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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


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip Code,Phone” data=”Advantis,PO Box 14220,97293,(503) 785-2528,Advantis,825 NE Multnomah St #110,97232,(503) 785-2528,Advantis,3717 SE 17th Ave,97202,(503) 785-2528,Advantis,120 SW Taylor St,97204,(503) 785-2528,Advantis,3010 SE Belmont St,97214,(503) 785-2528,Arkansas Federal Credit Union,5132 SW Slavin Rd,97239,(503) 982-1000,Blue Cross Blue Shield,PO BOX 245,97207,(503) 225-6079,Blue Cross Blue Shield,100 SW MARKET ST # C1C,97201,(503) 225-6079,Cascade View Credit Union,1952 SE 122nd Ave,97233,(503) 721-6347,Castparts Employees,4600 SE Harney Dr,97206,(503) 777-3881,Columbia Bv Federal Credit Union,100 NE Columbia Blvd,97211,(503) 285-5110,Consolidated,2021 NE Sandy Blvd,97232,(503) 232-8070,Consolidated,2011 NW Savier St,97209,(503) 226-4991,Consolidated Federal Credit Union,1825 NE Glisan St,97232,(503) 232-8070,Consolidated Federal Credit Union,2055 NW Savier St,97209,(503) 226-4991,Cutting Edge Federal Credit Union,4620 SE International Way,97222,(503) 653-4392,Farmers Insurance,13333 SW 68th Pkwy,97223,(503) 443-6200,First Tech Credit Union – Lloyd District,1521 SW 1st Ave,97201,(503) 644-4034,First Technology,650 NE Holladay St,97232,(503) 644-4034,Forest Park,PO Box 10344,97296,(503) 228-2106,Forest Park,3710 SW US Veterans Hospital Rd,97239,(503) 248-0342,Forest Park,2465 NW Thurman St,97210,(503) 228-2106,Fred Meyer Employees,PO Box 33170,97292,(503) 253-6301,Fred Meyer Employees,12001 SE Morrison St,97216,(503) 253-6301,Fred Meyer Employees,3800 SE 22nd Ave,97202,(503) 797-7800,Global Credit Union,9329 SE Montgomery Dr,97222,(509) 838-6171,Hacienda Community Credit Union,6706 NE Killingsworth St,97218,(503) 249-5559,Ibew & United Workers,PO Box 16877,97292,(503) 253-8193,Ibew & United Workers,9955 SE Washington St,97216,(503) 253-8193,Kaiperm Northwest,500 NE Broadway St #320,97232,(503) 813-3242,Lacamas Credit Union,192 SE 31st Ave,97214,(503) 883-4480,Legacy,2148 NW Overton St,97210,(503) 413-7474,Machinists – Boilermakers,3645 SE 32nd Ave,97202,(503) 235-8387,Metro Medical Federal Credit Union,11300 NE Halsey St #101,97220,(503) 257-0130,Mt Hood,1400 SW 5th Ave #590,97201,(503) 226-2426,Mt Hood Federal Credit Union,1400 SW 5th Ave,97201,(503) 226-2426,N P T Employees,800 NW 6th Ave,97209,(503) 223-0772,Northwest Adventist,10333 SE Main St,97216,(503) 256-3712,Northwest Resource,PO Box 2788,97208,(503) 220-2592,Northwest Resource,221 NW 2nd Ave,97209,(503) 220-2592,Norwest Medical Federal Credit Union,10373 NE Hancock St,97220,(503) 257-7722,Nw Preferred Federal Credit Union,8950 SW Burnham St,97223,(503) 403-6209,Nw Priority,PO BOX 16640,97292,(503) 760-5304,Nw Priority,715 NW Hoyt Fourth Floor,97208,(503) 760-5304,Nw Priority,12630 SE Division St,97236,(503) 760-5304,Nw Priority,6801 NE Cornfoot Rd,97218,(503) 760-5304,Nw Priority Credit Union,715 NW Hoyt St,97208,(503) 223-1669,Nw Priority Credit Union,7000 Airport Way,97218,(503) 249-0961,O A P A,1804 NE 43rd Ave,97213,(503) 282-7247,Onpoint Community,PO Box 3750,97208,(800) 527-3932,Onpoint Community,9730 SE Washington St,97216,(503) 273-1710,Onpoint Community,1720 NE 9th Ave,97212,(503) 273-1700,Oregon Central Credit Union,6915 SE Lake Rd,97267,(503) 353-7728,Oregon Community Credit Union,851 SW 6th Ave,97204,(503) 295-2347,Oregon Pioneer,17884 SE McLoughlin Blvd,97267,(503) 833-1540,Oregon Stanby Credit Union,11781 NE Glisan St,97220,(503) 256-5616,Oregon Telco Community Credit Union,2121 SW 4th Ave,97201,(503) 227-5571,Oregonians,336 NE 20th Ave,97232,(503) 239-5336,Oregonians,1437 SW Broadway,97201,(503) 239-5336,Oregonians Credit Union-Rockwood,205 SE 181st Ave,97233,(503) 239-5336,Pacific N W,12106 NE Marx St,97220,(503) 256-5858,Pacific N W,12005 NE Erin Way,97220,(503) 256-5858,Pacific N W,911 NE 11th Ave #122,97232,(503) 256-5858,Pacific Northwest Ironworkers,11620 NE Ainsworth Cir,97220,(503) 774-3848,Point West,718 NE 12th Ave,97232,(503) 546-5000,Portland Local No 8,2435 NW Front Ave,97209,(503) 223-9306,Portland Onized,9710 NE Glass Plant Rd,97220,(503) 251-9458,Portland Teachers Credit Union,2915 SE Oak Grove Blvd,97267,(503) 273-1715,Portland Teachers Credit Union,1825 SW Broadway,97201,(503) 273-1740,Providence,9205 SW Barnes Rd,97225,(503) 215-6090,Providence,4340 NE Halsey St,97213,(503) 215-6090,Radio Cab,1613 NW Kearney St,97209,(503) 205-3350,Rivergate,9715 N Ramsey Blvd,97203,(503) 286-8848,Rivermark Community,2537 SE Hawthorne Blvd,97214,(503) 626-6600,Sunset Science Park,1100 NW Murray Blvd #200,97229,(503) 643-1335,Sunset Science Park Federal Credit Union,1100 NW Murray Rd #200,97229,(503) 643-1335,Teamsters Council #37,P O Box 20849,97294,(503) 251-2390,Teamsters Council #37,1020 NE 2nd Ave #160,97232,(503) 233-2213,Teamsters Council #37,1866 NE 162nd Ave,97230,(503) 251-2390,UFCW Northwest,12650 SE Stark St,97233,(503) 257-3119,UFCW Northwest Federal Credit Union – Branch,7095 SW Sandburg St,97223,(503) 684-9297,Ukrainian,8230 SE Harrison St,97216,(503) 774-1444,United Advantage Nw,PO Box 11067,97211,(503) 283-5193,United Advantage Nw,1430 N Killingsworth St,97217,(503) 283-5193,United Association Northwest FCU,2111 NE 43rd Ave,97213,(503) 282-9259,Unitus Community,1300 SW 6th Ave,97201,(503) 227-5571,Unitus Community,10555 SE Washington St,97216,(503) 227-5571,Unitus Community,11200 SW Barnes Rd,97225,(503) 227-5571,Usagencies,95 SW Taylor St,97204,(503) 275-0300″][/tboot_table]