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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

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip,Telephone” data=”Atlantic Greyhound,PO Box 11867,25339,(304) 344-3605,Cabell Co. School Employees FCU,317 31st St W,25312,(304) 697-2919,Camc,3400 Maccorkle Ave SE,25304,(304) 388-5700,Cha-Tel,1500 Maccorkle Ave SE,25304,(304) 344-3330,Charleston,300 Virginia St E #4203,25301,(304) 347-3393,Charleston,300 Virginia St E,25301,(304) 347-3393,Charleston Newspapers,1001 Virginia St E,25301,(304) 348-4891,Charleston Postal,1000 Parkway Centre Way,25309,(304) 746-5111,Charleston Postal,1002 Lee St E,25301,(304) 561-1090,City National Bank Of Charleston,3601 Maccorkle Ave SE,25304,(304) 926-3300,Greyhound-Atlantic FCU,179 Summers St,25301,(304) 344-3605,Ibew 466,810 Indiana Ave,25302,(304) 344-0390,Local No. 317 I.A.F.F.,PO Box 3736,25337,(304) 345-9790,Local No. 317 I.A.F.F.,300 Morris St,25301,(304) 345-9790,Members Choice Wv,P O Box 20040,25362,(304) 346-5242,Members Choice Wv,201 Ohio Ave,25302,(304) 346-5242,One Community Federal Credit Union,200 3rd Ave SW,25303,(304) 865-2272,Pioneer West Virginia,1320 Kanawha Blvd E,25301,(304) 348-6648,Pioneer West Virginia,4802 Maccorkle Ave SW,25309,(304) 348-6648,South Charleston Employees FCU,515 3rd Ave SW,25303,(304) 720-5600,Star Usa,1 Cantley Dr,25314,(304) 357-2319,The State,2200 Washington St E,25311,(304) 558-0566,Union Trades,600 Leon Sullivan Way #101,25301,(304) 344-0194,Union Trades Federal Credit Union,600 Leon Sullivan Way,25301,(304) 344-0194,Valley Bell,508 Roane St,25302,(304) 344-2511,West Virginia,318 5th Ave SW,25303,(304) 744-7604,Wv Air National Guard FCU,1679 Coonskin Dr,25311,(304) 342-2422,Wv National Guard,1512 Coonskin Dr,25311,(304) 342-2422,Wv United,3418 Maccorkle Ave SE,25304,(304) 721-4145,Wv United,350 Capitol St #156,25301,(304) 721-4145″][/tboot_table]

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