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In today’s world, you will find it quite tricky to buy a new car if you can’t get approved for a vehicle loan. Unfortunately, securing financing can be a major aggravation, especially if your credit isn’t exceptional. We make it possible to secure financing today, at an economical interest rate, even when your credit isn’t optimal.

A finance professional can walk you step by step through the process, ensuring you get the car loan package you need from a company that won’t charge you a fortune.

Car Loan Rates in Norfolk

The majority of loan companies only show you the lowest rate available, limited to people with ideal credit. In point of fact, your interest rate varies greatly based on your credit score, not to mention other factors. The rates shown below are only for informational purposes. They aren’t advertisements, and your precise rate could deviate greatly from what you see below.

Credit Rating 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%

Used Car Financing in Norfolk

The rates of interest are increased for pre-owned cars, because they introduce a higher risk of maintenance issues. Savvy consumers, however, always buy used cars. Take a look at the chart below, which illustrates the different costs of car loans for new versus used vehicles.

Years Old Price APR Months Payment Interest Total Cost
New $28,200 6.00% 60 $545.19 $4,511 $32,711
1 Year $22,560 7.50% 60 $452.06 $4,563 $27,123
2 Years $19,176 7.50% 60 $384.25 $3,879 $23,055
3 Years $16,300 7.50% 60 $326.61 $3,297 $19,597

As you can see, the car financed new for $28,200 is worth only $16,300 after 36 months of ownership. Companies charge higher rates of interest for used cars and trucks, but in most cases, you only need 10% down, and the insurance premiums are cheaper.

Poor Credit Auto Loans in Norfolk

Less-than-perfect credit can make it tricky to finance a car, but it isn’t hopeless. Many of us are hesitant to check our credit ratings, as we’re afraid of how bad they may be. Unfortunately, this can be damaging. Although below-average credit always leads to an increased annual percentage rate, you can now request quotes from a variety of loan creditors online.

A lot of buyers with bad credit wind up at one of Norfolk’s buy here pay here car lots. These dealers grant car loans in house, sans credit check. No credit checks come at a price: excessive annual percentage rates, lots of terms and conditions, and overpriced vehicles.

Almost always, it’s better to deal with a local bank or loan provider. There are lots of benefits: cheaper rates of interest, improved 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 Auto Loans in Norfolk

Generally, you’ll still need a good bit of hard cash to get the car you want, as a down payment of 10-20% is often necessary.

The down payment reduces lender investment in the vehicle, and it makes up for the immediate devaluation faced with any new car purchase. By applying online, you may increase your odds of obtaining such a deal. Loan providers and dealers are able to see your preferred down payment in advance. If you leave the down payment field blank, the financing consultant will understand.

Norfolk Resources

Credit Unions

Credit UnionLocationZipTelephone
ABNB9155 Seabee Rd23505(757) 489-0064
ABNB985 Denison Ave23513(757) 852-3942
Chartway7865 Tidewater Dr23505(757) 552-1000
Chartway9325 3rd Ave23511(757) 552-1000
Chartway1200 N Military Hwy23502(757) 552-1000
Chartway4702 Hampton Blvd23508(757) 552-1000
Chartway223 E City Hall Ave23510(757) 552-1000
Chartway730 W 21st St23517(757) 552-1000
Chartway750 W Berkley Avenue23523(757) 552-1000
HRT EmployeesP.O. BOX 318723514(757) 222-6070
HRT Employees1304 Monticello Ave23510(757) 222-6070
Kingdom5755 Poplar Hall Dr23502(757) 466-7900
Navy Federal Credit Union1530 International Blvd23513(888) 842-6328
Navy Federal Credit Union1140 N Military Hwy #82023502(888) 842-6328
Navy Federal Credit Union6370 Newtown Rd23502(888) 842-6328
Navy Federal Credit UnionIngram St23551(888) 842-6328
Navy Federal Credit Union7979 Hampton Blvd23505(888) 842-6328
Navy Public Works Center Norva FCU140 Norfolk Southern Rlwy23505(757) 497-4500
Ncp Community Development530 S Main St23523(757) 523-5392
NorfolkP O BOX 8323501(757) 627-0845
Norfolk1701 Church St23504(757) 627-0845
Norfolk Fire Department4100 E Virginia Beach Blvd23502(757) 857-5389
Norfolk Municipal Employees810 Union St #17623510(757) 664-4273
Norfolk Municipal Employees810 Union St23510(757) 664-4273
Norfolk SchoolsJanaf Pl23502(757) 461-0300
Norfolk Va Postal Credit Union IncP O Box 78123501(757) 622-7772
Norfolk Va Postal Credit Union Inc600 Church St Rm 11123510(757) 622-7772
Old Dominion University Cu Inc.2701 Hampton Blvd23508(757) 533-9309
Old Dominion University Cu Inc.4901 Hampton Blvd23508(757) 683-0530
Port Of Hampton Roads Ila1355 International Terminal Blvd S23505(757) 423-2185
Port Of Hampton Roads Ila1355 International Terminal Blvd23505(757) 423-2185
PortallianceP.O. Box 1271923541(757) 461-1796
Portalliance1968 Gilbert St23511(757) 423-6857
Portalliance5670 Raby Rd23502(757) 461-1796
Prime Care Incorporated600 Gresham Dr23507(757) 388-3834
Summit Hampton RoadsP O Box 960923505(757) 889-5330
Summit Hampton Roads150 Kingsley Ln23505(757) 889-5330
Tidewater Dominion Employees2700 Cromwell Dr23509(757) 857-2699