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For the majority of consumers in Sweetwater, financing is vital to purchasing a new car or truck. Unfortunately, the process of securing an auto loan can be a real aggravation, especially when you have less-than-perfect credit. We can help you obtain an auto loan the day you apply, at an affordable rate, even if your credit isn’t great. You could be behind the wheel of a new car tomorrow.

Auto Finance Rates in Sweetwater

Most loan providers don’t display auto finance rates based on credit score. Instead, they tell you the lowest rate available. In point of fact, your interest rate varies widely based on your credit, plus a range of other factors. The rates displayed below are only for informational purposes. They’re not advertisements, and your actual rate could be very different.

Credit Score New Car Used Car
Excellent 3.3% 3.6%
Good 4.5% 4.7%
Average 6.3% 7.0%
Subprime 9.3% 9.5%
Bad 13.2% 13.7%
Very Bad 14.1% 15.8%

Used Car Financing in Sweetwater

A brand new car is tempting, no doubt. That said, new autos depreciate so quickly, used cars are often the better investment. Below, we review the costs of financing a vehicle that’s new versus one, two, or three years old.

Years Old Price Rate Months Payment Interest Total Cost
New $19,000 6.00% 60 $367.32 $3,039 $22,039
1 Year $15,200 7.50% 60 $304.58 $3,075 $18,275
2 Years $12,920 7.50% 60 $258.89 $2,613 $15,533
3 Years $10,982 7.50% 60 $220.06 $2,221 $13,203

Interested in a pre-owned car or truck? Used car loans come with slightly higher interest rates, but in many cases, you only need 10% down, and the insurance costs are less costly.

Poor Credit Car Loans in Sweetwater

These days, bad credit isn’t uncommon. Many of us are reluctant to check our credit scores, as we’re afraid of how bad they could be. Unfortunately, you really should know your score. In most cases, it’s best to work with someone who is an expert in the process.

It may seem that a buy here pay here dealership is the simplest solution. Such dealerships don’t even pull your credit, and they offer low-cost pre-owned vehicles. While you shouldn’t have any trouble with respect to approval, you’ll get taxed handsomely for the privilege. You should keep clear of these dealerships whenever possible, getting an auto loan on the web. This is the way the majority of people nowadays get financed, and it’s substantially more economical in the end.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

With time, the payments made financing a car can lift your FICO score . There isn’t any immediate surge in your FICO score. Rather, it should increase progressively over time. Most lenders offer automated bill-pay options, which are crucial to keeping current on your payments.

Sweetwater Resources

Credit Unions


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