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Quite a number of people opt to pay for their cars and trucks through financing, making monthly installments as opposed to spending just one lump sum. Quite often, car loans are arranged at the dealership, but this can be a very frustrating process. To help speed up the process, you can sign up online for your car loan. You could be working out the specifics of your loan in a matter of minutes.

Car Loan Rates in Milwaukee

Few banks, credit unions, and auto finance sites provide Milwaukee auto loan rates based on credit score. Instead, they tell you the most affordable rate available. In point of fact, your rate of interest can vary hugely based on your FICO score, among a range of other variables. The rates displayed below are only for informational purposes. These are not advertisements, and your precise rate will vary.

FICO Score 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%

Used Car Auto Loans in Milwaukee

Second hand autos are less expensive, but the rates of interest are somewhat elevated. Intelligent consumers, however, always buy used cars. Below, we look at the costs of financing a car or truck that’s new versus 1-3 old.

Age Price Rate Months Payment Interest Total Cost
New $24,800 6.00% 60 $479.45 $3,967 $28,767
1 Year $19,840 7.50% 60 $397.55 $4,013 $23,853
2 Years $16,864 7.50% 60 $337.92 $3,411 $20,275
3 Years $14,334 7.50% 60 $287.23 $2,900 $17,234

Clearly, the car purchased new for $24,800 is worth only $14,334 after 36 months. Most loan providers will let you finance a used vehicle up to ten years old, sometimes a bit less, and some cap the mileage at 100,000 miles.

Poor Credit Auto Loans in Milwaukee

FICO scores of less than 680 are generally viewed as subprime, and those below 620 are simply bad. In effect, lenders use your credit history to determine whether you will make your payments on time. Before the net, you didn’t have much option but to agree to whatever annual percentage rate and conditions you were offered. Today, there are better ways to get approved.

Buy here pay here financing is a second option. There’s a price you pay for that lack of credit check: excessive rates, stringent conditions, and overpriced vehicles.

You will be better off getting financed by a bank or credit union–a possibility through conventional car dealerships. The rates should be lower, the terms superior, and you have the chance to improve your credit score along the way.

Contact an auto finance professional in your area today.

Reducing Your Interest

Are you concerned that your rate of interest is going to be too costly? A large percentage of potential buyers are known to have inaccuracies on their credit histories. Such errors could be negatively affecting your credit score, and you don’t even know it. Fortunately, you can check your credit annually, at zero cost, at Milwaukee has a number of credit repair companies that can help you fix these types of mistakes, or you can write the credit reporting agencies yourself. Other things that might improve your APR:

  • Getting a parent, spouse, or sibling to cosign the loan.
  • Supplying a bigger down payment.
  • Saying yes to shorter loan repayment terms.

No Down Payment Cars in Milwaukee

Need to get a car financed, but you don’t have any cash as a down payment? No money down car loans, like zero percent financing specials, are typically available only to people who’ve got outstanding credit. Lack of a down payment elevates the lender’s risk, which spikes your interest rate. If you’ve got great credit, this isn’t so much an issue, as you can afford for your rate to rise a bit. If you have bad credit, such a high interest loan is rarely a good idea. You’re better off saving money for a down payment, or trading in your existing vehicle for equity.

Milwaukee Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip,Phone” data=”Air Tech,1919 E Grange Ave,53207,(414) 744-1325,American,PO BOX 070573,53207,(414) 747-2226,American,3280 S Clement Ave,53207,(414) 747-2226,Aurora,950 N 12th St,53233,(414) 219-7183,Aurora,3355 W Forest Home Ave,53215,(414) 649-7949,Badger Meter,PO Box 245036,53224,(414) 371-5863,Badger Meter,4545 W Brown Deer Rd,53223,(414) 371-5863,Brewery,1351 N Dr Martin Luther King Dr,53212,(414) 273-3170,Brewery,2826 S Kinnickinnic Ave,53207,(414) 755-0047,Brewery,1351 NORTH DR.MARTIN LUTHER KING JR.DRIVE,53212,(414) 273-3170,Cleaver-Brooks,PO Box 421,53201,(414) 438-5444,Ctk,7750 N 60th St,53223,(414) 354-5610,Destiny,7210 N 76th St,53223,(414) 760-2332,Educators,1515 W Lapham Blvd,53204,(262) 884-2521,Educators,4000 W Loomis Rd,53221,(414) 325-2500,Educators,10811 W Park Pl,53224,(414) 325-2500,Educators,2243 N Prospect Ave,53202,(414) 298-1300,Educators,7025 W Appleton Ave,53216,(414) 325-2500,Empower,231 W Michigan St,53203,(414) 221-3451,Enterprise,765 N Broadway,53202,(414) 225-2440,Federated Family,626 E Wisconsin Ave #102,53202,(414) 278-7220,Federated Family,310 W Wisconsin Ave #1145,53203,(414) 225-9008,Greater Galilee Baptist,2432 N Teutonia Ave,53206,(414) 562-0072,Greater Milwaukee,345 W St Paul Ave,53203,(414) 278-7661,Heritage,225 W Greenfield Ave,53204,(414) 645-5160,Landmark,4000 S 27th St,53221,(262) 796-4500,Landmark,5825 W Hope Ave,53216,(262) 796-4500,Marine,333 N 35th St,53208,(414) 342-7660,Northwestern Mutual,720 E Wisconsin Ave,53202,(414) 665-3423,Our Lady Of Good Hope,7152 N 41st St,53209,(414) 352-7914,Our Lady Of Good Hope,7140 N 41st St,53209,(414) 352-7914,Prime Financial,4878 N Swan Rd,53225,(414) 527-0834,Prime Financial,1010 N Water St,53202,(414) 271-0217,Summit,6914 W Brown Deer Rd,53223,(608) 243-5000,Summit,10015 W Greenfield Ave,53214,(608) 243-5000,University Of Wisconsin,UWM Union First Floor West,53211,(608) 232-5000,Veterans Administration,5000 W National Ave,53295,(414) 383-4002,Wisconsin Latvian Inc.,PO Box 510167,53203,(414) 332-1744″][/tboot_table]