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These days, it’s very tricky to buy a new car or truck if you can’t get approved for a vehicle loan. Whether you get financed depends on a number of factors, for example:

  • Credit Rating
  • Salary
  • Zip Code
  • Down Payment

We make it possible to secure an auto loan online, at an economical rate of interest, regardless of your credit history.

An auto finance professional can walk you step by step through the process, helping you get an auto loan from a company near you.

Car Loan Rates in Bluefield

What will your APR be? The truth is, your annual percentage rate varies widely based on your FICO score, as well as other variables. The rates shown below are only for informational purposes. They aren’t advertisements, and your precise rate will vary.

Credit Rating 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%

Used Car Loans in Bluefield

As consumers, we’re under continual barrage by advertising for new cars. However, new autos depreciate so quickly, second hand cars are usually the better value. Take a look at the table below, displaying the costs associated with car loans for brand new versus pre-owned cars and trucks.

Age Price APR Months Payment Interest Total
New $19,500 6.00% 60 $376.99 $3,119 $22,619
1 Year $15,600 7.50% 60 $312.59 $3,156 $18,756
2 Years $13,260 7.50% 60 $265.70 $2,682 $15,942
3 Years $11,271 7.50% 60 $225.85 $2,280 $13,551

As soon as it leaves the dealership, a new car loses nearly a quarter of its value, and it continues depreciating every year. A vehicle that cost $19,500 new will only be worth $11,271 after 36 months of ownership. Below are the typical restrictions on auto loans for used cars:

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

Poor Credit Auto Loans in Bluefield

A bad credit score will make it tricky to finance a car, but it isn’t inconceivable. Some of us are hesitant to check our FICO scores, as we’re afraid of how low they could be. However, this can be damaging. Although poor credit always leads to a higher interest rate, you can now request quotes from a range of companies online.

For those with recent bankruptcies or repossession, a buy here pay here car dealership may be the only solution. Sure, your credit isn’t going to be an issue, but you will find yourself forking out a boatload in interest for an outdated car or truck.

Usually, it’s much easier to work with a traditional bank, credit union, or finance company. This is how a lot of consumers get approved these days, and it’s significantly less expensive over time.

Go here to apply online.

Minimizing Your Interest Rates

If you’d like to lessen your rate of interest, you have several options. A large percentage of individuals now have mistakes on their credit histories. These errors could be hurting your credit score without you knowing it. Lots of consumers don’t know that, once each year, you can check your credit report at zero cost via AnnualCreditReport.com.

You can contest any discrepancies yourself, or engage a credit repair company to write the dispute letters for you. If you don’t have a good credit score, having a cosigner could bring about a cheaper interest rate.

No Money Down Car Loans in Bluefield

Down payments are generally required when you finance a car. A lot of finance companies offer 100% financing, but they require top-notch credit from the purchaser. No down payment increases your rate of interest. When you’ve got first-rate credit, this is a reduced concern, as your rate won’t go up much. If you have unfavorable credit ratings, such a high interest loan isn’t recommended. You’re better off saving up for a down payment or trading your existing vehicle for equity.

Bluefield Resources

Credit Unions

Credit UnionAddressZip CodeTelephone
Bluefield Municipal EmployeesP. O. Box 410024701(304) 327-2407
Bluefield Municipal Employees200 Rogers St24701(304) 327-2407
Mercer County W Va TeachersP.O. Box 129424701(304) 323-3732
Mercer County W Va Teachers258 Blue Prince Rd24701(304) 323-3732
N & W Pora Division FCU728 W Cumberland Dr #10224701(304) 327-7716
National EmployeesP.O. Box 175524701(304) 325-9753
National Employees3140 E Cumberland Rd24701(304) 325-9753
National Employees FCU1703 Jefferson St24701(304) 325-9753