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In today’s times, you’ll find it quite challenging to buy a new car if you can’t get a car loan or lease. Unfortunately, the process of getting financing can be a real pain, particularly when your credit isn’t perfect. We can help you obtain an auto loan today, at an economical interest rate, even when your credit isn’t optimal.

This is particularly advantageous for individuals with unfavorable credit ratings, as a variety of dealers will consider funding your loan, a good number of of which are experts in credit problems.

Car Loan Rates in Memphis

What will your interest rate be? Truth be told, your annual percentage rate differs hugely based on your credit, among a number of other variables. The rates displayed below are only for informational purposes. These are not advertisements, and your actual rate will vary.

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 Auto Loans in Memphis

New vehicles have the lowest rates. Having said that, new cars lose value so quickly, pre-owned cars are typically a better value. Check out the numbers below.

Age Price Rate Months Payment Interest Total
New $24,400 6.00% 60 $471.72 $3,903 $28,303
1 Year $19,520 7.50% 60 $391.14 $3,948 $23,468
2 Years $16,592 7.50% 60 $332.47 $3,356 $19,948
3 Years $14,103 7.50% 60 $282.60 $2,853 $16,956

As you can see, the car financed new for $24,400 is worth only $14,103 after three years. As a rule, you can get a car loan for a vehicle that’s up to 10 years old. Mileage limits may apply.

Poor Credit Car Loans in Memphis

Less-than-perfect credit has become a serious impediment for the people of Memphis and the state as a whole. The higher your credit score, the wider array of options you will have. Previous generations had to go from lender to lender, attempting to locate one willing to approve them for financing. Fortunately, technology has gotten rid of most of this groundwork.

If you can, you should avoid turning to a no credit check car lot. These buy here pay here dealerships are infamous for consumer abuses. The interest rates are borderline extortionate, and the cars and trucks are sometimes priced higher than they would be at other dealerships.

You will be happier with an auto loan from a traditional bank, credit union, or loan provider. The down payments are less expensive, as are the interest rates, and the service tends to be a good bit better.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

If you need to improve your credit score, an auto loan may help–as long as you pay the installments as arranged. Your FICO score isn’t going to increase the second you pay off your auto loan. Rather, it steadily increases as you make your payments on time. Even though the actual increase in your credit score is challenging to determine, the improvement is substantial.

