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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

Credit UnionLocationZipPhone
BASF Chattanooga2120 Polymer Dr37421(423) 892-2938
BCBST Employees1 Cameron Hill Cir37402(423) 535-5736
BCBST Employees629 Market St37402(423) 535-5736
C U Services1317 Hickory Valley Rd37421(423) 899-2425
Chattanooga Area SchoolsP O BOX 352937404(423) 624-9094
Chattanooga Coca-Cola EmployeesPO BOX 1112837401(423) 493-0463
Chattanooga Coca-Cola Employees4000 Amnicola Hwy37406(423) 493-0463
Chattanooga Federal EmployeesP.O. BOX 2220537422(423) 892-3738
Chattanooga Federal Employees2011 Stein Dr37421(423) 892-3738
Chattanooga First3120 Broad St37408(423) 267-7621
Church Koinonia2319 E 3rd St37404(423) 629-5400
Church Koinonia200 W 38th St37410(423) 266-2384
Church Koinonia1918 Union Ave37404(423) 702-5703
City Employees100 E 11th St37402(423) 757-5210
Comtrust1020 Riverfront Pkwy37402(423) 756-3300
Comtrust1620 Gunbarrel Rd37421(423) 894-5600
Dupont Community4503 Hixson Pike37415(423) 875-6955
Dupont Community Credit Union7550 E Brainerd Rd #10737421(423) 893-4888
Epb Employees1500 McCallie Ave37404(423) 648-3413
Epb EmployeesEPB Building Second Floor37402(423) 648-1415
Healthcare Services946 E 3rd St37403(423) 242-4728
Healthcare Services1111 E 3rd St37403(423) 664-0320
I B E W 1753922 VOLUNTEER DR STE1137416(423) 899-1017
Ibew 175 Credit Union3922 Volunteer Dr #1137416(423) 899-1017
Marketusa Federal Credit Union5901 Shallowford Rd37421(423) 296-1900
Memorial6800 Longview Rd37421(423) 855-1770
Memorial2525 de Sales Avenue Suite 10037404(423) 622-2379
Olan Mills Savings Association4325 Amnicola Hwy37406(423) 629-8372
ParkridgePO BOX 314637404(423) 493-1758
River City United1740 Dayton Blvd37405(423) 756-2850
Southeast Financial512 National Ave37404(423) 629-2551
Southeast Financial Credit Un5600 Brainerd Road No Centre 2637401(423) 894-4810
SouthernP.O. BOX 349037404(423) 629-2578
Southern508 National Ave37404(423) 629-2578
Tenn Am Water Co Federal Credit Union6338 Po Box37401(423) 755-9302
Tenn-Am Water Co.4827 Tennessee 5837416(423) 855-8466
Tennesse Valley Federal Credit UnionPo Box 2396737422(423) 634-8200
Tennessee Valley715 Tennessee 8 Scenic37405(423) 634-3600
Tennessee Valley715 Market St37402(423) 634-3700
Tennessee Valley1101 Market St37402(423) 634-5300
Tennessee Valley491 Greenway View Dr37411(423) 634-5100
Tennessee Valley4974 Tennessee 5837416(423) 634-5600
Tennessee Valley7442 Commons Blvd37421(423) 634-5200
Tennessee Valley Federal Credit Union134 Eastgate Centre East37402(423) 634-3600
Tennessee Valley Federal Credit Union52 Northwest Mouse Creek Road37401(423) 634-5900
Times Free Press400 E 11th St37403(423) 757-6259
Trust2186 Northgate Park Ln37415(423) 870-7610
Trust7555 Goodwin Rd37421(423) 490-2490
Trust1 Fountain Ave37412(423) 294-2524