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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 AnnualCreditReport.com. 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

Credit UnionStreet addressZipPhone
Air Tech1919 E Grange Ave53207(414) 744-1325
AmericanPO BOX 07057353207(414) 747-2226
American3280 S Clement Ave53207(414) 747-2226
Aurora950 N 12th St53233(414) 219-7183
Aurora3355 W Forest Home Ave53215(414) 649-7949
Badger MeterPO Box 24503653224(414) 371-5863
Badger Meter4545 W Brown Deer Rd53223(414) 371-5863
Brewery1351 N Dr Martin Luther King Dr53212(414) 273-3170
Brewery2826 S Kinnickinnic Ave53207(414) 755-0047
Brewery1351 NORTH DR.MARTIN LUTHER KING JR.DRIVE53212(414) 273-3170
Cleaver-BrooksPO Box 42153201(414) 438-5444
Ctk7750 N 60th St53223(414) 354-5610
Destiny7210 N 76th St53223(414) 760-2332
Educators1515 W Lapham Blvd53204(262) 884-2521
Educators4000 W Loomis Rd53221(414) 325-2500
Educators10811 W Park Pl53224(414) 325-2500
Educators2243 N Prospect Ave53202(414) 298-1300
Educators7025 W Appleton Ave53216(414) 325-2500
Empower231 W Michigan St53203(414) 221-3451
Enterprise765 N Broadway53202(414) 225-2440
Federated Family626 E Wisconsin Ave #10253202(414) 278-7220
Federated Family310 W Wisconsin Ave #114553203(414) 225-9008
Greater Galilee Baptist2432 N Teutonia Ave53206(414) 562-0072
Greater Milwaukee345 W St Paul Ave53203(414) 278-7661
Heritage225 W Greenfield Ave53204(414) 645-5160
Landmark4000 S 27th St53221(262) 796-4500
Landmark5825 W Hope Ave53216(262) 796-4500
Marine333 N 35th St53208(414) 342-7660
Northwestern Mutual720 E Wisconsin Ave53202(414) 665-3423
Our Lady Of Good Hope7152 N 41st St53209(414) 352-7914
Our Lady Of Good Hope7140 N 41st St53209(414) 352-7914
Prime Financial4878 N Swan Rd53225(414) 527-0834
Prime Financial1010 N Water St53202(414) 271-0217
Summit6914 W Brown Deer Rd53223(608) 243-5000
Summit10015 W Greenfield Ave53214(608) 243-5000
University Of WisconsinUWM Union First Floor West53211(608) 232-5000
Veterans Administration5000 W National Ave53295(414) 383-4002
Wisconsin Latvian Inc.PO Box 51016753203(414) 332-1744