Auto Loans in Cleveland (OH)

Looking to buy a new or preowned car? If you are like the majority of Cleveland car shoppers, you probably need an auto loan. We make it easy to submit your application via our secure platform. Normally, we can position our clients with an interested lender or dealer within 60 seconds.

New Car Financing in Cleveland

There are significant benefits to purchasing a new car, from lower loan rates to extended financing terms. However, if your credit isn’t the best, the rapid loss of a new car’s resale value, coupled with high rates of interest, can lead to negative equity, so a solid down payment is a good idea. That said, lenders look at new vehicles as lower risk investments, meaning it could be easier to finance one if you have a low credit score.

If you have strong income and rocky credit, a new car shouldn’t be a problem. We can get you approved for a car loan from a lender in Cleveland, and you can begin rebuilding your credit right away. Go here to apply. You could be driving your new car to a Browns game at FirstEnergy Stadium before you know it!

Used Car Financing in Cleveland

Preowned vehicles have got a number of important merits:

  • They are less expensive to purchase.
  • The down payments are significantly less.
  • They hold their value better.

Since they have already been subject to that first drop in value, used cars and trucks call for less expensive down payments, usually just 10% versus the 20% required for new cars. Maintenance issues can be assuaged by buying a late model car or truck or investing in an extended service contract. To get the best of both worlds, consider getting a used vehicle that has been inspected and certified by the manufacturer itself.

Bad Credit Cleveland Auto Loans

Most of the time, lenders look at your auto industry credit score. This score is based on your prior experience with auto loans or leases, and it isn’t provided to consumers. Locating a loan lender in Cleveland that serves people with bad credit is essential, as you don’t want to have your credit declined or have to deal with an outrageous APR rate. Odds are we can match you with a lender or dealer in our network who wants to approve your loan.

One thing to keep in mind: a car loan, if paid as agreed, can improve your credit score in a matter of months. So as to eliminate missed payments, consider having your car payment subtracted right from your bank account.

Buy Here Pay Here Car Lots in Cleveland, OH

Buy here pay here dealerships hopes you assume that you can’t get approved anywhere but with them. However, this is hardly ever the way it is. Dealers like these will finance almost anyone, regardless of their credit, but there are disadvantages.

Issues include:

  • Exorbitant APR Rates
  • Extortionate Down Payments
  • Overpriced Vehicles
  • GPS Tracking Devices

Is elevating your credit one of your goals? Then you are better off applying through us, seeing as buy here pay here dealers will not help you strengthen your credit.

Cleveland Income and Finances

  • Income Per Annum: $31,574
  • Monthly Income: $31,574
  • Typical Car Payment: $289
  • Ideal Car Payment: $132 to $263 (5-10% of monthly income)

Commit 8% of your monthly income, at most, for your car payment. For those who live in in Cleveland and, like the average resident, have an income of $31,574 per year, this would be $210. Take a look at this chart, which shows what price car is within your budget given your credit standing, with an income of $2,631 each month, 5 year term, and a down payment of 20%.

Exceptional Credit Okay Credit Poor Credit
Monthly Income $2,631 $2,631 $2,631
Car Payment $210 $210 $210
Rate 3.50% 7.00% 11.00%
Sticker Price $14,463 $13,287 $12,101
Down Payment $2,893 $2,657 $2,420
Loan Amount $11,570 $10,630 $9,681
Total Interest $1,059 $1,999 $2,948
Total Paid $15,521 $15,286 $15,049