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Getting a new car without help from a loan or lease is pretty rare nowadays. Most often, the bank keeps a lien on the vehicle until it has been paid off. You will need to carry comprehensive insurance until the lien is released, and your interest rate will depend largely on your credit score. Why would you want to spend your time applying for financing at the lender or dealer when you can apply right now online?

Let a vehicle finance professional in Chattanooga help you obtain financing, answering your questions along the way.

Auto Finance Rates in Chattanooga

What will your interest rate be? The truth is, your interest rate can vary hugely based on your credit, among other things. The rates shown below are only for informational purposes. They are not advertisements, and your exact rate could be very different.

Credit Rating New Car Pre-owned Car
Excellent 3.2% 3.5%
Good 4.4% 4.9%
Average 6.1% 7.4%
Subprime 8.5% 10.0%
Bad 13.3% 16.9%
Very Bad 15.1% 19.2%

Used Car Auto Loans in Chattanooga

Car manufacturers are only really interested in selling brand new vehicles. However, used cars and trucks are more affordable in the long run, and they don’t lose value so quickly. Here, we review the cost of a loan for a vehicle that’s new versus one, two, or three years old.

Age Price APR Months Payment Interest Total Cost
New $23,000 6.00% 60 $444.65 $3,679 $26,679
1 Year $18,400 7.50% 60 $368.70 $3,722 $22,122
2 Years $15,640 7.50% 60 $313.39 $3,164 $18,804
3 Years $13,294 7.50% 60 $266.38 $2,689 $15,983

A used car is a great option, regardless of whether you’re financing or paying cash. Ordinarily, you can get a car loan for a vehicle that is up to 10 years old. Mileage limitations may apply.

Bad Credit Car Loans in Chattanooga

Credit score plays an important part in credit approval and annual percentage rate. To put it succinctly, your credit score is used a barometer of risk. Before the web, you might be declined at a variety of banks or dealers before obtaining financing.

Buy here pay hereloans are a second option. The negatives are considerable, and they include outrageous rates of interest and rigid terms.

It is best to avoid these dealers if possible, getting an auto loan via the web. The down payments are cheaper, as are the interest rates, and the service is typically a good bit better.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

Gradually, the payments made on an auto loan can heighten your credit score . There’s no instantaneous spike in your FICO score. Rather, it should increase gradually with your payments. It’s smart to register for automated payments, basically to be sure you don’t skip any payments.

Chattanooga Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip,Phone” data=”BASF Chattanooga,2120 Polymer Dr,37421,(423) 892-2938,BCBST Employees,1 Cameron Hill Cir,37402,(423) 535-5736,BCBST Employees,629 Market St,37402,(423) 535-5736,C U Services,1317 Hickory Valley Rd,37421,(423) 899-2425,Chattanooga Area Schools,P O BOX 3529,37404,(423) 624-9094,Chattanooga Coca-Cola Employees,PO BOX 11128,37401,(423) 493-0463,Chattanooga Coca-Cola Employees,4000 Amnicola Hwy,37406,(423) 493-0463,Chattanooga Federal Employees,P.O. BOX 22205,37422,(423) 892-3738,Chattanooga Federal Employees,2011 Stein Dr,37421,(423) 892-3738,Chattanooga First,3120 Broad St,37408,(423) 267-7621,Church Koinonia,2319 E 3rd St,37404,(423) 629-5400,Church Koinonia,200 W 38th St,37410,(423) 266-2384,Church Koinonia,1918 Union Ave,37404,(423) 702-5703,City Employees,100 E 11th St,37402,(423) 757-5210,Comtrust,1020 Riverfront Pkwy,37402,(423) 756-3300,Comtrust,1620 Gunbarrel Rd,37421,(423) 894-5600,Dupont Community,4503 Hixson Pike,37415,(423) 875-6955,Dupont Community Credit Union,7550 E Brainerd Rd #107,37421,(423) 893-4888,Epb Employees,1500 McCallie Ave,37404,(423) 648-3413,Epb Employees,EPB Building Second Floor,37402,(423) 648-1415,Healthcare Services,946 E 3rd St,37403,(423) 242-4728,Healthcare Services,1111 E 3rd St,37403,(423) 664-0320,I B E W 175,3922 VOLUNTEER DR STE11,37416,(423) 899-1017,Ibew 175 Credit Union,3922 Volunteer Dr #11,37416,(423) 899-1017,Marketusa Federal Credit Union,5901 Shallowford Rd,37421,(423) 296-1900,Memorial,6800 Longview Rd,37421,(423) 855-1770,Memorial,2525 de Sales Avenue Suite 100,37404,(423) 622-2379,Olan Mills Savings Association,4325 Amnicola Hwy,37406,(423) 629-8372,Parkridge,PO BOX 3146,37404,(423) 493-1758,River City United,1740 Dayton Blvd,37405,(423) 756-2850,Southeast Financial,512 National Ave,37404,(423) 629-2551,Southeast Financial Credit Un,5600 Brainerd Road No Centre 26,37401,(423) 894-4810,Southern,P.O. BOX 3490,37404,(423) 629-2578,Southern,508 National Ave,37404,(423) 629-2578,Tenn Am Water Co Federal Credit Union,6338 Po Box,37401,(423) 755-9302,Tenn-Am Water Co.,4827 Tennessee 58,37416,(423) 855-8466,Tennesse Valley Federal Credit Union,Po Box 23967,37422,(423) 634-8200,Tennessee Valley,715 Tennessee 8 Scenic,37405,(423) 634-3600,Tennessee Valley,715 Market St,37402,(423) 634-3700,Tennessee Valley,1101 Market St,37402,(423) 634-5300,Tennessee Valley,491 Greenway View Dr,37411,(423) 634-5100,Tennessee Valley,4974 Tennessee 58,37416,(423) 634-5600,Tennessee Valley,7442 Commons Blvd,37421,(423) 634-5200,Tennessee Valley Federal Credit Union,134 Eastgate Centre East,37402,(423) 634-3600,Tennessee Valley Federal Credit Union,52 Northwest Mouse Creek Road,37401,(423) 634-5900,Times Free Press,400 E 11th St,37403,(423) 757-6259,Trust,2186 Northgate Park Ln,37415,(423) 870-7610,Trust,7555 Goodwin Rd,37421,(423) 490-2490,Trust,1 Fountain Ave,37412,(423) 294-2524″][/tboot_table]