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Have you been interested in a new or used car in Salt Lake City, and need to secure an auto loan? For those who have terrific credit, this is a hassle-free process. When you have poor credit, however, it can be a big pain. Generally, it’s smart to line up your loan ahead of time.

You could be discussing the specifics of your car loan in no time.

Auto Loan Rates in Salt Lake City

Few banks, credit unions, and auto finance websites display Salt Lake City car loan rates based on FICO score. Instead, they tell you the most affordable rate available. In fact, your rate of interest varies greatly based on your credit score, among other things. The rates displayed below are only for informational purposes. These are not advertisements, and your actual rate will vary.

FICO Rating New Car Used Car
Excellent 3.3% 3.4%
Good 4.5% 4.8%
Average 6.4% 7.3%
Subprime 10.0% 9.9%
Bad 14.7% 16.2%
Very Bad 16.1% 18.2%

Used Auto Loans in Salt Lake City

Some people stay away from second hand vehicles because the interest rates are higher. That being said, a used car auto loan has loads of advantages:

  • Less percentage down required.
  • Cheaper sticker price.
  • Less risk of negative equity.

Check out the table below, showing the costs of auto loans for new versus used vehicles.

Years Old Price Rate Months Payment Interest Total Cost
New $16,000 6.00% 60 $309.32 $2,559 $18,559
1 Year $12,800 7.50% 60 $256.49 $2,589 $15,389
2 Years $10,880 7.50% 60 $218.01 $2,201 $13,081
3 Years $9,248 7.50% 60 $185.31 $1,871 $11,119

After only one year of driving, the $16,000 new car is worth only $12,800, and only $9,248 after three years. Loan providers charge higher rates for used cars, but in most cases, you only need 10% down, and the insurance costs are cheaper.

Poor Credit Car Loans in Salt Lake City

Bad credit will make it difficult to finance a car, but it isn’t hopeless. Simply speaking, lenders review your credit history as a way to determine whether you’ll pay off your vehicle as agreed. Before the net, you pretty much forced to agree to whatever rate of interest and terms they offered you. Today, there are better strategies to get approved.

Whenever possible, you should avoid turning to a no credit check car dealership. These buy here pay here dealerships are infamous for aggressive sales tactics. The annual percentage rates are very high, and the vehicles are always used, sometimes with very high mileage. It is best to avoid these dealers when you can, securing an auto loan via the web. A regular bank or finance company will report your progress to the credit bureaus, meaning your credit score will get better if you make your payments as agreed.

Best of all, you can submit your application online.

No Down Payment Cars in Salt Lake City

More often than not, you need some actual cash to get the car you want, as a down payment of 10-20% is typically required. When you’ve got top-notch credit, many loan providers will forego the down payment requirement. If your credit isn’t but fair, however, a down payment of 10-20% will typically be required. If you don’t have great credit, it’s better to save for a down payment, or you could find yourself paying an excessively high rate of interest. That said, when you apply online, there are many loan providers and car dealers that offer no money down financing for folks without the most ideal credit.

