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These days, it’s become quite tough to buy a new car or truck if you can’t get approved for a vehicle loan. Whether you get approved, and what rate of interest you get charged, depends principally on your credit history. Additional variables:

  • Place of residence
  • Monthly income
  • Money down
  • Job security

Instead of spending hours at the dealer or bank, you can apply for your car loan online.

Lending companies and dealers fight to finance your credit, putting you in charge of the approval process.

Auto Finance Rates in Knoxville

Worried about the interest you’ll be asked to pay? Truth be told, your annual percentage rate differs widely based on your credit score, among a number of other factors. The rates shown below are only for informational purposes. They’re not advertisements, and your precise rate could be very different.

FICO Score New Car Used 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 Auto Loans in Knoxville

You will find that the rates of interest for a pre-owned vehicle are greater than the rates for a brand new one. If wealth-building is important to you, however, you might want to opt for a used car. Take a look at the chart below.

Years Old Price Rate Months Payment Interest Total Cost
New $20,400 6.00% 60 $394.39 $3,263 $23,663
1 Year $16,320 7.50% 60 $327.02 $3,301 $19,621
2 Years $13,872 7.50% 60 $277.97 $2,806 $16,678
3 Years $11,791 7.50% 60 $236.27 $2,385 $14,176

As you can see, the car bought new for $20,400 won’t be worth but $11,791 after three years of ownership. More often than not, you can finance a car that is up to a decade old. Mileage limitations may apply.

Bad Credit Auto Loans in Knoxville

Right off the bat, creditors look at when considering you for financing. To help determine your interest rate, lenders look at your history of payments on prior car loans and leases. Before the internet, you might be declined at a few lenders or dealers before obtaining a loan.

Lots of consumers with low credit scores end up at one of Knoxville’s buy here pay here dealerships. These dealerships offer on-the-spot financing, without credit assessment. The cons are significant, including exorbitant rates of interest and inflexible terms. It’s better to avoid these dealers whenever possible, and secure a car loan via the web. An established loan company will report to the credit reporting agencies, which means your credit score will increase as long as you make your payments on schedule.

Contact an auto finance professional in your area today.

No Down Payment Financing in Knoxville

Down payments are generally required whenever you finance a car. For people with excellent credit, a down payment isn’t always a requirement. By applying online, you may maximize your odds of obtaining such a deal. Lenders and dealers are able to view your preferred down payment ahead of time.

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