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The vast majority of consumers prefer to obtain their vehicles using a loan, making monthly payments versus forking over all of the money right off the bat. Most often, the bank has a lien on the car or truck until you’ve made all of the payments. You’re required to carry full coverage insurance, to ensure that you’ll have the money to pay off the vehicle in case there is a major accident. Generally, you’ll want to arrange your auto loan ahead of time. Let a finance consultant help you obtain your auto loan, answering your questions in the process.

Car Loan Rates in Eau Claire

The interest rates below aren’t anything but estimations to give you a notion of what interest rates can be expected given your location and your credit score. Your precise interest rate will be determined by various factors, such as loan company, down payment, average income, type of loan, and more.

Credit Rating 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%

Have you reviewed your credit score recently? You probably ought to. You should check your score here.

Used Car Auto Loans in Eau Claire

It’s true that the rates for a used vehicle are greater than those for a new one. That said, a second hand car loan has all kinds of benefits:

  • Less percentage down required.
  • More affordable purchase price.
  • Lesser risk of car poor.

The numbers speak for themselves.

Years Old Price Rate Months Payment Interest Total
New $28,500 6.00% 60 $550.98 $4,559 $33,059
1 Year $22,800 7.50% 60 $456.87 $4,612 $27,412
2 Years $19,380 7.50% 60 $388.34 $3,920 $23,300
3 Years $16,473 7.50% 60 $330.09 $3,332 $19,805

After just one year on the road, the $28,500 new car is worth only $22,800, and only $16,473 after 36 months. Auto loans for used vehicles come with slightly higher rates, but in many cases, you only need 10% down, and the insurance costs are less costly.

Bad Credit Auto Loans in Eau Claire

Nowadays, less-than-perfect credit really isn’t uncommon. In short, when you have less-than-perfect credit, a single digit rate of interest is a pipe dream. Usually, it’s better to consult someone familiar with the process.

It may seem that a buy here pay here car dealership is the obvious solution. These kinds of dealers don’t look at your credit, and they offer low-cost higher-mileage cars and trucks. The downsides are significant: extortionate interest rates and various conditions. You will be better off getting financed by a traditional bank or credit union. This is the way a lot of consumers get financed nowadays, and it’s much more affordable over time.

Contact an auto finance professional in your area today.

Can a Car Loan Improve Your Credit?

If you care to elevate your credit score, an auto loan can help–as long as you pay it off as arranged. Buy here pay here car lots never report to the credit reporting agencies, so your credit score will not get any better. It’s smart to register for automatic deduction, to be sure you never forget any installments.

Eau Claire Resources

Credit Unions

Credit UnionAddressZipTelephone
Eau Claire Postal3510 Hogarth St54703(715) 830-5710
Eau Claire Press701 S Farwell St54701(715) 833-7433
Eau Claire Teachers Credit Union2645 Harlem St54701(715) 834-3275
Met402 Graham Ave #10054701(715) 834-3275
Royal Credit Union (RCU)200 Riverfront Terrace54703(715) 833-8111
Royal Credit Union (RCU)2415 Jodi Dr54703(715) 833-8111
Royal Credit Union (RCU)1049 W Clairemont Ave54701(715) 833-8111
Royal Credit Union (RCU)4501 Royal Dr54701(715) 833-8111
Royal Credit Union (RCU)419 N Hastings Pl54703(715) 833-8111
Royal Credit Union (RCU)1512 Bellinger St54703(715) 833-8111
Royal Credit Union (RCU)2211 S Hastings Way54701(715) 833-8111
Sacred Heart Hospital Employees900 W Clairemont Ave54701(715) 717-4245
UtilitiesPO BOX 854702(715) 737-2467
Utilities1414 W Hamilton Ave54701(715) 737-2467