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For many car-shoppers, financing is the main impediment to obtaining the car they need. Whether you’re financed hinges on a number of different factors, such as your credit, monthly income, location, employment status, down payment, and loan to value ratio. Plenty of financial professionals advise obtaining your auto loan before going to the dealer lot. A local Richmond auto loan professional can help you secure financing, answering your questions at the same time.

Auto Finance Rates in Richmond

Few banks, credit unions, and auto loan sites supply auto finance rates in Richmond based on credit score. Instead, they showcase the most affordable rate available. In fact, your annual percentage rate can vary hugely based on your FICO score, among a range of other things. The rates displayed below are only for informational purposes. They are not advertisements, and your exact rate could deviate vastly from what’s displayed below.

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%

Checking your credit rating can keep you from being overcharged. If you don’t know your score, you could overpay in interest. Go here to check your score.

Used Auto Loans in Richmond

You’ll see that the rates of interest for a pre-owned vehicle are greater than the rates for a brand new one. That said, it is smarter to finance a second hand vehicle, since the total price will be considerably less. Below, we review the costs of a loan for a car that is new versus a few years old.

Years Old Price APR Months Payment Interest Total
New $15,300 6.00% 60 $295.79 $2,448 $17,748
1 Year $12,240 7.50% 60 $245.26 $2,476 $14,716
2 Years $10,404 7.50% 60 $208.47 $2,104 $12,508
3 Years $8,843 7.50% 60 $177.20 $1,789 $10,632

Many cars depreciate 15% every year, so you can obtain a low-mileage used car for thousands less than a brand new one. Listed below are the typical restrictions on used car loans:

  • Car not more than 7-10 years old.
  • Mileage no greater than 100,000 miles.
  • Bought from dealer, not private party.

Poor Credit Car Loans in Richmond

Poor credit will make it difficult to finance a car, but it isn’t impossible. For the most part, assuming you have bad credit, a single digit interest rate isn’t possible. In many cases, it’s better to work with a professional who can guide you through the process.

Buy here pay hereloans are another option. Of course, your credit won’t be a problem at this kind of place, but you will wind up paying a ton in interest for a high mileage vehicle.

More often than not, it’s best to work with a regular old bank or lender. The rates are typically cheaper, the terms significantly better, and you have the chance to repair your credit at the same time.

Contact an auto finance professional in your area today.

Zero Down Cars in Richmond

The down payment you need to finance a new car can be as much if not more than the cost of a used one. For people with incredible credit, a down payment is generally optional. If you don’t have top notch credit, it’s better to start setting aside money for a down payment, or else you could find yourself paying an exorbitant rate of interest. Then again, when you apply online, there are many loan providers and dealers that do offer zero down car loans for folks without optimal credit.

Richmond Resources

Credit Unions

Credit UnionLocationZipTelephone
1st Advantage1204 Broad Rock Blvd23224(757) 877-2444
Alcoa Richmond FCU609 Bainbridge St23224(804) 232-8211
Assurance2015 Staples Mill Rd23230(804) 354-7450
Bellwood7101 Jefferson Davis Hwy23237(804) 271-0181
Benchmark2248 Darbytown Rd23231(804) 652-6653
Cadmus Credit Union Incorporated2901 Byrdhill Rd23228(804) 515-5155
Call4605 Commerce Rd23234(804) 274-1200
Call3660 Mayland Ct23233(804) 249-6888
Call6603 W Broad St23230(804) 274-1300
Connects7700 Shrader Rd23228(804) 756-5000
Connects Federal Credit Union7101 Jahnke Rd23225(804) 756-5000
Credit Union Service Center5001 Nine Mile Rd23223(804) 236-1970
Dixiecon2000 Jefferson Davis Hwy23224(804) 230-2457
Dominion Credit Union701 E Cary St23219(804) 771-4708
Dupont Fibers3611 Oxbridge Rd23236(804) 748-9488
Dupont Fibers5403 Jefferson Davis Hwy23234(804) 748-9488
EntrustPO Box 688223230(804) 353-8012
Entrust1801 Dabney Rd23230(804) 353-8012
Fifth Street Baptist Church2800 3rd Ave23222(804) 321-5115
Greyhound Employees FCU2910 North Blvd23230(804) 254-5918
Henrico3820 Nine Mile Rd23223(804) 266-0290
Henrico1201 N Laburnum Ave23223(804) 266-0290
Henrico Federal Credit Union8611 Dixon Powers Dr23228(804) 266-0081
Henrico Federal Credit Union9401 W Broad St23294(804) 266-0290
Life Line Credit Union5904 Hampstead Ave23226(804) 281-8397
Life Line Credit Union Inc.5855 Bremo Rd #70123226(804) 285-1916
Life Line Credit Union Inc.5855 Bremo Rd23226(804) 285-1916
Nabisco Employees Credit Union6002 S Laburnum Ave23231(804) 222-1307
Navy Federal Credit Union5445 Glenside Dr23230(888) 842-6328
New Generations1700 Robin Hood Rd23220(804) 359-8754
New Generations141 E Belt Blvd23224(804) 359-8754
New Generations801 Branchway Rd23236(804) 359-8754
Partners Financial400 N 8th St23219(804) 649-2957
Partners Financial8721 Staples Mill Rd23228(804) 649-2957
Partners Financial5516 Falmouth St #10123230(804) 649-2957
R F & P Richmond4807 Hermitage Rd #20323227(804) 266-2767
R F & P Richmond6011 Staples Mill Rd23228(804) 266-2767
R F & P Richmond Federal Credit Union4807 Hermitage Rd23227(804) 266-2767
Resources6620 W Broad St23230(804) 281-6341
Richmond Fire Dept Credit Union900 Hermitage Rd23220(804) 354-0673
Richmond Heritage50 W Commerce Rd23224(804) 233-8872
Richmond Police Department CU200 E Grace St23219(804) 780-1001
Seaboard Coast Line Employees CU1017 E Canal St23219(804) 226-7589
Southern States Credit Union5516 Falmouth St23230(804) 282-0350
Spruance Cellophane7119 Jefferson Davis Hwy23237(804) 383-3309
St. Pauls Baptist4247 Creighton Rd23223(804) 643-6173
Tbc2811 Fendall Ave23222(804) 329-2200
The Richmond Postal Credit Union In1601 Ownby Ln23220(804) 355-9684
Truliant3701 Cox Rd23233(800) 822-0382
Virginia Boxer5710 Lakeside Ave23228(804) 264-6800
Virginia Credit Union Inc7500 Boulder View Dr23225(804) 323-6800
Virginia Credit Union Inc.P.O. Box 9001023225(804) 323-6000
Virginia Credit Union Inc.4001 Lauderdale Dr23233(804) 360-7607
Virginia Credit Union Inc.2300 W Broad St23220(804) 367-0005
Virginia Credit Union Inc.1200 Koger Center Blvd23235(804) 267-5400
Virginia Credit Union Inc.5427 Glenside Dr23230(804) 662-7626
Virginia Credit Union Inc.720 E Broad St23219(804) 786-2469
Virginia Credit Union Inc.101 N 14th St23219(804) 225-3178
Virginia United Methodist Credit UnionPo Box 979823228(804) 672-0200