Auto Loans for Good, Fair and Bad Credit

It’s smart to shop for the right auto loan, with the lowest interest rate, before you buy your next car. This puts you in a stronger negotiating position and saves you money over the life of your car loan.



Usually one of the first questions we get from car buyers with questionable credit is what interest rate they'll be required to pay on an auto loan. And while that usually can't be predicted, borrowers rarely ask what type of interest rate it is – something that could be equally as important. We know this because here at Pine Belt Autoloan we've been helping car shoppers with problem credit looking for online car loans find those new car dealerships that can give them their best opportunities for car loan approvals. The fact is that while the types of interest rates aren't usually considered to be important by most buyers, knowing the kind of interest rate the loan specifies can make a big difference especially for consumers with bad credit. That's because the type of interest not only affects the amount of interest paid over the loan term, it's also important if there's a chance the vehicle will be traded in before the end of the loan.


The most common type of vehicle loan is the simple interest auto loan. With a simple interest loan the interest is charged on the daily loan balance.

This means that if a payment is made before the due date or if more than the amount due is paid (early payment, overpayment), less interest will accrue. The reason for this is that the running balance, on which interest charges are computed, will be lower. In a way, simple interest loans reward those who pay early or overpay as these borrowers will pay lower interest charges over the loan term.

Also, if the loan is paid off early, the interest expenses stop at that time with no further interest accumulating on the loan. This means that loan payoff amount at any point in the loan is the original loan amount, plus the interest charges to date, minus the payments made. There is no interest penalty and borrowers stop paying interest the moment the loan is paid even if it's paid off early.


When you’re borrowing for big ticket items such as a car, lenders will use your FICO score to determine your risk – from bad to excellent – using a number scale between 300 and 850.

This is typically how the FICO scoring model breaks down:

  • Excellent – 750 and above
  • Good – 700 to 749
  • Fair – 650 to 699
  • Poor – 550 to 649
  • Bad – 549 and below


Your FICO credit score is made up of:

  • Payment history – 35%: A record of your payments on all your past debt. This includes revolving credit (credit cards) and installment credit (mortgages, car loans) accounts, as well as any late payments, such as utility bills that reach 30, 60, and 90 days past due. People with no late payment history will score better.
  • Amounts owed – 30%: This weighs your credit utilization, which is the amount of available credit you’re using. It can be seen as a risk if you’re constantly at or near your credit limits. People who keep their credit cards at 30 percent or less of their credit limits will score better.
  • Length of credit history – 15%: This factor is based on how long you've used credit. People with a longer credit history that have more information to calculate into this factor will score better.
  • Credit mix – 10%: A combination of all your various forms of credit. People with more of a credit mix (a blend of both revolving and installment accounts) will score better.
  • New credit – 10%: This shows how someone shops for credit. Opening several new accounts at once, or in a short period of time, could signify a risk, resulting in a lower score.


If you just asked yourself that question, you are at the right place. Pine Belt Auto Loans in Toms River has over 400 used cars available and we work with over 40 different banks. From good credit and rates starting at 3.9% to bad credit auto loans, we can work with every situation. 

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