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Generally consumers buy their cars and trucks using a loan, as not many of us have the capital on hand for an outright purchase. Unfortunately, getting approved for such a loan can be a real headache, particularly when your credit isn’t amazing. Why would you spend your time applying for financing at the finance company or dealership when you can apply right here through our site?

Banks and dealers will fight for your business in real time, putting you behind the wheel of the approval process.

Auto Loan Rates in West Virginia

These rates are only for informational purposes. They are not advertisements. Precise rates vary.

Credit Score New Car Pre-owned Car
Excellent 3.2% 3.7%
Good 4.4% 5.3%
Average 7.5% 8.9%
Subprime 10.2% 10.8%
Bad 13.3% 13.6%
Very Bad 13.9% 14.2%

Do you know your FICO score? You ought to. Many loan companies actually use an automotive-specific credit score that isn’t available to individuals, but it’s free and easy to check your credit score.

Used Car Loans in West Virginia

The rates of interest are much higher when financing used vehicles, as they introduce a somewhat higher risk of maintenance trouble. However, pre-owned cars are less expensive over the long haul, and they don’t lose their value so quickly. Check out the chart below.

Years Old Price APR Months Payment Interest Total
New $18,750 6.00% 60 $362.49 $2,999 $21,749
1 Year $15,000 7.50% 60 $300.57 $3,034 $18,034
2 Years $12,750 7.50% 60 $255.48 $2,579 $15,329
3 Years $10,838 7.50% 60 $217.16 $2,192 $13,030

After it leaves the dealer lot, a new vehicle loses nearly 25% of its value, and it continues depreciating year after year. A car or truck that cost $18,750 when new will only be worth $10,838 after 36 months of ownership. Let’s consider the most common restrictions on auto loans for used cars:

  • Vehicle not more than 7-10 years old.
  • Mileage no higher than 100,000.
  • Purchased from dealer, not private party.

Bad Credit Auto Loans in West Virginia

Straight away, lenders look at when deciding whether to approve you financing. There is nothing more embarrassing than being turned down at the car dealership. Back in the day, shoppers had to go from lender to lender, hunting for one willing to offer them a loan. Fortunately, technological advances have eliminated most of this groundwork.

Of course, you need to be careful of predatory finance companies. This is especially the truth if you end up with a buy here pay here car lot. While you might not have difficulty in terms of approval, you’ll pay handsomely for the privilege. As a general rule, it’s better to deal with a traditional bank, credit union, or loan company. The down payments are more affordable, as are the annual percentage rates, and the service is commonly noticeably superior.

Go here to apply online.

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