Salt Lake City Resources

Credit Unions

Credit UnionStreet addressZip CodeTelephone
America First Credit Union3499 S State St84115(801) 215-3430
American United Family Of Credit Un500 Foothill Dr84108(801) 583-5015
American United Family Of Credit Un2890 E Cottonwood Pkwy84121(801) 333-2990
Associated Federal Employees FCU125 S State St #220584138(801) 364-5717
Associated Federal Employees FCU125 S State St84138(801) 364-5717
Bailey Inc Employees Credit Union5392 W Peggy Ln84120(801) 955-9326
Beckstrand And Associates6322 S 3000 E #12084121(801) 944-7722
Beckstrand And Associates6322 S 3000 E84121(801) 944-7722
C B I Salt Lake Federal Credit Union5280 Commerce Dr84107(801) 265-2111
Chevron West2351 N 1100 W84116(801) 539-7229
Credit Union Granite Furnitur E Employees1050 E 2100 S84106(801) 485-1052
Credit Union One3226 S Main St84115(801) 487-0371
Credit Union One1773 W North Temple84116(801) 359-9600
Credit Union One1805 S Redwood Rd84104(801) 974-5744
Credit Union Service Center Of Utah3569 W 3500 S84119(801) 967-0069
Credit Union Service Centers Of Utah1963 E Murray Holladay Rd84117(801) 272-6755
Cyprus Credit Union3109 W 4700 S84118(801) 260-7999
Delta Community776 N. Terminal84122(801) 744-4220
Deseret First Credit Union36 S State St #10384111(801) 538-0894
Deseret First Credit Union55 N 300 W84103(801) 456-7000
Deseret First Credit Union6060 Fashion Blvd84107(801) 265-2650
Emsco2961 Bonnie Brae Ave84124(801) 277-1293
Epb Employees4897 W Lake Park Blvd84120(801) 902-8668
Firefighters124 W 1400 S84115(801) 487-3219
Gibbons & Reed Federal Employees CU1000 Warm Springs Rd84116(801) 322-4010
Gibbons And Reed EmployeesPO Box 3042984130(801) 322-4010
Granite3675 S 900 E84106(801) 288-3000
Granite1283 E Zenith Ave84106(801) 288-3000
Health Care Credit Union6007 S 300 E84107(801) 263-2185
Hercules3141 W 4700 S84118(801) 968-9011
Hi-Land Credit Union965 Woodoak Ln84117(801) 261-8909
Intermountain Credit Union1799 Pioneer Rd84104(801) 972-5850
Intermountain Credit Union2268 S 3270 W84119(801) 972-3491
Lu 354 I B E W3405 W 1987 S84104(801) 975-9693
Macu Credit Union660 S 200 E84111(801) 237-0115
Meadow Gold Employees3691 W 1987 S84104(801) 908-7113
Mountain America Credit Union2959 S 5600 W84120(801) 955-8600
Mountain America Credit UnionQuestar84101(801) 524-8882
National J. A. C. L.3776 Highland Dr84106(801) 424-5225
National Jacl Credit Union242 S 400 E84111(801) 355-8040
Newspaper Employees90 S 400 W84101(801) 257-8550
Operating Engineers Local Union #31958 W North Temple84116(801) 533-2374
P & S2250 S Redwood Rd #684119(801) 973-0575
P & S2250 S Redwood Rd84119(801) 973-0575
Pacific Rails423 W 500 N84103(801) 531-9099
Premier ServicesPO BOX 356384110(801) 531-9612
Premier Services140 E Broadway84111(801) 531-9612
Salt Lake City Credit Union1283 Zenith Ave84106(801) 474-0505
Salt Lake City Credit Union - Sandy858 East St84102(801) 486-7255
Salt Lake City V A FVA Regional Office Building 5084158(801) 326-2410
Salt Lake County Employees Credit Union54 W 2100 S84115(801) 486-9152
Salt Lake Regional Medical Center E1040 E South Temple St84102(801) 322-4546
Security Service5580 Van Winkle Expy84117(801) 277-7759
Sheet Metal Workers Lo No 3122261 S Redwood Rd84119(801) 972-6875
Slc Regional Medical Center Credit Union1002 E South Temple84102(801) 322-4546
St. Marks Employees1220 E 3900 S #2m84106(801) 268-7660
Tanner Employees1865 S Main St #284115(801) 483-8396
Teamsters Local #2222641 S 3270 W84119(801) 972-8122
Trans West Credit Union2277 Fort Union Blvd84121(801) 944-5003
Transwest37 W 1700 S84115(801) 487-1692
Transwest39 W 2100 S84115(801) 487-1692
Transwest Credit Union6189 S Redwood Rd84123(801) 685-8928
Treasury166 E Social Hall Ave84111(801) 355-7771
Treasury Credit Union166 Social Hall Ave84111(801) 355-7771
U Of U Credit Union2000 Circle of Hope Dr84112(801) 583-8532
Ucb250 N 1950 W84116(801) 220-0800
University First490 E 500 S84111(801) 481-8805
Utah Central Credit Union25 E 1700 S84115(801) 487-8841
Utah First200 E South Temple84103(801) 320-2600
Utah First1760 W 2100 S84199(801) 320-2600
Utah First Credit Union - Branch Offices474 W 900 N84103(801) 320-2600
Utah Law Enforcement Credit Union450 E 900 S84105(801) 533-8400
Utah Power957 E 6600 S84121(801) 708-8900
Utah Power1407 W North Temple #120c84116(801) 708-8900
Utah Power & Light Employees Credit Union1407 W North Temple84116(801) 220-4180
Vamcu Federal Credit Union500 S Foothill Blvd84108(801) 583-5015
Varian Sl Employees1678 Pioneer Rd84104(801) 973-5052
Western3950 W84116(877) 254-9328