084997294(503) 251-2390
Teamsters Council #371020 NE 2nd Ave #16097232(503) 233-2213
Teamsters Council #371866 NE 162nd Ave97230(503) 251-2390
UFCW Northwest12650 SE Stark St97233(503) 257-3119
UFCW Northwest Federal Credit Union - Branch7095 SW Sandburg St97223(503) 684-9297
Ukrainian8230 SE Harrison St97216(503) 774-1444
United Advantage NwPO Box 1106797211(503) 283-5193
United Advantage Nw1430 N Killingsworth St97217(503) 283-5193
United Association Northwest FCU2111 NE 43rd Ave97213(503) 282-9259
Unitus Community1300 SW 6th Ave97201(503) 227-5571
Unitus Community10555 SE Washington St97216(503) 227-5571
Unitus Community11200 SW Barnes Rd97225(503) 227-5571
Usagencies95 SW Taylor St97204(503) 275-0300