Auto Loans in Lancaster (OH)

We have seen too many Lancaster consumers who worry about being turned down for a car loan on account of credit problems. The fact is, we assist people from every end of the credit spectrum. We help buyers in Lancaster and throughout the state of Ohio, helping them find a dealer or lender able to accept them based on their income, credit, and down payment. We will match you with a finance consultant who can help you line up the loan required for the car you desire.

New Car Loans in Lancaster

Have you got your heart set on a brand new car? New cars are wonderful because they’re basically headache-free, and any issues should be covered by the warranty. Having said that, in order to be eligible for a low interest rate, you need to have a credit score that’s close to perfect. If you’re undecided, a vehicle finance specialist will help you decide whether a new vehicle is right for you.

Used Vehicle Financing in Lancaster

A good number of intelligent shoppers refrain from buying new cars and trucks, financing used ones instead.

Used car loans are often paid off more quickly than new ones. This typically means less interest charged, even if you’ve got a more expensive interest rate. If you’re concerned about repairs and maintenance, you’ll want to shop for late model vehicle with exceptional reliability. If you’d like to combine the low cost of a preowned vehicle with the dependability of a new one, consider getting a used vehicle that has been assessed and certified by the automaker itself.

Financing a Car with Bad Credit in Lancaster

If you have adverse credit, bank financing typically isn’t an option. No one likes to deal with rejected credit. That’s why it is important to contact a lender or dealer in Lancaster that specializes in low credit scores. When you apply online through Buckeye Auto Finance, our team works to match you with a dealer or lender in our network who is ready to approve your credit.

Car and truck loans can without a doubt lead to an increased credit ratings. But needless to say, it’s necessary to make each of the payments and don’t miss any.

So as to eliminate missed payments, a lot of banks and lenders make it easy to automate the payment process.

Selecting an appropriate payment amount is crucial. For example, let’s pretend you earn $3,164 per month, the average for Lancaster residents.

  • Low Payment: $158 (5%)
  • Intermediate Payment: $253 (8%)
  • Maximal Payment: $316 (10%)

Buy Here Pay Here Dealers in Lancaster, Ohio

For people with serious credit problems stemming from bankruptcy or repossession, a buy here pay here dealer may well sound like a realistic approach. Sure, they do not pull your credit, meaning your credit problems shouldn’t be an impediment, but you wind up paying more than you’d like for this. You will find that preowned vehicles are the only thing available, and these are not no down payment cars. Quite often, the down payment is equivalent to the vehicle’s wholesale value, and you could find yourself paying up to 20% APR. Is strengthening your credit one of your goals? If so, you are better off applying through us, since buy here pay here car lots won’t aid you in re-establishing your credit.

Lancaster Income and Finances

  • Per-Year Income: $37,967
  • Income Per Month: $37,967
  • Average Car Payment: $348
  • Optimal Car Payment: $158 to $316 (5-10% of monthly income)

How Much Car Can You Afford?

To sum up, the ideal finance package involves the following: down payment of 20%, car payment of less than 10% of monthly income, and term length of 60 months or less. Provided an income of $3,164 monthly, let’s look at how much you could spend given your credit.

Excellent Credit Okay Credit Poor Credit
Monthly Installment $253 $253 $253
Interest Rate 3.50% 7.00% 11.00%
Years 5 5 5
Purchase Price $17,393 $15,979 $14,552
Down Payment $3,479 $3,196 $2,910
Note Size $13,914 $12,783 $11,642
Total Interest $1,273 $2,404 $3,545
Total Investment $18,666 $18,383 $18,098