Auto Loans in Elyria (OH)

In today’s market, lots of consumers in Elyria are setting up their financing before going to the car lot, given that it addresses many of the complications from the car-buying experience. As opposed to waiting until you’re in the dealership’s financing office, we allow you to apply for a car loan ahead of time. Most of the time, we can match applicants with an interested dealer or lender within minutes of application.

New Car Financing in Elyria

Most often, people in Elyria choose to pay for their new car, truck, or suv in monthly installments, either through a lease or loan, but there are certain factors to consider when getting a new car loan. Used cars can be a challenge, because you have to make sure not to get a lemon, while new cars are certain to offer you thousands of miles of headache-free commuting. On the other hand, in order to be eligible for a low interest rate, you need to have a credit score of 750 at least. If you’re undecided, a vehicle finance specialist could help you determine if a new our preowned vehicle is the right choice.

Auto Loans for Preowned Cars in Elyria

Used vehicles offer significant benefits.

The finance fees for preowned autos are marginally higher, but this cost is counterbalanced by lower sticker prices and rates of depreciation. Bear in mind, though, that there are vehicle restrictions which vary from one lender to another, but typical conditions are below: Vehicle must have no greater than 100,000 miles and be a maximum of 7 years old. Let’s look at a comparison of new and used vehicle loans in Elyria, Ohio. We are assuming a two year old vehicle that has lost one half of its value, and a buyer with a credit score of 690 to 720.

New Car Used Car
Price $29,080 $14,540
Down Payment $5,816 $1,454
Interest Rate 5.00% 6.90%
Length 5 years 4 years
Monthly Payment $439.02 $312.75
Finance Fees $3,077 $1,926
Total Paid $32,157 $16,466

Bad Credit Elyria Car Loans

There are an array of things that cause bad credit: unpaid bills, foreclosure, going bankrupt, etc. There’s good news, though: there are lenders and dealers in Elyria that finance credit-challenged consumers. In all likelihood, we can place your application with a lender or dealer in Elyria who wants to get you behind the wheel.

Getting financed, not selecting your new car or truck, typically comes first at bad credit car dealerships in Elyria.

To get the lowest rate possible, you should ask the dealer the rate offered by the lender also known as the buy rate. Regardless of your credit, there is almost always a vehicle to suit your budget. It’s best if the payments are between 5 to 10% of what you get paid per month pre-tax. If you earn $2,908 per month, you would be best off with a payment of $145 (5%) to $291 (10%).

Elyria Buy Here Pay Here Dealers

Thinking about going to a buy here pay here dealer for a car that could be financed? Normally, there are better options. Yes, they rarely perform credit assessments, so your credit problems probably won’t be an impediment to approval, but it’s likely that you will overpay for this service.

More often than not, used vehicles are the only ones for sale, and dealers may require you to have a GPS tracking system mounted in your vehicle. Repossession is frequent, and the interest rates are extremely high. If improving your credit score is important to you, you should submit your application through us, as BHPH car lots won’t help you in rebuilding your credit.

Elyria Income and Finances

  • Income Per Annum: $34,900
  • Income Per Month: $34,900
  • Typical Car Payment: $320
  • Recommended Car Payment: $145 to $291 (5-10% of monthly income)

Wondering how much car you can afford? Check the table below, but keep in mind the rates have been estimated, and the numbers assume a yearly income of $34,900, the Elyria average. Loan length is 5 years.

Excellent Credit Decent Credit Poor Credit
Monthly Income $2,908 $2,908 $2,908
Car Payment $233 $233 $233
Rate 3.50% 7.00% 11.00%
Car Price $15,985 $14,686 $13,375
Money Down $3,197 $2,937 $2,675
Loan Amount $12,788 $11,749 $10,700
Total Interest $1,170 $2,210 $3,259
Total with Interest $17,155 $16,896 $16,633