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The vast majority of folks decide to buy their cars and trucks using a loan, making monthly payments instead of spending one lump sum. Unfortunately, the process of getting such a loan can be a considerable aggravation, particularly when you’ve got below-average credit. Why would you want to wait to apply at the bank or car dealership when you can get approved right here through our site? This is especially helpful for consumers with below-average credit, as an array of dealers and finance companies will consider your application, many of which specialize in bad credit lending scenarios.

Auto Finance Rates in Vermont

These interest rates are only for informational purposes. They are not advertisements. Your exact interest rate could differ appreciably from the interest rates listed here.

Credit Score New Car Used Car
Excellent 4.1% 3.4%
Good 5.5% 4.7%
Average 7.3% 7.2%
Subprime 10.0% 10.6%
Bad 13.3% 14.7%
Very Bad 14.5% 15.3%

Used Car Auto Loans in Vermont

Some buyers shy away from second hand vehicles because they involve higher interest financing. However, used cars and trucks are more economical over the long haul, and they require smaller sized down payments. You can finance a solid used vehicle for a small fraction of what it costs to finance a brand new one.

Years Old Price APR Months Payment Interest Total
New $21,000 6.00% 60 $405.99 $3,359 $24,359
1 Year $16,800 7.50% 60 $336.64 $3,398 $20,198
2 Years $14,280 7.50% 60 $286.14 $2,889 $17,169
3 Years $12,138 7.50% 60 $243.22 $2,455 $14,593

The second it leaves the dealer lot, a new vehicle loses up to a quarter of its value, and it keeps depreciating every year. A vehicle that cost $21,000 when new will be worth around $12,138 three years later. Most loan providers allow you to finance a pre-owned vehicle that’s up to eight years old, and some have a mileage cap of 100,000 miles.

Poor Credit Car Loans in Vermont

Poor credit has become a serious problem among consumers in Vermont, and all through the state of Vermont. To help set your annual percentage rate, loan providers look at your history of payments on previous auto loans and leases. Fortunately, the internet has made it a lot less complicated for the consumer with less-than-perfect credit.

It might seem like a buy here pay here car dealership is the simplest option. A lot of these dealers don’t even consider your credit, and they offer low-cost, second hand cars and trucks. Sure, your credit won’t be a problem, but you will end up coughing up a lot in interest for an outdated vehicle. It’s best to keep away from these car lots if at all possible, and secure an auto loan on the web. An established loan provider will report to the credit agencies, which means your credit score will increase if you make your payments on schedule.

Go here to apply online.

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