Memphis Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip Code,Phone” data=”Agility Financial,495 Union Ave,38103,(901) 529-2760,Associated Employees,3003 Airways Blvd,38131,(901) 345-5548,Associated Employees Credit Union,3003 Airways Blvd #709,38131,(901) 345-5548,Binsy,340 S Hollywood St,38104,(901) 324-3921,Bulab Employees,1256 N McLean Blvd,38108,(901) 272-8325,City Of Memphis,2608 Avery Ave,38104,(901) 321-1200,City Of Memphis,2678 Mt Moriah Terrace,38115,(901) 360-1818,City Of Memphis,2897 Covington Pike,38128,(901) 385-1783,City Of Memphis,1900 Whitten Rd #102,38133,(901) 869-4135,City Of Memphis,1264 E Shelby Dr,38116,(901) 398-1101,City Of Memphis,109 N Main St,38103,(901) 528-0700,Credit Union Processing,6363 Poplar Ave,38119,(901) 383-2877,Delta Refining Co Emp,543 W Mallory Ave,38109,(901) 775-8814,Dupont Memphis Plant Employees,2521 Fite Rd,38127,(901) 358-3796,Dupont Memphis Plant Employees Credit Union,2571 Fite Rd,38127,(901) 358-3796,Elec Workers Union 474 Ibew,1896 Madison Ave,38104,(901) 725-9180,F A A,3920 Whitebrook Dr,38118,(901) 366-0066,F A A,7974 Centennial Dr,38125,(901) 757-7999,Federal Building,167 N Main St #102,38103,(901) 526-6778,Federal Building,225 N Humphreys Blvd #1029,38166,(901) 747-3631,Federal Building,200 Jefferson Ave #150,38103,(901) 523-2111,Federal Building Federal Credit Union,225 N Humphreys Blvd,38166,(901) 747-3769,Fedex Employees Credit Association,2124 Democrat Rd,38132,(901) 344-2500,Fedex Employees Credit Association,3670 Hacks Cross Rd,38125,(901) 434-5100,First South Financial,262 Danny Thomas Pl,38105,(901) 595-3366,First South Financial,209 Rawlins Service Ct,38152,(901) 678-4040,First South Financial,633 S Highland St,38111,(901) 323-8091,First South Financial,1940 Madison Ave,38104,(901) 722-5612,First South Financial,7166 Winchester Rd,38125,(901) 756-6618,First South Financial,1250 E Shelby Dr,38116,(901) 346-0204,First South Financial,3731 Austin Peay Hwy,38128,(901) 372-7313,Healthnet,6025 Walnut Grove Rd,38120,(901) 226-1111,Healthnet,6004 Park Ave #104,38119,(901) 226-1111,Hope,3048 Harvester Ln,38127,(901) 358-4496,Hope,2923 Ridgeway Rd,38115,(901) 358-4496,Hope,1451 Madison Ave,38104,(901) 721-8124,Hospitality,5100 Poplar Ave #214,38137,(901) 684-7200,Hospitality,5100 Poplar Ave #80,38137,(901) 684-7200,Hospitality Federal Credit Union,5100 Poplar Ave,38137,(901) 684-7200,I Trust,PO Box 18357,38181,(901) 362-7211,I Trust,3617 Winchester Rd,38118,(901) 362-7211,I-Trust Federal Credit Union,5333 Getwell Rd,38118,(901) 362-7211,Illinois Central Employees,2005 Nonconnah Blvd #7,38132,(901) 332-2686,Illinois Central Employees Credit Union,2005 Nonconnah Blvd,38132,(901) 332-2686,Kellogg Memphis Employees,2168 Frisco Ave,38114,(901) 745-9879,Kemba Delta,4095 American Way #10,38118,(901) 795-9055,Kemba Delta,4095 American Way,38118,(901) 795-9055,Kennedy Va Employees,1030 Jefferson Ave,38104,(901) 523-8990,Kimberly Clark,1520 N 2nd St,38107,(901) 521-4646,L G & W,1616 Whitten Rd,38134,(901) 680-7995,L G & W Federal Credit Union,5619 Murray Rd,38119,(901) 680-7995,Langston Bag Co. Empls. Sav. Assn.,1760 S 3rd St,38109,(901) 774-4440,Memphis Air Reserve,po box 18231,38181,(901) 362-9612,Memphis Air Reserve,4593 Swinnea Rd,38118,(901) 362-9612,Memphis Air Reserve Federal Credit Union,2815 Democrat Rd,38118,(901) 362-9612,Memphis Area Teachers’,7845 U.S. 64,38133,(901) 385-5200,Memphis Municipal Employees,577 Linden Ave,38126,(901) 528-2841,Methodist Healthcare,PO Box 280387,38168,(901) 516-8594,Methodist Healthcare,3980 New Covington Pike #302,38128,(901) 516-8594,Methodist Healthcare,777 Washington Ave,38105,(901) 572-5657,Methodist Healthcare,176 S Bellevue Blvd,38104,(901) 516-2856,Methodist Healthcare,1300 Wesley Dr,38116,(901) 516-3793,Neighborhood Title Loans,5079 Summer Ave,38122,(901) 684-7445,Olivet Baptist,3084 Southern Ave,38111,(901) 454-7777,Postal Employees,584 S 3rd St,38126,(901) 526-5011,Postal Employees,1921 Elvis Presley Blvd,38106,(901) 947-1953,Postal Employees,6743 Winchester Rd,38115,(901) 362-2502,Quaker Oats Employees,3324 Chelsea Ave,38108,(901) 320-4098,Sears Federal Credit Union,5119 Summer Ave #103,38122,(901) 682-5626,Securtrust,6555 Quince Rd #307,38119,(901) 751-2097,Securtrust Federal Credit Union,6555 Quince Rd #115,38119,(901) 751-2097,Shelby County,150 Washington Ave,38103,(901) 545-4414,Shelby County,1160 Sycamore View Rd,38134,(901) 377-8929,Smith & Nephew Employees,1450 E Brooks Rd,38116,(901) 399-6418,Southeast Financial,2670 Union Avenue Extended,38112,(901) 327-1100,Southern Security,P.O. Box 22365,38122,(901) 452-7900,Southern Security,123 S Front St,38103,(901) 495-7584,Southern Security,1720 E Holmes Rd,38116,(901) 396-0237,Southern Security,3616 Austin Peay Hwy #3,38128,(901) 377-5822,Southern Security,3580 Ridge Meadow Pkwy,38115,(901) 795-0443,Southern Security,50 N Dunlap St,38103,(901) 287-6131,Southern Security,3337 Summer Ave,38122,(901) 452-7900,Southern Security Federal Credit Union,3616 Austin Peay Hwy,38128,(901) 377-5822,Southern Security Federal Credit Union,8058 U.S. 64,38133,(901) 388-3637,Synergy Federal Credit Union,3030 Jackson Ave,38108,(901) 320-2890,Teachers’ Credit Union,1364 N Watkins St,38108,(901) 385-5200,Tva Allen Steam Plant,2574 Plant Rd,38109,(901) 789-8427,U. T.,910 Madison Ave,38103,(901) 448-3600,Ups Employees,1814 E Brooks Rd,38116,(901) 396-2132,Velsicol,PO Box 22711,38122,(901) 320-0287,Velsicol,1199 Warford St,38108,(901) 320-0287,Wings Financial,2491 Winchester Rd #306,38116,(952) 997-8000,Wings Financial Federal Credit Union,2491 Winchester Rd,38116,(901) 345-5211″][/tboot_table]