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Nine out of ten new vehicles are financed or leased. If you’ve got good credit, this is a simple and easy process. If you’ve got bad credit, however, it can be an absolute aggravation. We can help you secure a car loan online, at a reasonable rate, even when your credit isn’t ideal. This is especially worthwhile for people with credit problems, as an array of dealers and lending companies will review your application, a number of of which specialize in subprime lending.

Auto Finance Rates in Charlottesville

These interest rates are for informational purposes only. They aren’t advertisements. The rate you’re offered may vary significantly from the rates seen here.

Credit Rating New Car Used Car
Excellent 3.3% 3.5%
Good 4.7% 4.8%
Average 6.9% 7.3%
Subprime 9.8% 10.5%
Bad 13.3% 14.4%
Very Bad 13.8% 15.5%

If you do not know what your credit score is, you really should. We recommend this service.

Used Car Loans in Charlottesville

As consumers, we’re under continuous barrage by advertising for new cars. That said, it’s smart to finance a pre-owned car or truck, since the total price will be substantially less. The numbers speak on their own.

Years Old Price Rate Months Payment Interest Total
New $22,750 6.00% 60 $439.82 $3,639 $26,389
1 Year $18,200 7.50% 60 $364.69 $3,681 $21,881
2 Years $15,470 7.50% 60 $309.99 $3,129 $18,599
3 Years $13,150 7.50% 60 $263.49 $2,660 $15,809

You can buy a great car for the money if you aren’t afraid of buying used. Loan providers charge higher interest rates for pre-owned vehicles, but in many cases, you only need 10% down, and the insurance premiums are less expensive.

Poor Credit Car Loans in Charlottesville

Credit score is a key factor when it comes to loan approval and rate of interest. More often than not, the better your credit, the lower your rate of interest. Although subprime credit always results in a higher interest rate, you can now request quotes from a variety of loan companies online.

On the spot loans are a second option, offered by Charlottesville’s buy here pay here car dealers. While you should have no difficulty getting approved, it’ll cost you a king’s ransom for the opportunity.

You will be happier with an auto loan from a bank or credit union. This is the way most people get financed, and it’s significantly cheaper over the long haul.

Best of all, you can submit your application online.

Charlottesville Credit Improvement

Are you stressing that your interest is going to be too expensive? Lots of potential buyers have inaccuracies on their credit reports. These types of discrepancies could be negatively affecting your credit score without you knowing it. Many consumers don’t realize that, once a year, you can check your credit report cost free via www.annualcreditreport.com.

Reporting mistakes is actually pretty easy. You can do it on your own, or enlist one of Charlottesville’s many credit repair providers to assist you. Other things that might reduce your APR:

  • Getting a parent, spouse, or sibling to cosign the loan.
  • Saving up for a larger down payment.
  • Saying yes to shorter loan repayment terms.

Can a Car Loan Improve Your Credit?

An auto loan can boost your credit, so long as it meets these conditions:

  • It’s not provided by a BHPH dealership.
  • The installments are paid promptly, every month.

Buy here pay here dealerships do not report to the credit bureaus, meaning your credit score isn’t likely to improve. It’s smart to enroll in automated bill-pay, in order to be sure you never skip any installment payments.

Charlottesville Resources

Credit Unions

Credit UnionAddressZipPhone
Albemarle County - Credit UnionArlington Boulevard Ofc22901(434) 295-8575
Charlottesville PostalPO Box 648822906(434) 973-4280
Charlottesville Postal1155 Seminole Trail22906(434) 973-4280
Comdial Federal Credit Union370 Greenbrier Dr22901(434) 973-0672
Mt Zion Charlottesville105 Lankford Ave22902(434) 293-3212
Sperry Credit UnionU.S. 2922901(434) 974-2336
Sperry Marine FCUP.O. Box 776622906(434) 974-7191
Sperry Marine FCU1070 Seminole Trail22901(434) 974-7191
Sperry Marine FCU120 Seminole Ct22901(434) 974-7191
Sperry Marine FCU2500 Austin Dr22911(434) 979-2744
State Farm1500 State Farm Blvd22911(434) 872-2063
University Of Va Community Cu3300 Berkmar Dr22901(434) 964-2001
University Of Va Community Cu325 Four Leaf Ln22903(434) 964-2001
University Of Va Community Cu1018 W Main St22903(434) 964-2001
University Of Va Community Cu1936 Arlington Blvd22903(434) 964-2001
University Of Va Community Cu300 Preston Ave22902(434) 964-2001
University Of Va Community Cu220 Wayles Ln22911(434) 964-2001
University Of Va Community Cu2775 Hydraulic Rd22901(434) 964-2001
University Of Virginia Employees CU626 Albemarle Square22901(434) 295-8580
Virginia Trailways1160 Pepsi Pl #110b22901(434) 295-0181
Virginia Trailways1160 Pepsi Pl22901(434) 295-0181
Virginia Trailways Federal Credit Union114 4th St SE22902(434) 295-0181