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Quite a number of individuals prefer to pay for their cars and trucks using a loan, paying in monthly installments instead of shelling out the whole amount at one time. A lot of the time, your car loan will be arranged in the F&I office, but this can take major time out of your day. Countless financial experts advise securing your car loan before hitting the dealership, which provides the following advantages:

  • Fewer hours spent at the dealer.
  • Cheaper interest rate.
  • Greater negotiating leverage.

A finance expert can guide you step by step through the process, helping you obtain the finance package you need from a lender in your area.

Car Loan Rates in Charleston

Here you’ll find rates estimated at various credit scores. These are not to be perceived as advertisements. Your precise rate could differ substantially from the interest rates listed here.

Credit Rating New Car Used 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 Charleston

As a consumer, you’re continuously hit with advertising for new cars and trucks. Having said that, it’s smart to finance a used car, since the total cost will be substantially less. Check out the comparison below, which depicts the costs associated with auto loans for new versus pre-owned cars and trucks.

Age Price Rate Months Payment Interest Total Cost
New $22,250 6.00% 60 $430.15 $3,559 $25,809
1 Year $17,800 7.50% 60 $356.68 $3,601 $21,401
2 Years $15,130 7.50% 60 $303.17 $3,060 $18,190
3 Years $12,861 7.50% 60 $257.70 $2,601 $15,462

Most cars lose roughly 15% of their value every year, so you can obtain a low-mileage used car for thousands less than a brand new one. As a rule, you can get a car loan for a vehicle that’s up to a decade old. Mileage limits may apply.

Bad Credit Car Loans in Charleston

Poor credit has become a serious issue among the people of Charleston and the state as a whole. Better credit ratings usually lead to lower interest rates, but it’s considerably more complicated than that. Fortunately, there are now creditors who focus on subprime financing situations.

In house loans are a second option, made available by Charleston’s buy here pay here car dealerships. The drawbacks are substantial, such as excessively high rates and multitudinous stipulations.

If at all possible, you want to get your auto loan through one of the following lenders:

  • Local bank.
  • Credit union for which you’re eligible.
  • Vehicle finance company.

A dealer or local finance professional can help you get financed through one of these loan providers. This is how many individuals these days get approved, and it’s much more economical in the end.

Go here to apply online.

Decreasing Your Annual Percentage Rate

If you’d like to lessen your rate of interest, you have a couple of options. Correcting any credit report mistakes can raise your credit score substantially. Fortunately, it’s free to check your credit report once a year at AnnualCreditReport.com.

Correcting any mistakes–a simple and easy process–could really boost your credit score. Often, including a cosigner with your loan package could also reduce your rate of interest.

Can a Car Loan Improve Your Credit?

A lot of your FICO score is based on payment history. Paying down a car loan strengthens that payment history, boosting your credit score in the process. But bear in mind that this is a gradual process. It’s best to register for auto-pay, as this will stop you from missing payments.

Charleston Resources

Credit Unions

Credit UnionAddressZipTelephone
Atlantic GreyhoundPO Box 1186725339(304) 344-3605
Cabell Co. School Employees FCU317 31st St W25312(304) 697-2919
Camc3400 Maccorkle Ave SE25304(304) 388-5700
Cha-Tel1500 Maccorkle Ave SE25304(304) 344-3330
Charleston300 Virginia St E #420325301(304) 347-3393
Charleston300 Virginia St E25301(304) 347-3393
Charleston Newspapers1001 Virginia St E25301(304) 348-4891
Charleston Postal1000 Parkway Centre Way25309(304) 746-5111
Charleston Postal1002 Lee St E25301(304) 561-1090
City National Bank Of Charleston3601 Maccorkle Ave SE25304(304) 926-3300
Greyhound-Atlantic FCU179 Summers St25301(304) 344-3605
Ibew 466810 Indiana Ave25302(304) 344-0390
Local No. 317 I.A.F.F.PO Box 373625337(304) 345-9790
Local No. 317 I.A.F.F.300 Morris St25301(304) 345-9790
Members Choice WvP O Box 2004025362(304) 346-5242
Members Choice Wv201 Ohio Ave25302(304) 346-5242
One Community Federal Credit Union200 3rd Ave SW25303(304) 865-2272
Pioneer West Virginia1320 Kanawha Blvd E25301(304) 348-6648
Pioneer West Virginia4802 Maccorkle Ave SW25309(304) 348-6648
South Charleston Employees FCU515 3rd Ave SW25303(304) 720-5600
Star Usa1 Cantley Dr25314(304) 357-2319
The State2200 Washington St E25311(304) 558-0566
Union Trades600 Leon Sullivan Way #10125301(304) 344-0194
Union Trades Federal Credit Union600 Leon Sullivan Way25301(304) 344-0194
Valley Bell508 Roane St25302(304) 344-2511
West Virginia318 5th Ave SW25303(304) 744-7604
Wv Air National Guard FCU1679 Coonskin Dr25311(304) 342-2422
Wv National Guard1512 Coonskin Dr25311(304) 342-2422
Wv United3418 Maccorkle Ave SE25304(304) 721-4145
Wv United350 Capitol St #15625301(304) 721-4145