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Very often, individuals prefer to buy their cars and trucks using a loan, paying off the vehicle month after month as opposed to shelling out the whole amount upfront. Unfortunately, lining up this kind of loan can be an irritating process, prolonging the entire car buying process. Thankfully, you can submit an application online, saving yourself a lot of time and effort. You could be discussing the details of your loan before you know it.

Auto Loan Rates in Harrisonburg

Keep in mind, the rates below should not be regarded as advertisements, but instead estimates at the time of publication. Your actual rate could differ considerably from the interest rates listed here.

Credit Score 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%

Used Auto Loans in Harrisonburg

New cars are tempting, for certain. Higher rates for pre-owned vehicles, however, are balanced out by lower down payments, monthly payments, and insurance costs. You can finance a low-mileage pre-owned vehicle for a fraction of the cost of a new one.

Age Price APR Months Payment Interest Total
New $17,000 6.00% 60 $328.66 $2,719 $19,719
1 Year $13,600 7.50% 60 $272.52 $2,751 $16,351
2 Years $11,560 7.50% 60 $231.64 $2,338 $13,898
3 Years $9,826 7.50% 60 $196.89 $1,988 $11,814

You can get an excellent car for the money if you don’t mind buying it used. Most companies will permit you to finance a pre-owned vehicle that’s up to eight years old, and some cap the mileage at 100K miles.

Poor Credit Car Loans in Harrisonburg

Are you hoping to get a car loan in Harrisonburg, despite bad credit? The better your credit score is, the greater number of options you will have. Although bad credit always results in a more expensive annual percentage rate, you can now request quotes from various companies online.

Lots of shoppers with subprime credit end up at one of Harrisonburg’s buy here pay here dealerships. These dealers offer in-house auto loans, with no credit assessment. No credit checks come at a price: outrageous interest rates, inflexible terms and conditions, and overpriced vehicles.

If you can, you’ll want to obtain your finance package through one of these loan companies:

  • Bank.
  • Credit union for which you’re eligible.
  • Automotive finance company.

A car dealership or auto finance specialist can help you secure financing from one of these loan companies. This is the way a lot of consumers get financed, and it’s substantially cheaper over the long haul.

Go here to apply online.

Can a Car Loan Improve Your Credit?

With time, the payments you make on an auto loan can lift your credit score . There isn’t any instantaneous increase in your FICO score. Rather, it should increase steadily as you keep making your payments. It’s smart to sign up for automatic deduction, basically to be sure you don’t skip any installment payments.

Harrisonburg Resources

Credit Unions

Credit UnionAddressZip CodePhone
Commonwealth One42 Terri Dr22801(800) 424-3334
Commonwealth One800 S Main St22807(703) 523-5211
Dupont Community47 W Kaylor Park Dr22801(540) 946-3200
Everence841 Mt Clinton Pike22802(540) 437-0672
Mosaic31 S Carlton St22801(540) 564-6080
Park View1675 Virginia Ave22802(540) 434-6444
Park View1491 Virginia Ave22802(540) 564-3420
Walker-Virginia3160 Abbott Ln22801(540) 432-3568