Auto Loans in Dayton (OH)

Each day, we help people in Dayton secure car loans, even with challenges such as bad credit, no credit, and no down payment. Our team assists shoppers in Dayton regularly who want to get approved online for financing. We match you with a financing professional whose primary objective is to get you approved for the car loan you need. You’d be hard-pressed to find a smarter, faster, more affordable way to get behind the wheel of your next car.

Dayton OH Auto Loan

New Car Financing in Dayton

For anybody who is shopping for a new car, see if this sounds like you:

  • You don’t plan on swapping out the vehicle before it is paid off.
  • You’re able to supply a significant down payment.
  • You are prepared to deal with negative equity .

If you can’t meet these guidelines, you should probably think about a used car or truck.

Financing a Used Car in Dayton

You don’t need to buy new to have a well built vehicle with excellent gas mileage. The preowned market is full of late-model, low-mileage, 1-2 year old vehicles that cost only 50-65% of their original MSRP, yet will continue to offer solid reliability for another 100,000 miles or more.

The annual percentage rates for used cars and trucks are somewhat more expensive, but this cost is made up for in lower sticker prices and rates of depreciation. For anyone who is concerned about maintenance, be sure you find yourself late model vehicle with great reliability. For the best of both worlds, consider a used car that has passed an automaker assessment, meaning a certified preowned vehicle.

Dayton Bad Credit Car Loans

The majority of auto finance companies look at a credit score tailor-made for the motor vehicle industry. This score is weighted by your history with auto loans or leases. While low credit scores can make it challenging to finance a car, it is definitely not out of the question. More than likely, we can place your application with a lender or dealer in our network who wants to approve your credit.

If you have a favorable credit record, you spend nearly all your time at the dealership exploring vehicles. However, with bad credit, you will put attention more on your interest rate, lending terms, and down payment. To get the lowest rate available, be sure you ask the dealer the buy rate. This is the rate offered by the lender before the dealer adds on extra points for sourcing the loan.

Buy Here Pay Here Dealers in Dayton, Ohio

Buy here pay here dealers customarily deal with people with truly serious credit problems such as bankruptcy or foreclosure of a home. Nearly all dealer financing is sourced elsewhere, as dealerships work with off-site banks and lenders to provide the loans, but BHPH dealers engage in direct lending. They are the actual source of the loans.

The fact is, you will be faced with inflated annual percentage rates, large down payments, and cars and trucks that cost too much given their condition. Is elevating your credit a priority for you? If so, you are better off applying through us, as buy here pay here dealerships won’t help you in restoring your credit.

Dayton Income and Finances

  • Gross annual Income: $25,086
  • Income Per Month: $25,086
  • Typical Car Payment: $230
  • Ideal Car Payment: $105 to $209 (5-10% of monthly income)

In a perfect world, your loan payment should be just 5-8% of your gross monthly income. For example, a resident of Dayton who gets paid $2,091 per month, the average, should plan to dedicate approximately $105 to $167. Have a look at this chart, which shows what price car suits your budget based on your credit standing, given an income of $2,091 each month, 60 month loan, and 20% down payment.

Prime Credit Fair Credit Subprime Credit
Monthly Income $2,091 $2,091 $2,091
Payment $167 $167 $167
Rate 3.50% 7.00% 11.00%
Years 5 5 5
Vehicle Price $11,494 $10,560 $9,617
Money Down $2,299 $2,112 $1,923
Borrowed Funds $9,195 $8,448 $7,694
Total Interest $841 $1,589 $2,343
Price with Interest $12,336 $12,149 $11,960