Auto Loans in Columbus (OH)

Each and every day, we help people in Columbus secure car loans, even with challenges such as bad credit, no credit, and no down payment. Our industry partnerships are second to none, and that means we can help applicants get pre-approved for a car loan, even if their credit isn’t ideal. We assign you a credit professional who will work tirelessly to get you the auto loan you need.

Car Loans for New Cars in Columbus

Columbus-OhioFor anybody who is looking to buy a new car, you should do so only if:

  • You are willing to keep driving the car until you have paid it off.
  • You plan to have a large down payment.
  • You’re at ease with being upside down on your vehicle .

If you like to swap out your car every few years, you should look into a lease as opposed to a loan.

Auto Loans for Preowned Cars in Columbus

Used vehicles are less expensive, that goes without saying. That means lower monthly payments and insurance premiums. Since they’ve already been through that immediate depreciation, used cars require smaller down payments, usually only 10% in contrast to the 20% required for new cars. A lot of lenders, however, will want you to find your car at a car dealership instead of a private party. Directly below, we’ve juxtaposed the costs of new and used car loans in Columbus, Ohio. These numbers rely on these assumptions:

  • 50% depreciation in first Two years of ownership.
  • Prime credit score.
  • Down payment of 20% for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $20,900 $10,450
Down Payment $4,180 $1,045
APR 5.00% 6.90%
Length 5 years 4 years
Monthly Payment $315.53 $224.78
Total Interest $2,212 $1,384
Total Paid $23,112 $11,834

Bad Credit Columbus Auto Loans

A lot of loan companies check a credit score tailor-made for the automobile industry. This score is reliant upon your previous experience with car loans or leases. So many shoppers resort to a buy here pay here dealership in Columbus, because of below-average credit, but chances are you can get approved at a better rate from a better company.

Through us, you can contact an auto financing specialist from a dealer or lender in your area who wants to get you in the driver’s seat.

Dealerships in Columbus That Finance Bad Credit

Getting financed, not picking out your new vehicle, is the first priority at dealers that accept bad credit. The dealer will typically require that you provide proof of income through pay stubs or tax statements, and also a current lease or electricity bill that has your place of residence. Your finance specialist will give you more information. Your car payment shouldn’t be over 10% of your income. For an individual making the Columbus average of $2,090 on a monthly basis, this would be $209. Half that much, $105, is far better.

Columbus Buy Here Pay Here Dealerships

Buy here pay here dealers wants you to assume that no place but them will approve you. However, this generally isn’t the case. They may not carry out credit assessments, so your credit problems probably won’t be an obstacle to getting approved, but you will really pay for this in the long term.

The fact is, you should expect inflated interest rates, huge down payments, and vehicles that cost too much given their mileage and condition. If strengthening your credit score is important to you, you are better off applying through us, since buy here pay here car lots can’t help you increase your credit.

Columbus Income and Finances

  • Income Per Year: $25,084
  • Monthly Income: $25,084
  • Ideal Car Payment: $105 to $209 (5-10% of monthly income)

The exact amount you ought to spend on a new car or truck is based on an array of variables. The estimations listed below are based upon payments of $167, which is 8% of the average consumer’s monthly income in Columbus, combined with a 20% down payment and 60 month repayment terms. Annual percentage rates are simply estimations.

Exceptional Credit Okay Credit Poor Credit
Monthly Income $2,090 $2,090 $2,090
Payment Amount $167 $167 $167
Loan Rate 3.50% 7.00% 11.00%
Purchase Price $11,489 $10,555 $9,613
Down Payment $2,298 $2,111 $1,923
Total Interest $841 $1,588 $2,342
Total Investment $12,330 $12,143 $11,955