These days, you will find it extremely tricky to obtain a new car if you don’t qualify for a car loan. For people with first-class credit, this is a hassle-free process. When you have less-than-perfect credit, however, it can be a real annoyance. Generally, you’ll want to arrange your car loan in advance. There are professionals who can help you get a loan at an economical rate of interest.
Auto Finance Rates in Oak Hill
The majority of banks only show you the most affordable rate they have, limited to consumers with the best FICO scores. The truth is, your annual percentage rate can vary hugely based on your credit, as well as other things. The rates shown below are only for informational purposes. These aren’t advertisements, and your precise rate will vary.
| FICO 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 Oak Hill
You will find that creditors charge slightly more expensive rates for used vehicles. Elevated interest rates for pre-owned cars, however, are balanced out by smaller down payments, monthly installments, and premiums. You can finance a solid used car or truck for half the cost of a new one.
| Years Old | Price | APR | Months | Payment | Interest | Total Cost |
|---|---|---|---|---|---|---|
| New | $28,400 | 6.00% | 60 | $549.05 | $4,543 | $32,943 |
| 1 Year | $22,720 | 7.50% | 60 | $455.26 | $4,596 | $27,316 |
| 2 Years | $19,312 | 7.50% | 60 | $386.97 | $3,906 | $23,218 |
| 3 Years | $16,415 | 7.50% | 60 | $328.93 | $3,320 | $19,736 |
A pre-owned vehicle is an excellent option, whether you’re financing or paying cash. In most cases, you can get an auto loan for a car that is up to 10 years old. Mileage restrictions may apply.
Bad Credit Car Loans in Oak Hill
Most of the time, promotions such as no money down are unattainable if your credit score isn’t in the mid to high 700s. Basically, lenders use your FICO score as a measure of the likelihood that you will make your payments on time. A couple of decades ago, there were few non-bank loan companies who would approve those with low credit scores. Now many finance companies, as well as some banks, have special finance teams.
It might seem like a buy here pay here car dealership is the obvious alternative. These types of dealerships don’t even pull your credit, and they offer inexpensive, second hand vehicles. While you might not have trouble in terms of approval, it’ll cost you a lot for the opportunity. Instead, it’s smart to apply for the loan you need via the internet. An established bank or finance company will report your repayment to the credit reporting agencies, which means your credit score will get better if you make your payments on time.
Contact an auto finance professional in your area today.
No Money Down Auto Loans in Oak Hill
Saving enough cash necessary to purchase a car or truck is difficult, even if you only need enough for a down payment. Ordinarily, there are a couple of prerequisites for no down payment financing:
- The car is brand new.
- The customer has excellent credit.
By completing your application online, you can improve your odds of securing this kind of an offer. Loan companies and car dealers are able to view your preferred down payment in advance. If you leave the down payment field empty, the finance professional will understand.
Oak Hill Resources
- West Virginia DMV: http://www.transportation.wv.gov/DMV/Pages/default.aspx
- West Virginia DFI: http://www.dfi.wv.gov/Pages/default.aspx
Credit Unions
| Credit Union | Street address | Zip Code | Phone |
|---|---|---|---|
| Pioneer West Virginia | 1507 E Main St | 25901 | (304) 348-6648 | Pioneer Wv Federal Credit Union | 1507 Main St E | 25901 | (304) 465-2060 |
