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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


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip Code,Phone” data=”Agfirst,1443 Hampton St,29201,(803) 753-2278,Allsouth,6923 N Trenholm Rd,29206,(803) 736-3110,Allsouth,710 Dutch Square Blvd,29210,(803) 798-8740,Allsouth,321 Killian Rd,29203,(803) 786-7676,Allsouth,6439 Garners Ferry Rd,29209,(803) 776-8086,Allsouth,7227 Parklane Rd,29223,(803) 736-3110,Allsouth,2012 Harden St #114,29204,(803) 929-7669,Allsouth,7471 Garners Ferry Rd,29209,(803) 783-5180,Allsouth,4710 Hill St,29207,(803) 315-2343,Allsouth,1401 Bluff Rd,29201,(803) 771-9376,Allsouth,10230 Two Notch Rd,29229,(803) 788-1125,Carolina Collegiate,710 Pulaski St,29201,(803) 227-5555,Carolina Collegiate,4480 Rosewood Dr,29209,(803) 227-5555,Carolinas Telco,110 Outlet Pointe Blvd,29210,(704) 391-5600,Carolinas Telco,400 Laurel St,29201,(704) 391-5600,Carolinas Telco Federal Credit Union,Po Box 11310,29211,(803) 798-4858,Columbia Post Office,P. O. Box 985,29202,(803) 779-2966,Columbia Post Office,1601 Assembly St,29201,(803) 779-2966,Cpm,111 Westpark Blvd,29210,(800) 255-1513,Credit Central,3904 Two Notch Rd,29204,(803) 735-1654,Heritage Trust Federal Credit Union,111 Sparkleberry Crossing,29229,(803) 779-8827,Navy Federal Credit Union,5424 Forest Dr #100,29206,(888) 842-6328,Palmetto Citizens,P.O. Box 5846,29250,(803) 779-1232,Palmetto Citizens,2651 Clemson Rd,29229,(803) 732-5000,Palmetto Citizens,1550 Gadsden St,29201,(803) 732-5000,Palmetto Citizens,1000 Shop Rd,29201,(803) 732-5000,Palmetto Citizens,500 Bush River Rd,29210,(803) 732-5000,Palmetto Citizens,2200 N Beltline Blvd,29204,(803) 732-5000,Palmetto Citizens,114 Atrium Way,29223,(803) 732-5000,Palmetto Citizens,3122 Millwood Ave,29205,(803) 732-5000,Palmetto Citizens,1320 Washington St,29201,(803) 779-1232,Palmetto Citizens,7655 Garners Ferry Rd,29209,(803) 732-5000,Palmetto Health,PO Box 100167,29202,(803) 978-2101,Palmetto Health,1333 Taylor St,29201,(803) 978-2101,Palmetto Health,Medical Park Rd,29203,(803) 978-2101,Palmetto Health Credit Union,190 Stoneridge Dr,29210,(803) 343-5418,Palmetto Trust,Post Office Box 2028,29202,(803) 252-0258,Palmetto Trust,1724 Bush River Rd,29210,(803) 750-7999,Palmetto Trust,1835 Assembly St,29201,(803) 252-0258,Palmetto Trust Federal Credit Union,Po Box 2028,29202,(803) 252-0258,S C Credit Union League,Po Box 1787,29202,(803) 781-5400,S. C. State,800 Huger St,29201,(803) 343-0300,S. C. State,3100 Colonial Dr,29203,(803) 343-0343,S. C. State,7905 Farrow Rd,29203,(803) 343-0320,S. C. State,9221 Two Notch Rd,29223,(803) 343-0350,S. C. State,7845 Garners Ferry Rd,29209,(803) 744-1470,S. C. Telco,1025 Pulaski St,29201,(803) 256-3132,S.C. Membersfirst,529 St Andrews Rd,29210,(803) 750-9066,S.C. Membersfirst,955 Park St,29201,(803) 737-1480,Safe,595 St Andrews Rd,29210,(803) 796-7782,Safe,7836 Garners Ferry Rd,29209,(803) 796-7782,Safe,100 Forum Dr,29229,(803) 796-7782,Sc Methodist Conference Credit Union,4901 Colonial Dr,29203,(803) 691-0037,South Carolina,2350 Legrand Rd,29223,(803) 738-8300,South Carolina,4617 Forest Dr,29206,(803) 738-8300,South Carolina Methodist Conf,SC Methodist Conference CU PO Box,29211,(803) 691-0037,South Carolina National Guard,PO BOX 9366,29290,(803) 799-1090,South Carolina National Guard,1225 Bluff Rd,29201,(803) 799-1090,V A R O No. 319,6437 Garners Ferry Rd,29209,(803) 776-3233,Varo 3019 Federal Credit Union,1801 Assembly St,29201,(803) 252-1440″][/tboot_table]