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If you are considering a vehicle, used or new, you will likely need a car loan. Most often, the loan company holds a lien on the car or truck until the loan is fully repaid. You will need to carry full coverage insurance, to make sure that you will have the funds to pay off the vehicle in case of an accident. To accelerate approval, you can submit an application online for a car loan. Lending companies and dealerships will vie for your business in real time, putting you behind the wheel of the approval process.

Auto Loan Rates in Clarksburg

These rates should not be construed as anything but estimates to give you a notion of what interest rate to expect given where you live and your FICO score. Your precise rate will be determined by quite a number of variables, which include loan company, down payment, debt-to-income ratio, type of vehicle, and much more.

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%

Used Car Loans in Clarksburg

Automakers are mainly interested in selling brand new vehicles. That being said, a used car auto loan has all kinds of benefits:

  • Just 10% down required.
  • More affordable sticker price.
  • Reduced risk of car poor.

Here, we compare the cost of a loan for a vehicle that is new versus a few years old.

Years Old Price Rate Months Payment Interest Total Cost
New $24,000 6.00% 60 $463.99 $3,839 $27,839
1 Year $19,200 7.50% 60 $384.73 $3,884 $23,084
2 Years $16,320 7.50% 60 $327.02 $3,301 $19,621
3 Years $13,872 7.50% 60 $277.97 $2,806 $16,678

After only one full year on the road, the $24,000 new car is worth only $19,200, and only $13,872 after three years. Below are the most common limits on auto loans for used cars:

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

Bad Credit Auto Loans in Clarksburg

Are you hoping to finance a car from a dealership in Clarksburg, despite poor credit? The higher your credit score, the lower your rate of interest. Although poor credit always leads to a more expensive interest rate, you can now request quotes from various loan companies online.

Countless individuals with less-than-perfect credit wind up at one of Clarksburg’s buy here pay here car dealers. These retailers grant financing on-site, without credit check. The rates border on extortionate, and the cars and trucks are often overpriced.

You will be better off with a car loan from a bank or lender–available through any conventional dealership. A conventional lender will report to the credit agencies, meaning your credit score will improve as long as you keep making your payments on time.

Go here to apply online.

Can a Car Loan Improve Your Credit?

An auto loan can boost your credit, provided that it meets the following conditions:

  • It isn’t from a buy here pay here dealership.
  • The installments are paid on time, month after month.

There is no immediate surge in your credit score. Rather, it should increase steadily as you keep making your payments. You can’t really determine exactly how much you credit score could increase, simply because it depends on several factors, but the improvement is often sizeable.

Clarksburg Resources

Credit Unions

Credit UnionAddressZip CodePhone
City Of Clarksburg444 W Main St #426301(304) 624-1678
Clarksburg Area Postal Employees200 Cava Drive Rm 12626301(304) 623-4794
Clarksburg Area Postal Employees200 Cava Drive26301(304) 623-4794
Cwv Tel131 W Pike St26301(304) 623-6800
Harrison County Federal Credit Union315 Buckhannon Pike26301(304) 622-3780
Hope445 W Main St26301(304) 627-3065
Justice1000 Custer Hollow Rd26330(703) 480-5300