My Car Lender
 

Home / Finance / Virginia Auto Finance / Roanoke (VA) Auto Loans

 

For lots of car-shoppers, the car loan is the main barrier to purchasing the car or truck they need. Whether your loan gets funded or not hinges on several different factors, such as your FICO score, income, your place of residence, job security, money down, and debt to income ratio. We can help you obtain a car loan faster, at a reasonable interest rate, even when your credit isn’t great. Experience the convenience of having a local Roanoke financing expert guide you through the approval process. Even better, it’s free to apply.

Car Loan Rates in Roanoke

Most lenders don’t display auto loan rates based on FICO score. Instead, they showcase the lowest rate available. In point of fact, your rate of interest can vary widely based on your credit score, among a number of other variables. The rates shown below are only for informational purposes. These are not advertisements, and your precise rate could deviate vastly from what you see below.

FICO Rating New Car Used 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 Auto Loans in Roanoke

Automakers are really only interested in selling brand new cars and trucks. Then again, a second hand car auto loan has a great deal of advantages:

  • Down payment is more affordable.
  • More affordable sticker price.
  • Minimized risk of being upside down.

Have a look at the chart below, which shows the costs associated with auto loans for brand new versus pre-owned cars and trucks.

Age Price Rate Months Payment Interest Total
New $15,400 6.00% 60 $297.73 $2,464 $17,864
1 Year $12,320 7.50% 60 $246.87 $2,492 $14,812
2 Years $10,472 7.50% 60 $209.84 $2,118 $12,590
3 Years $8,901 7.50% 60 $178.36 $1,801 $10,702

A used car is a good option, regardless of whether you’re financing or not. Most finance companies will permit you to finance a used car that’s up to eight years old, and some cap the mileage at 100K miles.

Bad Credit Auto Loans in Roanoke

In most cases, offers such as 0% financing are unfeasible if your credit score isn’t in the mid to high 700s. Essentially, your credit score is used to quantify risk. Previous generations had to go from lender to lender, looking for one willing to offer them financing. Fortunately, technology has phased out a lot of this legwork.

A lot of people with below-average credit end up at one of Roanoke’s buy here pay here car lots. These dealers offer in-house auto loans, sans credit assessment. While you shouldn’t have any problem when it comes to approval, you’ll pay handsomely for the opportunity.

In most cases, it’s preferable to go to a regional bank or finance company. There are lots of advantages: more affordable rates, considerably better service. Also, if you make your payments on time, an improved credit score.

Go here to apply online.

Limiting Your Interest Rates

There are several strategies to lower your rate of interest. First of all, you should address any discrepancies on your credit report. Fortunately, you can check your credit annually, free of charge, at www.annualcreditreport.com.

It takes 1-2 months to get any mistakes remedied, after which time you may see an improvement in your credit score. Often, including a cosigner with your loan could also lessen your annual percentage rate.

No Money Down Financing in Roanoke

Are you aiming to purchase a car with no money down? For those who have excellent credit, most creditors will not require a down payment. If your credit is only fair, however, a down payment of 10-20% will typically be necessary. If you don’t have the best credit, it is easier to start setting aside funds for a down payment, or you could wind up paying an exorbitant rate of interest. That said, when you apply online, there are many lenders and dealers which do offer 100% financing, even for folks who don’t have optimal credit.

Roanoke Resources

Credit Unions

Credit UnionAddressZip CodePhone
Carilion1030 S Jefferson St #10224013(540) 777-1575
Carilion1030 S Jefferson St24013(540) 777-1575
Crch Employees109 Highland Ave SW24016(540) 985-8535
Fedstar5005 Melrose Ave NW24017(540) 986-0652
FedstarPoff Federal Building24011(540) 344-3900
Freedom First5240 Valleypark Dr24019(866) 389-0244
Freedom First102 Westside Blvd NW24017(540) 389-0244
Freedom First2125 Colonial Ave SW24015(540) 342-4515
Freedom First5102 Williamson Rd NW24012(540) 389-0244
High Street Baptist Church2302 Florida Ave NW24017(540) 362-9298
Itt Roanoke Employees7635 Plantation Rd24019(540) 362-7315
Member OnePO Box 1228824024(540) 982-8811
Member One6435 Williamson Rd24019(540) 982-8811
Member One202 4th St NE24016(540) 982-8811
Member One2310 Electric Rd24018(540) 982-8811
Roanoke Postal EmployeesPO Box 1240524025(540) 342-3429
Roanoke Postal Employees4025 Brambleton Ave24018(540) 342-3429
Roanoke Postal Employees419 Rutherford Ave NE24016(540) 342-3429
Roanoke ValleyP.O. Box 1304524030(540) 982-3931
Roanoke Valley723 5th St NE24016(540) 982-3931
Roanoke Virginia Firemen1115 Patterson Ave SW24016(540) 342-5809
Salem Va Medical Center2042 Electric Rd SW24018(540) 776-1031
Southwestern Telco1430 Hershberger Rd NW24012(540) 563-1957