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For most Providence car-buyers, an auto loan is required to purchase a new vehicle. Many times, auto financing is arranged on the lot, but this can take major time out of your day. Instead of sweating it out at the dealership or finance company, you can apply for a car loan on the web.

A local finance expert can walk you step-by-step through the process, ensuring you secure the financing you need from a finance company you can trust.

Auto Loan Rates in Providence

Not many banks, credit unions, and auto finance websites supply Providence car loan rates based on credit score. Instead, they tell you the cheapest rate available. In fact, your rate of interest varies hugely based on your credit, among a variety of other variables. The rates shown below are only for informational purposes. These are not advertisements, and your actual rate could deviate widely from what you see below.

FICO Score New Car Used Car
Excellent 3.1% 3.5%
Good 4.6% 4.9%
Average 7.7% 8.0%
Subprime 11.4% 11.8%
Bad 14.8% 15.1%
Very Bad 15.0% 15.3%

Used Car Financing in Providence

Options such as zero percent loans and zero down payment can be found on new cars if you have perfect credit. Having said that, new cars depreciate so quickly, second hand vehicles are usually a better value. You can finance a solid used car or truck for a small fraction of the cost of a brand new one.

Age Price Rate Months Payment Interest Total Cost
New $32,600 6.00% 60 $630.25 $5,215 $37,815
1 Year $26,080 7.50% 60 $522.59 $5,275 $31,355
2 Years $22,168 7.50% 60 $444.20 $4,484 $26,652
3 Years $18,843 7.50% 60 $377.57 $3,811 $22,654

The minute it leaves the dealership, a new car or truck loses as much as a quarter of its value, and it keeps depreciating every year. A car or truck that cost $32,600 when new will only be worth $18,843 three years later. Let’s consider the typical limits on used car loans:

  • Vehicle no older than 7-10 years.
  • Mileage no greater than 100,000 miles.
  • Bought through dealer, not private party.

Poor Credit Car Loans in Providence

Are you trying to get a car loan in Providence with a bad credit score? The better your credit, the lower your annual percentage rate. Before the web, you had to take whatever interest rate and conditions they presented you. Today, there are better ways to get approved.

Buy here pay herecar lots are a second option. No credit checks come at a price: outrageous rates, rigid conditions, and overpriced vehicles. Preferably, you want to get your loan through one of the below loan companies:

  • National or regional bank.
  • Credit union local to you.
  • Automotive finance company.

A dealer or finance specialist will help you secure financing from one of these lenders. The advantages are myriad: cheaper interest rates, significantly better service. Also, if you make your payments in a timely manner, an improved FICO score.

Contact an auto finance professional in your area today.

No Money Down Financing in Providence

Often people don’t realize that you almost always need some cash at hand to get approved for financing. No money down finance deals, like zero percent financing deals, are typically restricted to individuals who have superior credit. Assuming you have credit problems, there is just one real course of action: track down a car dealership that welcomes trade-ins, and find out if they will accept your existing car as a down payment.

Providence Resources

Credit Unions

Credit UnionAddressZipPhone
Coastway10 Greene St2903(401) 861-2583
Coastway101 Dudley St2905(401) 455-3222
Journal Employee Federal Credit Union75 Fountain Ave2902(401) 277-7448
Providence Postal179 W River St2904(401) 421-2436
Providence Postal830 Chalkstone Ave2908(401) 421-2436
Providence Postal24 Corliss St2904(401) 421-2436
Providence V A Hospital Credit UnionDavis Park2908(401) 273-4984
Rhode Island160 Francis St2903(401) 751-7440
Wave Federal Credit Union280 Melrose St2907(401) 461-5978