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Nearly all new cars and trucks are bought with a loan or leased. Whether you’re approved for financing hinges on a number of factors, such as your credit score, income, location, occupational history, cash or trade, and debt to income ratio. To accelerate the process, you can sign up online for an auto loan.

This is particularly useful for individuals who have a low credit score, as a variety of dealers and lending companies will consider your credit, a number of of which specialize in subprime lending.

Auto Loan Rates in Newport News

These rates of interest aren’t ads, but estimates to give you an idea of what interest rate can be expected given your location and your credit score. The rate you’re offered may vary substantially from what’s displayed 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 Newport News

New vehicles have the most affordable loan rates. With that being said, financing a pre-owned car or truck is smarter, since the overall cost will be significantly less. Here, we examine the costs of financing a vehicle that is new versus one, two, or three years old.

Age Price Rate Months Payment Interest Total Cost
New $28,000 6.00% 60 $541.32 $4,479 $32,479
1 Year $22,400 7.50% 60 $448.85 $4,531 $26,931
2 Years $19,040 7.50% 60 $381.52 $3,851 $22,891
3 Years $16,184 7.50% 60 $324.29 $3,274 $19,458

For the majority of us, a used car is a great option. Companies charge higher rates of interest for pre-owned vehicles, but in most situations, you only need 10% down, and the insurance premiums are less costly.

Poor Credit Auto Loans in Newport News

Has your credit been marred by chapter 7/13 bankruptcy, repossession, or other issues like this? Higher FICO ratings typically lead to reduced rates, but it’s a good deal more complicated than that. Usually, it’s better to consult a professional who can guide you through the process.

On the spot financing is a second option, available at Newport News’s buy here pay here car dealers. With no credit check comes at a price: outrageous rates, strict conditions, and overpriced vehicles.

Instead, you’re better off if you search for your loan via the internet. The interest rates should be less expensive, the terms improved, and you have the ability to re-establish your credit along the way.

Best of all, you can submit your application online.

Newport News Credit Repair

There are a lot of methods to lessen your annual percentage rate. Is your credit report marked by any errors? These can damage your credit score more than you might think. Fortunately, it’s free to check your credit report annually at www.AnnualCreditReport.com.

You can address any inaccuracies on your own, or engage a credit repair company to write the dispute letters for you. Furnishing a more substantial down payment or adding a cosigner with good credit can also lessen your interest rate.

No Down Payment Cars in Newport News

Saving enough cash you need to get a car or truck can be challenging, even if you’re only making a down payment. No down payment auto loans, like zero percent financing offers, are usually available only to individuals who have top notch credit. By completing your application online, it’s possible to boost your chances of obtaining such a package, as dealers can see your preferred down payment in advance. If you leave the down payment field blank, the finance specialist will understand.

Newport News Resources

Credit Unions

Credit UnionAddressZip CodePhone
1st Advantage FCUPO Box 211623609(757) 877-2444
1st Advantage FCU12891 Jefferson Ave23608(757) 877-2444
1st Advantage FCU12490 Warwick Blvd23606(757) 877-2444
1st Advantage FCU590 Fort Story23602(757) 877-2444
Bayport Credit Union3711 Huntington Ave23607(757) 928-8850
Bayport Credit Union11820 Fountain Way23606(757) 928-8850
Bayport Credit Union8000 Marshall Ave23605(757) 928-8850
Bayport Credit Union12512 Warwick Blvd23606(757) 928-8850
Bayport Credit Union433 Denbigh Blvd23608(757) 928-8850
Bayport Credit Union5001 Huntington Ave23607(757) 928-8850
Chartway353 Chatham Dr23602(757) 552-1000
Langley721 Lakefront Commons #40023606(757) 827-7200
Navy Federal Credit Union12828 Jefferson Ave23608(888) 842-6328
Newport News Mun. Emp Credit Union502 Operations Dr23602(757) 249-1003
Newport News Mun. Emp Credit Union210 25th St23607(757) 926-1707
Newport News Neighborhood2410 Wickham Ave23607(757) 247-0071
Newport News Shipbuilding Employees' CU12401 Warwick Blvd23606(757) 928-8850
Riverside Health System Employees'500 J Clyde Morris Blvd23601(757) 594-2030
Virginia Educators Credit Union12626 Nettles Dr23606(757) 930-2425
Virginia Educators Credit Union812 Main St23605(757) 595-6765
Virginia Educators Credit Union12368 Warwick Blvd23606(757) 952-1760
Virginia Educators Credit UnionNettles Dr23601(757) 930-2425
Virginia Educators' Credit UnionChristopher Newport23604(757) 595-5310