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In today’s world, it is very tricky to purchase a vehicle without financing. It would be nice if this was easy, but it usually isn’t. Banking institutions need lots of information before choosing to provide you an auto loan. If you need to get approved at the least expensive interest rate possible, we’re here to help. You will find professionals who can help you finance the car you need with a rate you can afford.

Auto Finance Rates in Wisconsin

Wondering what interest you will be asked to pay? In fact, your rate of interest can vary widely based on your credit score, not to mention a range of other variables. The rates displayed below are only for informational purposes. They’re not advertisements, and your exact rate could be very different.

Credit Score New Car Pre-owned Car
Excellent 3.3% 3.4%
Good 4.7% 4.8%
Average 6.7% 7.0%
Subprime 9.8% 10.4%
Bad 14.7% 16.2%
Very Bad 14.8% 17.8%

You really should know what your credit score is. You should check your score here online.

Used Car Financing in Wisconsin

Used autos are cheaper, but the interest rates are a little bit elevated compared with new cars. Having said that, to put yourself in the strongest financial position, you’ll choose a used car. Below, we review the costs of a loan for a car that’s brand new versus one, two, or three years old.

Age Price APR Months Payment Interest Total Cost
New $20,400 6.00% 60 $394.39 $3,263 $23,663
1 Year $16,320 7.50% 60 $327.02 $3,301 $19,621
2 Years $13,872 7.50% 60 $277.97 $2,806 $16,678
3 Years $11,791 7.50% 60 $236.27 $2,385 $14,176

After just one full year on the road, the $20,400 new car is worth only $16,320, and only $11,791 after 36 months. As a rule, you can finance a vehicle that’s up to ten years old. Mileage limitations often apply.

Bad Credit Car Loans in Wisconsin

Has your credit been damaged by chapter 7/13 bankruptcy, foreclosure, or other issues like this? There is nothing more embarrassing than having your credit refused at the dealership. Although bad credit always leads to an increased annual percentage rate, you can now request quotes from a range of companies online. It might seem that a buy here pay here dealership is the easiest choice. These kinds of dealers don’t even look at your credit, and they offer cheap pre-owned vehicles. While you won’t have any difficulty in terms of approval, it’ll cost you handsomely for the opportunity.

You will be better off getting a loan from a bank, credit union, or loan company, which you can do through any traditional dealership. A regular lender will report to the credit agencies, so your credit score will improve if you keep making your payments on schedule.

Contact an auto finance professional in your town today.

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