Auto Loans in Eau Claire (WI)

Eau-ClairePre-arranging your financing is an effective way to simplify the car-buying process. The benefits of our platform are numerous:

  • Extensive Network of Lenders
  • Paperless Application Process
  • No Fees, No Obligations
  • Zero Down Payment Necessary
  • Good or Bad Credit Approved
  • Instant Approvals for Qualified Applicants
  • Online Status Updates

When you apply online, we will find you a lender based on location, income, credit profile, and other factors.

Auto Loan Rates for Eau Claire Residents

You may be wondering:  what will my interest rate be?  That’s a great question to be asking. After all, it has an enormous impact on the effective cost of your vehicle, as finance charges can amount to thousands of dollars over the 24-72 months of your loan. We wish we could give you an accurate estimate here online, but the truth is, interest rate calculations are based on too many factors. You really need to submit your application. Only then can your finance consultant provide you with an accurate rate quote, because he or she will have the data necessary to calculate this value. Your credit score, as you know, is the biggest contributing factor, though your vehicle type (new vs used), also plays a major part. We can, at least, provide a few averages based on your credit.

Bad Credit Auto Loans in Eau Claire

Do you know your credit score? If it’s less than 620, that’s generally regarded as “bad credit.” It certainly isn’t impossible to buy a car in Eau Claire with bad credit, but you should expect three things:  higher rates, stricter terms, and more limited vehicle selection. The reason for this largely has to do with risk. For lenders, funding auto loans for people with bad credit is fundamentally risky, and they take extra precaution to protect themselves. Keep in mind, though, that making those monthly payments on time will bolster your credit, at least gradually, because so much of your FICO score is based on your payment history.

Budgeting for Your Purchase

This is of utmost importance when financing a car, no matter your credit or income. To determine how much you ought to spend on a vehicle, do the following:

  • Divide your monthly income by 10.
  • Multiply this amount by 48 or 60 months.

This amount, in addition to any down payment you have saved, is a good rule-of-thumb for how much you can safely spend. By dedicating just 10% of your monthly income to your car payment, you are keeping your budget balanced and healthy. By limiting your loan term to no more than 48-60 months, you are ensuring that you don’t pay too much in total interest, and that you aren’t trapped under negative equity for 40+ months of your lending term.