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Many individuals elect to pay for their cars and trucks with an auto loan, paying monthly versus forking over the entire amount upfront. Unfortunately, arranging a car loan can be a pretty aggravating process, prolonging the whole car buying process. If you’d like to get approved for the least expensive rate of interest available, we’re here to help. An auto finance expert can walk you step-by-step through the process, helping you secure a car loan from a company that won’t charge you a fortune.

Auto Loan Rates in Madison

What will your APR be? The truth is, your annual percentage rate varies greatly based on your FICO score, as well as a number of other factors. The rates displayed below are only for informational purposes. They aren’t advertisements, and your actual rate will vary.

FICO Rating New Car Used 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%

Do you know your FICO score? You should. If you don’t know your credit score, you could pay too much in interest. Go here to check your score.

Used Car Auto Loans in Madison

Options like 0% loans and no down payment are available on new cars when you have really good credit. With that being said, it is smarter to finance a used car or truck, given that the overall cost will be significantly less. The numbers speak on their own.

Years Old Price Rate Months Payment Interest Total Cost
New $23,600 6.00% 60 $456.25 $3,775 $27,375
1 Year $18,880 7.50% 60 $378.32 $3,819 $22,699
2 Years $16,048 7.50% 60 $321.57 $3,246 $19,294
3 Years $13,641 7.50% 60 $273.33 $2,759 $16,400

Are you interested in pre-owned car or truck? Generally, you can finance a vehicle that’s up to a decade old. Mileage restrictions may apply.

Poor Credit Car Loans in Madison

Getting a car loan with poor credit can be tough, especially if you would rather not pay an inflated interest rate. Countless consumers choose to ignore checking their credit score, because they would prefer not to know. The thing is, though, it really is smarter to know your score. In the old days, shoppers had to go from lender to lender, searching for one willing to offer them financing. Fortunately, technological advances have eliminated much of this legwork.

In house financing is yet another option, made available by Madison’s buy here pay here (BHPH) car dealers. While you probably won’t have problems getting financed, you’ll be charged a king’s ransom for the opportunity.

If you can, you’ll want to get your finance package through one of these lenders:

  • Regional or local bank.
  • Credit union local to you.
  • Vehicle loan company.

A dealer or auto finance specialist will help you get financed through one of these lenders. A regular loan provider will report your payments to the credit bureaus, meaning your credit score will increase as long as you make your payments on time.

Go here to apply online.

Madison Credit Repair

Although your interest rates will be based on your credit history, there are things that can be done to make your auto loan more affordable. A large proportion of potential buyers have errors on their credit histories. These inaccuracies could be damaging your credit score without you realizing it. You can pull your credit report for free at www.annualcreditreport.com, a service offered by the three major credit bureaus. Reporting discrepancies is actually pretty simple. You can do it on your own, or solicit one of Madison’s credit repair solutions to assist you. On top of that, cosigners, down payments, and faster repayment terms all bring about more affordable loan rates.

Can a Car Loan Improve Your Credit?

Much of your FICO score is based on payment history. Paying off a financed vehicle as agreed bolsters that payment history, increasing your credit score at the same time. Buy here pay here car dealerships rarely ever report to the credit agencies, so your credit score isn’t likely to increase. Make sure to register for auto-pay, as this will prevent you from skipping payments.

Madison Resources

Credit Unions

Credit UnionStreet addressZip CodePhone
Badger Campus1101 Spring St53715(608) 262-3757
Badger Campus1 Gifford Pinchot Dr53705(608) 250-2385
Credit Union Express Branch3809 E Washington Ave53704(608) 249-4695
Dane County2160 Rimrock Rd53713(608) 256-5665
Dane County709 Struck St53711(608) 256-5665
Heartland5325 High Crossing Blvd53718(608) 282-7000
Heartland555 W Washington Ave53703(608) 268-7400
Heartland944 Williamson St53703(608) 282-7050
Heritage1212 Huxley St53704(608) 268-5090
HeritageHERITAGE CREDIT UNION53704(608) 241-2191
Heritage Credit Union2555 Shopko Dr53704(608) 241-2191
Kilowatt4902 N Biltmore Ln53718(608) 256-1001
Kilowatt4902 N Biltmore Ln #154553718(608) 256-1001
M. G. & E.P O Box 860153708(608) 255-1773
M. G. & E.601 E Main St53703(608) 255-1773
Madison949 E Washington Ave53703(608) 266-4750
Madison215 Martin Luther King Jr Blvd #12553703(608) 266-5500
Madison City - Credit Union215 Martin Luther King Jr Blvd53703(608) 266-5500
Madison Fire Department1437 Monroe St53711(608) 266-4952
Madison News Credit Union1901 Fish Hatchery Rd53713(608) 252-6495
Madison Police Credit Union210 Martin Luther King Jr Blvd53703(608) 267-1189
Madison V A Employees CU2500 Overlook Terrace53705(608) 257-3274
Members First2801 Beltline Hwy53713(608) 271-5301
Members First601 Ray O Vac DR53711(608) 275-4667
Post Office151 W Corporate Dr53714(608) 244-3518
Post Office Credit UnionPo Box 774453707(608) 244-3518
Quorum910 Mayer Ave53704(608) 285-6866
St. Marys & Affiliates700 S Park St53715(608) 258-5062
Star2001 Taft St53713(608) 257-2606
State Capitol Credit Union1st Mortgage Informa53718(608) 266-3311
Summit1799 Thierer Rd53704(608) 243-5000
Truax Credit Union2625 Truax Court53703(608) 244-7704
University Of Wisconsin200 E Broadway53716(608) 232-5000