A growing number of consumers in Marion are getting their loan approved before going to the dealer lot, because it makes shopping for a car a much simpler process.
For years, we’ve been cultivating a network of lenders and dealers across the United States, and we have one of the highest rates of approval in the market. We will match you with a finance professional who can help you obtain the auto loan necessary for the car you want.
New Car Loans in Marion
Are you hoping to get an auto loan for a brand new car? New cars are known for lower rates of interest and fewer maintenance problems than their preowned brethren, and many of them can be purchased with special low rate financing. But remember that almost all of the zero down finance deals you see on television are subject to credit approval. Basically, you will need an excellent credit score to be considered. In the end, you are better off meeting with an auto finance professional to determine whether a new vehicle would fit you best.
Used Vehicle Financing in Marion
Nowadays, cars and trucks can go thousands and thousands of miles before having problems, which means a used vehicle is not such an issue.
Considering that they have undergone that first depreciation, preowned autos require less costly down payments, ordinarily half of what you’d have to pay for an equally priced new vehicle. Lending companies have limits with regards to mileage and age, however. Vehicle must have not more than 100,000 miles and not be over 7 years old. In order to help you determine whether a new or used car meets your needs, we have created this helpful table. We are assuming a vehicle two years old, having lost 50% of its value, and a borrower with a credit score of 690 to 720.
|New Car||Used Car|
Bad Credit Marion Car Loans
Bad credit does have some drawbacks, which typically include:
- Inflated loan rates.
- Larger down payments.
- Shortened financing terms.
You don’t want to deal with having a loan application declined. For this reason it’s important to look for a dealer or lender in Marion that approves problematic credit.
The good news is, we serve clients on every end of the credit spectrum, getting them approved for the loans they need.
Getting financed, not choosing a vehicle, typically comes first at bad credit car dealerships in Marion. If you apply through us, you can usually work out the main points of your car loan beforehand, then choose a time to visit the lot and purchase the vehicle you want. Regardless of what your credit score is, there has to be a vehicle for which you can get approved. It is best if the payments are approximately 5 to 10% of your monthly income. If you make $769 per month, you should have a payment of $38 (5%) to $77 (10%).
Marion Buy Here Pay Here Car Lots
Folks turn to buy here pay here auto lots, under the impression that they can only get approved without a credit check. Rarely is this the case. Sure, they don’t carry out credit checks, so your credit problems shouldn’t be a hurdle, but you will really pay for this in the long run. Disadvantages include:
- Ridiculous Finance Fees
- Inflated Down Payments
- Overpriced Vehicles
- Ignition Kill-Switches
This is why these car dealers have a dirty track record. Let us place you in the hands of a reputable dealer who can get you financed, even if your credit is dreadful.
Marion Income and Finances
- Annual Income: $9,231
- Income Per Month: $9,231
- Suggested Car Payment: $62 (8% of monthly income)
Marion Auto Loans Based on FICO Score
All in all, an appropriate finance package carries a down payment of 20%, car payment of less than 10% of monthly income, and a repayment term of 5 years or less. With an income of $769 monthly, let’s look at what price car you could buy given your credit.
|Prime Credit||Fair Credit||Poor Credit|
|Total with Interest||$4,537||$4,468||$4,399|