Auto Loans in Hamilton (OH)

Setting up your financing upfront is a wise approach, as it eliminates almost all of the hassles from the car-buying experience.

Our network of credit specialists is unrivaled, and we specialize in getting you approved by the dealer that is most likely to fit your needs. You will enjoy the convenience of working with a dedicated lending professional to help answer the questions you have and set up your loan.

New Car Financing in Hamilton

Interested in a new car or truck? Financing a new car has its advantages:

  • Lower annual percentage rates.
  • More dealer rebates.
  • Vehicle is under service contract for the majority of finance term.
  • Finance for as long as 60-72 months.

Still, there are disadvantages to keep in mind.

  • They have serious sticker prices.
  • They are only worth 65% of their sticker price after the first year.
  • They involve large down payments to account for depreciation.

Having said that, banks and finance companies think of new vehicles as a lower risk option, meaning it could be easier to finance one if you’ve got poor credit.

Financing a Used Car in Hamilton

You can go with a car two or three years old and still have a dependable vehicle with great gas mileage.

Sometimes people discount preowned autos for having increased rates of interest, but keep in mind that they are less expensive in upfront cash and in the long run. Even if you’re faced with negative equity on a used car, it typically won’t be for as long. In the long run, a preowned vehicle will be less of a strain on your finances.

Bad Credit Car Loans in Hamilton

There are an array of situations that bring about a low credit score: unpaid bills, repossession, bankruptcy, etc. Naturally, you don’t want to spend your time looking for a dealer or lender in Hamilton that will work with credit scores of 650 and lower. Through us, you can contact an auto finance specialist from a lender or dealer within driving distance who is ready to approve your credit.

Is Your Credit Report Correct?

Researchers are now estimating that 1 in 5 individuals has a mistake on their credit report, which can bring on a reduced credit score

Once a year, you can check your credit at no charge at Annual Credit Report, in accordance with the FACT (Fair and Accurate Credit Transactions) Act, and make sure you are charged the annual percentage rate that’s in line with your credit.

Hamilton Buy Here Pay Here Dealers

In house financing, also known as buy here pay here financing, has boomed in the years following the downturn, largely due to the fact that so many people’s credit scores were hit by the down economy. They might not conduct credit checks, meaning bad credit shouldn’t be an obstacle to getting approved, but you end up paying quite a lot for this. More often than not, used autos are the only ones available, and these aren’t no money down car loans. Quite often, the down payment is what the dealer paid for the vehicle, and you could find yourself paying in the neighborhood of 20% APR. If boosting your credit score is important to you, you should contact a vehicle finance professional through us, as BHPH dealerships won’t help you rebuild your credit.

Hamilton Income and Finances

  • Income Per Year: $28,001
  • Income Per Month: $28,001
  • Suggested Car Payment: $117 to $233 (5-10% of monthly income)

Consider this table, which shows what price car you can get financed based on your FICO score, along with an income of $2,333 each month, 5 year loan, and 20% due at signing.

Prime Credit Decent Credit Poor Credit
Payment $187 $187 $187
Rate 3.50% 7.00% 11.00%
Months 60 60 60
Car Price $12,824 $11,782 $10,730
Money Down $2,565 $2,356 $2,146
Total Interest $939 $1,773 $2,614
Total with Interest $13,763 $13,555 $13,344