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Are you trying to obtain financing in Burlington? You can arrange an auto loan with the dealership; however, this can require a lot of time. We can help you secure a car loan the day you apply, at an affordable interest rate, even if your credit isn’t great.

You can let a local Burlington financing professional direct you through the purchasing process. What’s even better, there’s zero cost to apply.

Auto Loan Rates in Burlington

Please keep in mind that the rates below should not be seen as advertisements, but estimations at the time of publication. Precise interest rates differ.

Credit Rating New Car Pre-owned 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%

Have you reviewed your credit score of late? You probably should. Many banks use an automotive-specific credit score unavailable to consumers, but it’s free and easy to check your tri-bureau score–it can help you figure out what your rate of interest should be.

Used Car Auto Loans in Burlington

You’ll find that the rates of interest for a pre-owned vehicle are greater than the rates for a brand new one. Higher rates for used cars, however, are countered by more affordable down payments, monthly installments, and insurance costs. Have a look at the numbers below.

Age Price Rate Months Payment Interest Total Cost
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

A second hand car or truck is a great option, regardless of whether you’re financing or paying cash. Here are the most popular limitations on used vehicle financing:

  • Car not more than 7-10 years old.
  • Mileage no greater than 100,000 miles.
  • Bought via dealer, not private party.

Bad Credit Car Loans in Burlington

Has your credit been damaged by chapter 7/13, foreclosure, or other issues like this? In effect, lenders look at your credit ratings as a way to determine whether you will pay off your loan on time. Years ago, lenders were rare who would supply car loans for consumers with unfavorable credit ratings. Now many finance companies, and even some banks and credit unions, have special finance units.

On-site financing is another option, provided by Burlington’s buy here pay here (BHPH) car dealers. The cons are appreciable, and they include exorbitant rates and rigid terms.

You will be happier getting financed by a bank, credit union, or loan company. This is how most people get financed these days, and it’s significantly more affordable in the end.

Contact an auto finance professional in your area today.

Decreasing Your Interest Rate

If you need to lessen your rate of interest, you’ve got a number of options. Correcting any credit report inaccuracies can increase your credit score appreciably. Fortunately, it’s free to check your credit report each year at annualcreditreport.com.

Disputing mistakes is pretty simple. You can do it on your own, or enlist one of Burlington’s credit restoration solutions to assist you. Other ways to lower your interest rate:

  • Including a cosigner.
  • Furnishing a bigger down payment.
  • Opting for shorter-term financing.

Can a Car Loan Improve Your Credit?

A large percentage of your credit score draws on payment history. Paying off a financed vehicle as arranged rebuilds that payment history, improving your credit score at the same time. Buy here pay here dealers rarely report to the credit reporting agencies, which means that your credit score won’t get better. Most lenders offer automated bill-pay options, which are key to keeping current on your payments.

Burlington Resources

Credit Unions

Credit UnionLocationZip CodePhone
New EnglandFAHC Medical Center-McClure 2 Connector5401(802) 879-8790
Northeast Member Business Services110 Main St5401(802) 862-7111
Vermont State EmployeesPO Box 4075402(888) 252-0202
Vermont State Employees84 Pine St5401(888) 252-0202
Vermont State Employees86 Pearl St5401(802) 371-5162