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Looking to secure financing in Lynchburg? Unfortunately, securing such a loan can be a real aggravation, particularly if you have a low credit score. For those who’d like to secure the most affordable interest rate possible, we’re here to help. You could be behind the wheel of a new car in no time flat.

Auto Loan Rates in Lynchburg

Want to know what interest you’ll be charged? In point of fact, your annual percentage rate can vary greatly based on your credit, not to mention other variables. The rates shown below are only for informational purposes. They’re not advertisements, and your precise rate could deviate vastly from what you see below.

Credit Score New Car Pre-owned 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 your credit score, you should. If you don’t know your credit score, you could pay too much in interest. Go here to check your score.

Used Auto Loans in Lynchburg

Some consumers shy away from used vehicles because they require higher interest financing. Steeper interest rates for used vehicles, however, are compensated by cheaper down payments, monthly payments, and insurance costs. You can finance a low-mileage used car or truck for half what it costs to finance a brand new one.

Years Old Price Rate Months Payment Interest Total
New $23,200 6.00% 60 $448.52 $3,711 $26,911
1 Year $18,560 7.50% 60 $371.90 $3,754 $22,314
2 Years $15,776 7.50% 60 $316.12 $3,191 $18,967
3 Years $13,410 7.50% 60 $268.70 $2,712 $16,122

Clearly, the car purchased new for $23,200 won’t be worth but $13,410 after three years. Let’s consider the typical limitations on used car loans:

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

Poor Credit Auto Loans in Lynchburg

Getting financed with less-than-perfect credit can be tough, particularly if you don’t want to accept an inflated interest. It’s a well-known fact: the higher your credit score, the lower your annual percentage rate. Fortunately, the internet makes it less of a challenge for the subprime borrower.

In Lynchburg, buy here pay here car lots wind up serving a large percentage of the bad credit demographic The lack of credit check comes at a price: exorbitant annual percentage rates, inflexible conditions, and limited vehicles. If at all possible, you want to obtain your auto loan through one of these loan providers:

  • Local bank.
  • Credit union local to you.
  • Automobile loan company.

A dealer or finance expert will help you secure financing from one of these lenders. There are lots of advantages: superior interest rates, better service, and if you make your payments when they’re due, an improvement to your credit score.

Contact an auto finance professional in your area today.

No Money Down Cars in Lynchburg

All too often, consumers don’t realize that you normally need some money in your bank account to get financed. The truth is, getting a zero down car loan is in some cases extremely hard. By submitting your application online, it’s possible to improve your chances of obtaining this sort of a deal, as dealerships are able to view what you want your down payment to be ahead of time.

Lynchburg Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip Code,Telephone” data=”BB&T – Branches- Main Street,925 Main St,24504,(434) 948-1208,Beacon Credit Union Incorporated,6320 Logans Ln,24502,(434) 237-1566,Beacon Credit Union Incorporated,2000 Main St,24504,(434) 455-1156,Beacon Credit Union Incorporated,19029 Forest Rd,24502,(434) 455-1105,Centra Health Credit Union Inc.,3300 Rivermont Ave,24503,(434) 200-4689,Central Virginia,PO Box 1660,24505,(434) 528-9016,Central Virginia,20255 Timberlake Rd,24502,(434) 528-9016,Central Virginia,1638 Mt Athos Rd,24504,(434) 528-9016,General Electric Employees,3100 Albert Lankford Dr,24501,(434) 522-7164,Glamorgan Employees,21 7th St,24504,(434) 845-3801,Kemba Federal Credit Union,3407 Candlers Mountain Rd,24502,(434) 846-3393,Kemba Roanoke,3403 Candlers Mountain Rd,24502,(434) 846-3393,Limitorque Federal Credit Union,5114 Woodall Rd,24502,(434) 845-7066,Lynchburg General Hospital – Credit Union,1901 Tate Springs Rd,24501,(434) 947-3140,Lynchburg Municipal Employees,3176 Fort Ave,24501,(434) 845-1013,Lynrocten,P. O. Box 980,24505,(434) 847-8679,Lynrocten,1805 Concord Turnpike,24504,(434) 847-8679,Lynrocten Federal Credit Union,2204 Concord Turnpike,24501,(434) 847-8679,Member One,7114 Timberlake Rd,24502,(434) 237-0871,Roanoke Postal Employees,3300 Odd Fellows Rd,24506,(434) 845-2481,Va Corporation Federal Credit Union,800 Graves Mill Rd,24502,(434) 239-8020,Va League Corporate Federal Credit Union,1207 Fenwick Dr,24502,(434) 237-1083,Vacorp Federal Credit Union,107 Leroy Bowen Dr,24502,(434) 455-7800″][/tboot_table]