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For many car-buyers, the auto loan is the main obstacle to obtaining the car or truck they want. Unfortunately, securing a car loan can be a rather irritating process, keeping you from getting the car you want. Normally, it’s a good idea to arrange your car loan package beforehand. You could be discussing the details of your car loan in no time.

Car Loan Rates in Columbia

What will your rate of interest be? In point of fact, your interest rate varies widely based on your FICO score, among a range of other factors. The rates shown below are only for informational purposes. They aren’t advertisements, and your exact rate will vary.

Credit Score New Car Used Car
Excellent 3.0% 3.3%
Good 4.2% 4.5%
Average 6.3% 7.1%
Subprime 9.4% 10.7%
Bad 14.7% 15.5%
Very Bad 15.8% 16.4%

Used Car Loans in Columbia

The interest rates are much higher on used vehicles, as they present a greater risk of maintenance trouble. On the other hand, new autos depreciate so quickly, used cars are usually a better investment. Take a look at the chart below, displaying the various costs of car loans for brand new versus pre-owned vehicles.

Age Price Rate Months Payment Interest Total
New $24,750 6.00% 60 $478.49 $3,959 $28,709
1 Year $19,800 7.50% 60 $396.75 $4,005 $23,805
2 Years $16,830 7.50% 60 $337.24 $3,404 $20,234
3 Years $14,306 7.50% 60 $286.65 $2,894 $17,199

A used vehicle makes a great option, whether you’re getting a loan or paying cash. More often than not, you can finance a car that’s up to ten years old. Mileage limitations may apply.

Poor Credit Auto Loans in Columbia

In the world today, below-average credit is fairly common. Generally speaking, when you’ve got credit problems, you can expect an annual percentage rate of more than 10%. Years ago, you might be turned down at a few banks or dealers before you secured financing.

If your credit is in pretty lousy form, you may be keen on a dealer that promotes buy here pay here financing. There’s a price to be paid for that lack of credit check: inflated rates, tons of stipulations, and a limited selection of vehicles. Typically, it’s preferable to go to a regular old bank, credit union, or loan provider. The down payments are cheaper, as well as the loan rates, and the service is significantly better.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

If you care to enhance your credit score, an auto loan may help–as long as you make the payments as scheduled. Buy here pay here car dealers don’t report to the credit agencies, so your credit score isn’t likely to improve. Make sure to sign up for automatic payments, as this will prevent you from skipping payments.

Columbia Resources

Credit Unions

Credit UnionStreet addressZip CodePhone
Agfirst1443 Hampton St29201(803) 753-2278
Allsouth6923 N Trenholm Rd29206(803) 736-3110
Allsouth710 Dutch Square Blvd29210(803) 798-8740
Allsouth321 Killian Rd29203(803) 786-7676
Allsouth6439 Garners Ferry Rd29209(803) 776-8086
Allsouth7227 Parklane Rd29223(803) 736-3110
Allsouth2012 Harden St #11429204(803) 929-7669
Allsouth7471 Garners Ferry Rd29209(803) 783-5180
Allsouth4710 Hill St29207(803) 315-2343
Allsouth1401 Bluff Rd29201(803) 771-9376
Allsouth10230 Two Notch Rd29229(803) 788-1125
Carolina Collegiate710 Pulaski St29201(803) 227-5555
Carolina Collegiate4480 Rosewood Dr29209(803) 227-5555
Carolinas Telco110 Outlet Pointe Blvd29210(704) 391-5600
Carolinas Telco400 Laurel St29201(704) 391-5600
Carolinas Telco Federal Credit UnionPo Box 1131029211(803) 798-4858
Columbia Post OfficeP. O. Box 98529202(803) 779-2966
Columbia Post Office1601 Assembly St29201(803) 779-2966
Cpm111 Westpark Blvd29210(800) 255-1513
Credit Central3904 Two Notch Rd29204(803) 735-1654
Heritage Trust Federal Credit Union111 Sparkleberry Crossing29229(803) 779-8827
Navy Federal Credit Union5424 Forest Dr #10029206(888) 842-6328
Palmetto CitizensP.O. Box 584629250(803) 779-1232
Palmetto Citizens2651 Clemson Rd29229(803) 732-5000
Palmetto Citizens1550 Gadsden St29201(803) 732-5000
Palmetto Citizens1000 Shop Rd29201(803) 732-5000
Palmetto Citizens500 Bush River Rd29210(803) 732-5000
Palmetto Citizens2200 N Beltline Blvd29204(803) 732-5000
Palmetto Citizens114 Atrium Way29223(803) 732-5000
Palmetto Citizens3122 Millwood Ave29205(803) 732-5000
Palmetto Citizens1320 Washington St29201(803) 779-1232
Palmetto Citizens7655 Garners Ferry Rd29209(803) 732-5000
Palmetto HealthPO Box 10016729202(803) 978-2101
Palmetto Health1333 Taylor St29201(803) 978-2101
Palmetto HealthMedical Park Rd29203(803) 978-2101
Palmetto Health Credit Union190 Stoneridge Dr29210(803) 343-5418
Palmetto TrustPost Office Box 202829202(803) 252-0258
Palmetto Trust1724 Bush River Rd29210(803) 750-7999
Palmetto Trust1835 Assembly St29201(803) 252-0258
Palmetto Trust Federal Credit UnionPo Box 202829202(803) 252-0258
S C Credit Union LeaguePo Box 178729202(803) 781-5400
S. C. State800 Huger St29201(803) 343-0300
S. C. State3100 Colonial Dr29203(803) 343-0343
S. C. State7905 Farrow Rd29203(803) 343-0320
S. C. State9221 Two Notch Rd29223(803) 343-0350
S. C. State7845 Garners Ferry Rd29209(803) 744-1470
S. C. Telco1025 Pulaski St29201(803) 256-3132
S.C. Membersfirst529 St Andrews Rd29210(803) 750-9066
S.C. Membersfirst955 Park St29201(803) 737-1480
Safe595 St Andrews Rd29210(803) 796-7782
Safe7836 Garners Ferry Rd29209(803) 796-7782
Safe100 Forum Dr29229(803) 796-7782
Sc Methodist Conference Credit Union4901 Colonial Dr29203(803) 691-0037
South Carolina2350 Legrand Rd29223(803) 738-8300
South Carolina4617 Forest Dr29206(803) 738-8300
South Carolina Methodist ConfSC Methodist Conference CU PO Box29211(803) 691-0037
South Carolina National GuardPO BOX 936629290(803) 799-1090
South Carolina National Guard1225 Bluff Rd29201(803) 799-1090
V A R O No. 3196437 Garners Ferry Rd29209(803) 776-3233
Varo 3019 Federal Credit Union1801 Assembly St29201(803) 252-1440