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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

Credit UnionAddressZip CodeTelephone
BB&T - Branches- Main Street925 Main St24504(434) 948-1208
Beacon Credit Union Incorporated6320 Logans Ln24502(434) 237-1566
Beacon Credit Union Incorporated2000 Main St24504(434) 455-1156
Beacon Credit Union Incorporated19029 Forest Rd24502(434) 455-1105
Centra Health Credit Union Inc.3300 Rivermont Ave24503(434) 200-4689
Central VirginiaPO Box 166024505(434) 528-9016
Central Virginia20255 Timberlake Rd24502(434) 528-9016
Central Virginia1638 Mt Athos Rd24504(434) 528-9016
General Electric Employees3100 Albert Lankford Dr24501(434) 522-7164
Glamorgan Employees21 7th St24504(434) 845-3801
Kemba Federal Credit Union3407 Candlers Mountain Rd24502(434) 846-3393
Kemba Roanoke3403 Candlers Mountain Rd24502(434) 846-3393
Limitorque Federal Credit Union5114 Woodall Rd24502(434) 845-7066
Lynchburg General Hospital - Credit Union1901 Tate Springs Rd24501(434) 947-3140
Lynchburg Municipal Employees3176 Fort Ave24501(434) 845-1013
LynroctenP. O. Box 98024505(434) 847-8679
Lynrocten1805 Concord Turnpike24504(434) 847-8679
Lynrocten Federal Credit Union2204 Concord Turnpike24501(434) 847-8679
Member One7114 Timberlake Rd24502(434) 237-0871
Roanoke Postal Employees3300 Odd Fellows Rd24506(434) 845-2481
Va Corporation Federal Credit Union800 Graves Mill Rd24502(434) 239-8020
Va League Corporate Federal Credit Union1207 Fenwick Dr24502(434) 237-1083
Vacorp Federal Credit Union107 Leroy Bowen Dr24502(434) 455-7800