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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 Sure, your credit will not be a problem at this type of place, but you will wind up spending a lot in interest for an outdated vehicle.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

Credit UnionAddressZip CodePhone
BB& T5515 Portsmouth Blvd23701(757) 405-5382
Belt Line Emp Credit Union Inc.3220 Academy Ave23321(757) 686-1730
Belt Line Employees3014 Tyre Neck Rd23703(757) 686-1730
Chartway4000 Victory Blvd23701(757) 552-1000
Credit Union Service Center5798 Churchland Blvd23703(757) 686-2000
GuardianP.O. Box 133723705(757) 397-1234
Guardian309 County St23704(757) 397-1234
GuardianUSCG Integrated Support Center Portsmouth23703(757) 483-6393
Guardian Federal Credit Union4000 Coast Guard Blvd23703(757) 483-6393
Navy Federal Credit Union620 John Paul Jones Circle23708(888) 842-6328
Navy Federal Credit Union5627 High St W23703(888) 842-6328
Navy Federal Credit Union303 County St23704(888) 842-6328
Navy Federal Credit UnionBuilding 272 Rm 10523701(757) 397-1123
New Bethel4212 Greenwood Dr23701(757) 465-3241
Northern Star Credit Union Inc.5100 George Washington Hwy23702(757) 487-3474
Northern Star Credit Union Inc.5624 Portsmouth Blvd23701(757) 487-3474
PFD Firefighters Credit Union Inc.3209 Cedar Ln23703(757) 686-3051
Portsmouth Police Credit Union Inc.P. O. Box 106623705(757) 399-1684
Portsmouth Police Credit Union Inc.801 Crawford St23704(757) 399-1684
Portsmouth Schools455 Dinwiddie St23704(757) 398-9140
Portsmouth Va City EmployeesP.O.Box 120623705(757) 393-8863
Portsmouth Va City Employees801 Crawford St Fifth floor23704(757) 393-8863
Summit Hampton Roads3636 High St23707(757) 398-2384