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The purchase of a new car or truck without a loan or lease is quite unusual in today’s market. Unfortunately, the process of obtaining financing can be a considerable aggravation, especially when you have a low credit score. We make it possible to secure financing the day you apply, at an economical rate of interest, no matter your credit score.

You could be behind the wheel of a new car before you know it.

Auto Finance Rates in Rhinelander

Keep in mind, these rates are not advertisements, but instead estimates at the time of publication. The rate you’re offered may vary appreciably from the rates displayed here.

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%

Used Auto Loans in Rhinelander

Yes, the rates of interest for a used car or truck are greater than those for a brand new one. Savvy buyers, however, usually purchase used cars. You can finance a low-mileage pre-owned car or truck for half what it costs to finance a new one.

Years Old Price APR Months Payment Interest Total
New $15,200 6.00% 60 $293.86 $2,432 $17,632
1 Year $12,160 7.50% 60 $243.66 $2,460 $14,620
2 Years $10,336 7.50% 60 $207.11 $2,091 $12,427
3 Years $8,786 7.50% 60 $176.05 $1,777 $10,563

In only one full year on the road, the $15,200 new car is worth only $12,160, and only $8,786 after 36 months. Let’s consider the typical limitations on auto loans for used cars:

  • Car not more than 7-10 years old.
  • Mileage no greater than 100,000 miles.
  • Purchased via dealer, not private party.

Bad Credit Auto Loans in Rhinelander

Your credit history is supremely important when financing a car. When determining your interest rate, loan providers pay special attention to your history with prior car loans and leases. Fortunately, we know of lenders who are experts in subprime lending situations.

Countless shoppers with less-than-perfect credit find themselves at one of Rhinelander’s buy here pay here dealers. These dealers offer on-site car loans, sans credit check. The annual percentage rates border on criminal, and the cars and trucks are likely to be priced higher than they would normally be. Preferably, you want to obtain your finance package through one of the following loan providers:

  • Local bank.
  • Credit union for which you’re eligible.
  • Vehicle finance company.

A dealership or finance specialist will help you get financed through one of these lenders. The down payments are less expensive, the same as the rates, and the service is commonly noticeably superior.

Go here to apply online.

Can a Car Loan Improve Your Credit?

As time passes, the payments you make financing a car can bump up your credit score . Buy here pay here car lots rarely report to the credit reporting agencies, which means that your credit score isn’t likely to get any better. You can’t really calculate just how many points you credit score will improve, because it depends on many different factors, but the improvement is typically considerable.

Rhinelander Resources

Credit Unions

Credit UnionLocationZip CodeTelephone
Covantage905 Boyce Dr54501(715) 369-3330
Park City151 S Courtney St54501(715) 369-2200
RipcoPO BOX 27854501(715) 365-4800