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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

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip,Telephone” data=”1st Advantage,1204 Broad Rock Blvd,23224,(757) 877-2444,Alcoa Richmond FCU,609 Bainbridge St,23224,(804) 232-8211,Assurance,2015 Staples Mill Rd,23230,(804) 354-7450,Bellwood,7101 Jefferson Davis Hwy,23237,(804) 271-0181,Benchmark,2248 Darbytown Rd,23231,(804) 652-6653,Cadmus Credit Union Incorporated,2901 Byrdhill Rd,23228,(804) 515-5155,Call,4605 Commerce Rd,23234,(804) 274-1200,Call,3660 Mayland Ct,23233,(804) 249-6888,Call,6603 W Broad St,23230,(804) 274-1300,Connects,7700 Shrader Rd,23228,(804) 756-5000,Connects Federal Credit Union,7101 Jahnke Rd,23225,(804) 756-5000,Credit Union Service Center,5001 Nine Mile Rd,23223,(804) 236-1970,Dixiecon,2000 Jefferson Davis Hwy,23224,(804) 230-2457,Dominion Credit Union,701 E Cary St,23219,(804) 771-4708,Dupont Fibers,3611 Oxbridge Rd,23236,(804) 748-9488,Dupont Fibers,5403 Jefferson Davis Hwy,23234,(804) 748-9488,Entrust,PO Box 6882,23230,(804) 353-8012,Entrust,1801 Dabney Rd,23230,(804) 353-8012,Fifth Street Baptist Church,2800 3rd Ave,23222,(804) 321-5115,Greyhound Employees FCU,2910 North Blvd,23230,(804) 254-5918,Henrico,3820 Nine Mile Rd,23223,(804) 266-0290,Henrico,1201 N Laburnum Ave,23223,(804) 266-0290,Henrico Federal Credit Union,8611 Dixon Powers Dr,23228,(804) 266-0081,Henrico Federal Credit Union,9401 W Broad St,23294,(804) 266-0290,Life Line Credit Union,5904 Hampstead Ave,23226,(804) 281-8397,Life Line Credit Union Inc.,5855 Bremo Rd #701,23226,(804) 285-1916,Life Line Credit Union Inc.,5855 Bremo Rd,23226,(804) 285-1916,Nabisco Employees Credit Union,6002 S Laburnum Ave,23231,(804) 222-1307,Navy Federal Credit Union,5445 Glenside Dr,23230,(888) 842-6328,New Generations,1700 Robin Hood Rd,23220,(804) 359-8754,New Generations,141 E Belt Blvd,23224,(804) 359-8754,New Generations,801 Branchway Rd,23236,(804) 359-8754,Partners Financial,400 N 8th St,23219,(804) 649-2957,Partners Financial,8721 Staples Mill Rd,23228,(804) 649-2957,Partners Financial,5516 Falmouth St #101,23230,(804) 649-2957,R F & P Richmond,4807 Hermitage Rd #203,23227,(804) 266-2767,R F & P Richmond,6011 Staples Mill Rd,23228,(804) 266-2767,R F & P Richmond Federal Credit Union,4807 Hermitage Rd,23227,(804) 266-2767,Resources,6620 W Broad St,23230,(804) 281-6341,Richmond Fire Dept Credit Union,900 Hermitage Rd,23220,(804) 354-0673,Richmond Heritage,50 W Commerce Rd,23224,(804) 233-8872,Richmond Police Department CU,200 E Grace St,23219,(804) 780-1001,Seaboard Coast Line Employees CU,1017 E Canal St,23219,(804) 226-7589,Southern States Credit Union,5516 Falmouth St,23230,(804) 282-0350,Spruance Cellophane,7119 Jefferson Davis Hwy,23237,(804) 383-3309,St. Pauls Baptist,4247 Creighton Rd,23223,(804) 643-6173,Tbc,2811 Fendall Ave,23222,(804) 329-2200,The Richmond Postal Credit Union In,1601 Ownby Ln,23220,(804) 355-9684,Truliant,3701 Cox Rd,23233,(800) 822-0382,Virginia Boxer,5710 Lakeside Ave,23228,(804) 264-6800,Virginia Credit Union Inc,7500 Boulder View Dr,23225,(804) 323-6800,Virginia Credit Union Inc.,P.O. Box 90010,23225,(804) 323-6000,Virginia Credit Union Inc.,4001 Lauderdale Dr,23233,(804) 360-7607,Virginia Credit Union Inc.,2300 W Broad St,23220,(804) 367-0005,Virginia Credit Union Inc.,1200 Koger Center Blvd,23235,(804) 267-5400,Virginia Credit Union Inc.,5427 Glenside Dr,23230,(804) 662-7626,Virginia Credit Union Inc.,720 E Broad St,23219,(804) 786-2469,Virginia Credit Union Inc.,101 N 14th St,23219,(804) 225-3178,Virginia United Methodist Credit Union,Po Box 9798,23228,(804) 672-0200″][/tboot_table]

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