Auto Loans in Canton (OH)

When it comes to getting an auto loan in Canton, few firms have optimized credit approval like ours has. We work with an extensive network of lenders and dealers, and we have one of the best success rates in the market. In most cases, we’re able to position our customers with an appropriate dealer or lender even if their credit has been weakened by bankruptcy or repossession.

Financing a New Car in Canton

Canton, OhioMany people elect to purchase a new car instead of a pre-owned one because of less upkeep and, often, lower monthly payments thanks to longer financing options. But if you plan to finance a new car, you should not plan on selling it off early, so you don’t end up owing the bank even after the vehicle has been traded in or sold. This is known as a “deficiency balance,” and it could be several hundreds dollars or even in the thousands.

However, given that new cars aren’t as liable to have maintenance issues, some banks and finance companies are more inclined to these loans for borrowers with less-than-perfect credit. This is especially true of certain brands that offer affordable new cars to people with credit that isn’t the best, financing them through their own captive finance wings.

Used Car Loans in Canton

Used cars and trucks offer certain advantages over new ones. The finance fees for used autos are moderately higher, but this cost is counterbalanced by lower sticker prices and rates of depreciation. Even if you’re faced with negative equity on a preowned car, it will typically be for a shorter length of time. If you want the best of all possible worlds, consider getting a used vehicle that has been inspected and certified by the car maker itself. That way you have the price advantage of a preowned vehicle, coupled with reliability that’s on par with a brand new one.

Bad Credit Canton Car Loans

There are lots of different complications which can cause below-average credit: delinquent bills, foreclosure, going bankrupt, and much more. You don’t want to deal with a credit denial. As a result, it is essential to contact a dealer or lender in Canton that specializes in subprime credit. In all likelihood, we can find you a lender or dealer within driving distance who wants to work with your credit.

Getting financed, not picking out a new car or truck, is the first order of business at any dealer that works with bad credit. Dealerships are infamous for charging steeper rates than you’d receive straight from the lender, remember to inquire about the rate offered by the lender. Avoid being lured into purchasing a vehicle that’s higher in price than you budgeted for. You’ll be at a higher risk of default and repossession, which would set you back even further..

Canton Buy Here Pay Here Dealers

Most people head for buy here pay here dealerships, often called tote the note car dealers, convinced that they will only be able to finance a car at such a place. Not so. Most dealer financing is outsourced, in that car dealers work with banks and lenders with whom they have relationships to provide the loans.

On the other hand, buy here pay here dealers provide auto loans independently. Regrettably, you can look forward to inflated interest rates, massive down payments, and vehicles that cost too much given their condition. There’s more: these car lots seldom report to the credit bureaus, which means you could make all of your payments on time without a boost to your credit score.

Canton Income and Finances

  • Yearly Income: $24,733
  • Income Per Month: $24,733
  • Average Car Payment: $227
  • Recommended Car Payment: $165 (8% of monthly income)

Canton Car Loans Based on FICO Score

Have a look at this chart, which shows what price car you can get financed given your FICO score, given an income of $2,061 a month, 5 year loan, and a down payment of 20%.

Exceptional Credit Decent Credit Subprime Credit
Payment Amount $165 $165 $165
APR 3.50% 7.00% 11.00%
Months 60 60 60
Sticker Price $11,329 $10,408 $9,479
Down Payment $2,266 $2,082 $1,896
Interest Paid $829 $1,566 $2,309
Total Investment $12,159 $11,974 $11,789

Ready to Submit Your Application?

Let Buckeye Auto Finance get you approved for the auto loan you need. Apply online, and we’ll match you with a finance specialist in your area. It’s fast, safe, and secure!