Auto Loans in Warren (OH)

Interested in buying a new or used car? Then there is a good chance you are going to need an auto loan to afford the car you want.

We work with an extensive network of lenders and dealers,

and we have agents approve you for the financing you need. It’s tough to imagine a better way to finance your next car.

New Car Loans in Warren

Many people would prefer to finance a new car as opposed to a used one simply because they want the latest and best new thing on the block.

However, if your credit isn’t ideal, the immediate loss of a new car’s resale value, paired with high rates of interest, can bring about negative equity. For this reason, a strong down payment is recommended. Be that as it may, car makers are desperate to sell vehicles, and you can often secure a great contract through the manufacturer’s in-house finance company, even if you don’t have decent credit.

Used Car Loans in Warren

In today’s market, a pre-owned vehicle winds up being a better option than a new one.

The shorter financing terms typical of used autos typically equate to less interest accrued, even if you have a less affordable rate of interest. Maintenance issues can be alleviated by selecting a vehicle that is still covered by its factory warranty or buying a new warranty. In order to help you decide which kind of car you need, check out this helpful table. This is assuming a two year old vehicle that has lost one half of its value, and a buyer with a prime credit score.

New Car Used Car
Price $17,990 $8,995
Down Payment $3,598 $900
Interest Rate 5.00% 6.90%
Months 60 48
Monthly Payment $271.59 $193.48
Interest $1,904 $1,192
Total Paid $19,894 $10,187

Bad Credit Warren Car Loans

Bad credit has several drawbacks:

  • You have to pay more in interest.
  • You have to put more money down.
  • You have to pay back the loan in less time.

While non-prime credit could make it challenging to buy a car, it is not out of the question.

Through us, you can contact an auto lending specialist from a lender or dealer in our network who is ready to finance your credit.

Bad Credit Car Dealerships in Warren

Getting your credit approved, not choosing your vehicle, is the first priority at car dealers that finance bad credit. If you apply through us, you can often discuss the important points of your car loan on the telephone, then plan a time to visit the dealership and sign for your vehicle. In a perfect world, your loan payment should constitute just 5-8% of your gross income on a monthly basis. For instance, a resident of Warren who gets paid $1,799 a month, the average, should plan to set aside just $90 to $144. Any more than this and default will become a danger.

Warren Buy Here Pay Here Financing

Thinking about financing a car through a BHPH dealer because of bad credit? Ordinarily, there are better options. Dealers like these will approve pretty much anybody, regardless of their credit, but there are disadvantages. Most often, higher-mileage cars and trucks are the only ones you can buy, and you may be asked to make payments weekly, in cash. Repossession frequently occurs, and the interest rates are just plain exorbitant. If that weren’t enough of an issue, these dealerships almost never report back to the credit agencies, so you could make all of your payments on time without boosting your FICO score.

Warren Income and Finances

  • Income Per Year: $21,591
  • Income Per Month: $21,591
  • Average Car Payment: $198
  • Optimal Car Payment: $144 (8% of monthly income)

Below we have a table displaying what car can be afforded with a payment per month of $144, 20% down payment, and 60 month term.

Excellent Credit Fair Credit Bad Credit
Monthly Installment $144 $144 $144
Rate 3.50% 7.00% 11.00%
Vehicle Price $9,889 $9,085 $8,274
Down Payment $1,978 $1,817 $1,655
Total Interest $724 $1,367 $2,016
Total with Interest $10,613 $10,452 $10,290