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A car loan enables you to purchase a car or truck that you would be unable to buy with cash. Whether your loan gets funded or not depends on a wide selection of factors, such as your credit, salary, where you live, time employed, down payment, and loan to value ratio. If you need to obtain the most affordable rate of interest available, we can help. A finance specialist can walk you through the process, ensuring you obtain the auto loan you need from a finance company in your area.

Auto Loan Rates in Portsmouth

The interest rates below should not be construed as anything but estimations to give you an understanding of what rate can be expected given where you live and your FICO score. Your exact rate of interest could vary drastically from the interest rates listed here.

FICO 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%

Used Car Financing in Portsmouth

Second hand cars and trucks are cheaper, but the interest rates are a little bit elevated as compared to new cars. Having said that, to put yourself in the strongest position financially, you should go with a pre-owned car. The numbers speak on their own.

Years Old Price APR Months Payment Interest Total
New $32,400 6.00% 60 $626.38 $5,183 $37,583
1 Year $25,920 7.50% 60 $519.38 $5,243 $31,163
2 Years $22,032 7.50% 60 $441.48 $4,457 $26,489
3 Years $18,727 7.50% 60 $375.25 $3,788 $22,515

It is possible to get a lot of car for the money if you aren’t afraid of a pre-owned car. Companies charge higher rates of interest for used vehicles, but in most cases, you only need 10% down, and the insurance costs are less expensive.

Poor Credit Car Loans in Portsmouth

Are you trying to get a car loan in Portsmouth, despite bad credit? Simply put, when you’ve got below-average credit, you can expect a rate of at least 10%. Although poor credit always results in a higher interest rate, you can now request quotes from various loan providers online.

It is best to avoid turning to a no credit check car dealership. These buy here pay here dealerships are known for consumer abuses. Sure, your credit will not be a problem at this type of place, but you will wind up spending a lot in interest for an outdated vehicle.

Invariably, it’s best to go to a regular bank or finance company. The interest rates will undoubtedly be lower, the terms considerably better, and you have the opportunity to boost your credit score in the process.

Contact an auto finance professional in your area today.

Can a Car Loan Improve Your Credit?

Your payment history plays an essential role in determining your credit score. Paying down a car loan builds out that payment history, upping your credit score in the process. There isn’t any direct surge in your FICO score. Rather, it should increase little by little with your payments. Most lenders offer automatic payment, which is crucial to making your payments by the due date each and every month.

Portsmouth Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip Code,Phone” data=”BB& T,5515 Portsmouth Blvd,23701,(757) 405-5382,Belt Line Emp Credit Union Inc.,3220 Academy Ave,23321,(757) 686-1730,Belt Line Employees,3014 Tyre Neck Rd,23703,(757) 686-1730,Chartway,4000 Victory Blvd,23701,(757) 552-1000,Credit Union Service Center,5798 Churchland Blvd,23703,(757) 686-2000,Guardian,P.O. Box 1337,23705,(757) 397-1234,Guardian,309 County St,23704,(757) 397-1234,Guardian,USCG Integrated Support Center Portsmouth,23703,(757) 483-6393,Guardian Federal Credit Union,4000 Coast Guard Blvd,23703,(757) 483-6393,Navy Federal Credit Union,620 John Paul Jones Circle,23708,(888) 842-6328,Navy Federal Credit Union,5627 High St W,23703,(888) 842-6328,Navy Federal Credit Union,303 County St,23704,(888) 842-6328,Navy Federal Credit Union,Building 272 Rm 105,23701,(757) 397-1123,New Bethel,4212 Greenwood Dr,23701,(757) 465-3241,Northern Star Credit Union Inc.,5100 George Washington Hwy,23702,(757) 487-3474,Northern Star Credit Union Inc.,5624 Portsmouth Blvd,23701,(757) 487-3474,PFD Firefighters Credit Union Inc.,3209 Cedar Ln,23703,(757) 686-3051,Portsmouth Police Credit Union Inc.,P. O. Box 1066,23705,(757) 399-1684,Portsmouth Police Credit Union Inc.,801 Crawford St,23704,(757) 399-1684,Portsmouth Schools,455 Dinwiddie St,23704,(757) 398-9140,Portsmouth Va City Employees,P.O.Box 1206,23705,(757) 393-8863,Portsmouth Va City Employees,801 Crawford St Fifth floor,23704,(757) 393-8863,Summit Hampton Roads,3636 High St,23707,(757) 398-2384″][/tboot_table]