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Car and truck loans make it possible to purchase a new car, truck, or suv, even if you have minimal money. Whether your loan gets funded or not will depend on a wide variety of factors, which include your credit score, monthly income, where you live, stability of income, down payment, and debt to income ratio. For those who want to obtain the most affordable interest rate available, we can help. A local finance specialist can walk you through the process, helping you get the loan you need from a lender that won’t charge you a fortune.

Auto Loan Rates in Spokane

Many loan providers only show you the lowest rate they offer, limited to consumers with great credit. The truth is, your annual percentage rate varies hugely based on your FICO score, as well as other variables. The rates displayed below are only for informational purposes. These aren’t advertisements, and your exact rate could deviate greatly from what’s seen below.

FICO Rating New Car Used Car
Excellent 3.5% 3.7%
Good 4.9% 5.6%
Average 6.7% 7.2%
Subprime 9.7% 8.5%
Bad 14.2% 17.5%
Very Bad 15.9% NA

Used Car Financing in Spokane

Yes, the rates of interest for a used car are more expensive than the rates for a brand new one. Having said that, new vehicles depreciate so quickly, used vehicles are generally the better investment. Have a look at the comparison below, which depicts the costs associated with car loans for brand new versus pre-owned vehicles.

Age Price APR Months Payment Interest Total
New $17,900 6.00% 60 $346.06 $2,863 $20,763
1 Year $14,320 7.50% 60 $286.94 $2,897 $17,217
2 Years $12,172 7.50% 60 $243.90 $2,462 $14,634
3 Years $10,346 7.50% 60 $207.32 $2,093 $12,439

A pre-owned vehicle makes a great option, regardless of whether you’re getting a loan or not. As a rule, you can finance a car that is up to ten years old. Mileage restrictions may apply.

Poor Credit Car Loans in Spokane

Your credit score is the very first thing finance companies assess when considering you for financing. Few things are more humiliating than being turned away from the car dealership. Like any large investment, it’s smart to deal with a professional who can direct you through the process.

In Spokane, buy here pay here car dealerships wind up catering to individuals who have considerable credit issues of one variety or another. No, your credit isn’t going to be an obstacle, but you will find yourself coughing up a ton in interest for an outdated vehicle.

Basically, it’s best to go to a local bank, credit union, or lender. The rates will undoubtedly be less expensive, the terms improved, and you have the chance to boost your credit score in the process.

Best of all, you can submit your application online.

Spokane Credit Repair

Apart from opting for a more economical vehicle, the most effective way to trim your monthly installment is by boosting your credit. Is your credit report marked by any mistakes? These can harm your credit score quite drastically. Lots of folks don’t know that, once per year, you can check your credit report completely free via www.annualcreditreport.com. Reporting discrepancies is actually pretty simple. You can do it on your own, or solicit one of Spokane’s many credit improvement services to assist you. Other things that might lower your interest rate:

  • Adding a cosigner.
  • Supplying a larger down payment.
  • Obtaining a new vehicle instead of preowned.

No Down Payment Financing in Spokane

Are you trying to finance a car, but you have no cash to put down? If you have top-notch credit, the majority of loan companies will waive the down payment requirement. If your credit is only fair, however, a down payment of 10-20% is usually a requirement. Lack of a down payment increases the risk of the loan, increasing your rate of interest. If you’ve got first-rate credit, this isn’t an issue, as your rate is affordable as is. If you have below-average credit, such a high interest loan is never the best idea. You’re better off saving money for a down payment, or trading in your old vehicle for equity.

Spokane Resources

Credit Unions

Credit UnionAddressZip CodePhone
Amicus6103 N Astor St99208(509) 483-3221
Avista Corp.P.O. Box 372799220(509) 495-8067
Avista Corp.1411 E Mission Ave99202(509) 495-8067
Firestone Community1811 N Hutchinson Rd99212(800) 456-5750
Global726 W Riverside Ave99201(509) 455-2001
Global2401 W Wellesley Ave99205(509) 455-4700
Global9227 E Montgomery Ave99206(509) 455-4700
Global1520 W 3rd Ave99201(509) 455-4700
Horizon Credit Union9861 N Nevada St99218(509) 464-0014
Horizon Credit Union355 E 3rd Ave99202(509) 838-5206
NorthlandPO Box 2881099228(509) 466-3456
Northland9625 N Newport Hwy99218(509) 466-3456
Numerica2202 E 29th Ave99203(509) 535-7613
Numerica301 N Havana St99202(509) 536-7613
Numerica405 E Farwell Rd99218(509) 535-7613
Numerica303 E Lyons Ave99208(509) 535-7613
Numerica1916 W Francis Ave99205(509) 535-7613
PrimesourceP O Box 4827599228(509) 838-6157
Primesource428 E 3rd Ave99202(509) 838-6157
Primesource9707 N Nevada St99218(509) 838-6157
Progressions2919 E Mission Ave99202(509) 535-0191
Safeway529 E North Foothills Dr99207(509) 483-9416
School Employees Of Washington1500 W 4th Ave #10099201(206) 628-4010
Sears Spokane Employees4700 N Division St99207(509) 483-0580
SpokaneP.O. Box 251999220(509) 328-2900
Spokane CityPO Box 963999209(509) 325-7228
Spokane City1930 N Monroe St99205(509) 325-7228
Spokane Firefighters2002 N Atlantic St99207(509) 484-5650
Spokane Law Enforcement924 W Sinto Ave99201(509) 327-3244
Spokane Media901 W Riverside Ave99201(509) 777-8962
Spokane Media9001 E Euclid Ave99212(509) 926-3455
Spokane Teachers528 E Spokane Falls Blvd99202(509) 326-1954
Spokane Teachers4727 N Division St99207(509) 326-1954
Spokane Teachers207 E Hastings Rd99218(509) 326-1954
Spokane Teachers8703 N Indian Trail Rd99208(509) 326-1954
Spokane Teachers820 E 29th Ave99203(509) 326-1954
Spokane Teachers106 W Nora Ave99205(509) 326-1954
Spokane Teachers707 W Main Ave99201(509) 326-1954
United Health ServicesPO Box 311099220(509) 455-4067
United Health Services613 S Washington St99204(509) 455-4067
United Health Services1212 W Francis Ave99208(509) 755-1350
Washington State Employees4202 E Sprague Ave99202(360) 943-7911
Washington State Employees2523 W Northwest Blvd99205(360) 943-7911