Auto Loans in Fairfield (OH)

If you’re looking for an auto loan in Fairfield, you’ll want to work with specialists like us. Our company assists buyers in Fairfield on a daily basis, helping them arrange their auto loans from home. It really is difficult to envision a more convenient way to arrange the financing you need.

Car Loans for New Cars in Fairfield

There are benefits to new cars:

  • Reduced loan rates.
  • More specials to choose from.
  • Vehicle remains under warranty for the greater part of finance term.
  • 5-6 year financing offered.

But bear in mind, there are potential problems as well.

  • Swift depreciation.
  • Bigger original investment.
  • More substantial down payments required.
  • Increased risk of negative equity.

For the most part, new cars are better for buyers who have a good credit record, as the loan rates can be quite affordable.

Used Car Loans in Fairfield

In many ways, a car or truck that’s a few years old is a better purchase than a new one.

The shorter repayment terms typical of used vehicle financing typically result in less interest accrued, even if you have a less affordable interest rate. A great many lenders, however, will only finance cars from actual dealerships, not from individual sellers. To help you make a decision as to whether a new or used car loan is right for you, we have created this helpful table. These estimates are based on these assumptions:

  • New price of $27,120.
  • Two year old used vehicle.
  • Credit score of 690 to 720.
  • 20% down payment for new car, 10% for used.
  • Simple Interest.
New Car Used Car
Price $27,120 $13,560
Down Payment $5,424 $1,356
Loan Rate 5.00% 6.90%
Term 60 months 48 months
Monthly Payment $409.43 $291.67
Interest $2,870 $1,796
Total Paid $29,990 $15,356

Auto Loans in Fairfield with Bad Credit

Traditional lenders like banks typically fund loans only for people with scores of 700 or more. You don’t want to deal with a credit denial, and therefore you’ll want to get in touch with a lender or dealer in Fairfield that approves subprime credit. Luckily, we serve customers who have credit problems of all kinds, getting them the loans they need.

Dealerships in Fairfield That Finance Bad Credit

At a bad credit dealership, your dealer will be inclined to discuss financing before you look at vehicles.

Dealerships have been known for charging more expensive rates than the lender does, make sure you ask the dealer the buy rate. This is the rate offered by the lender before the dealership has tacked on extra points for arranging the loan. Regardless of your credit, we can help you find a vehicle to suit your budget. You’re encouraged to look for a payment that is between 5 to 10% of your monthly income. If you earn $2,712 per month, you would ideally have a payment of $136 (5%) to $271 (10%).

Buy Here Pay Here Auto Loans in Fairfield, OH

Buy here pay here dealers primarily deal with people who have serious credit problems like:

  • Chapter 7 or 13 Bankruptcy
  • Property Foreclosure
  • Involuntary Repossession
  • Debt Settlement
  • Tax Liens
  • Charge-offs

These dealers will finance practically anyone, regardless of their credit, but there are problems with sort of financing.

Problems with sort of financing include:

  • Ridiculous Interest rates
  • Massive Down Payments
  • Overpriced Vehicles
  • GPS Tracking Devices

There’s a good reason why these dealerships don’t have a good track record. We want to match you with subprime finance specialist who can get you approved, even if you’ve experienced bankruptcy.

Fairfield Income and Finances

  • Income Per Annum: $32,542
  • Monthly Income: $32,542
  • Typical Car Payment: $298
  • Suggested Car Payment: $217 (8% of monthly income)

Car Loans in Fairfield for Various Credit Tiers

The total amount you can put into a new car or truck is determined by a range of variables. These numbers derive from a monthly payment of $217, which is 8% of the average consumer’s monthly income in Fairfield, coupled with a 20% down payment and 5-year loan. Annual percentage rates are approximated.

Excellent Credit Fair Credit Subprime Credit
Monthly Income $2,712 $2,712 $2,712
Monthly Installment $217 $217 $217
Interest Rate 3.50% 7.00% 11.00%
Months 60 60 60
Purchase Price $14,908 $13,696 $12,473
Down Payment $2,982 $2,739 $2,495
Loan $11,926 $10,957 $9,979
Interest Paid $1,091 $2,061 $3,039
Total Investment $15,999 $15,757 $15,512