Auto Loans in Youngstown (OH)

In Youngstown, you have several options for obtaining a car loan, but few companies have refined the experience like us. We allow you to submit your application online. It’s hard to envision a more convenient way to get your auto loan.

Financing a New Car in Youngstown

Youngstown-OhioWe are proud of helping people in the market for both new and pre-owned vehicles. The second it leaves the lot, a new car loses a substantial portion of its value, which means that you may wind up owing more on the car than it is worth. That said, interest rates for new cars are lower, largely because they are less of a risk in terms of maintenance, and special offers may enable you to finance a new car in Youngstown with no down payment. If you’re undecided, consulting an automotive finance professional could help you decide if a new vehicle would fit you best.

Financing a Preowned Vehicle in Youngstown

Used cars and trucks are a smart idea for people serious about cutting costs. The shorter lending terms typical of used autos typically equate to less interest charged, even if you’ve got a less affordable interest rate. A lot of loan providers, however, will only finance cars from actual dealerships, not from private sellers. Below, we have put together some numbers that may help you decide whether you ought to purchase a vehicle that’s new or used. These numbers rely on the following assumptions:

  • Used vehicle is two years old.
  • Credit score of 690 to 720.
  • Simple Interest.
New Car Used Car
Price $17,850 $8,925
Down Payment $3,570 $893
Interest Rate 5.00% 6.90%
Years 5 4
Monthly Payment $269.48 $191.98
Finance Fees $1,889 $1,182
Total Paid $19,739 $10,107

Financing a Car with Bad Credit in Youngstown

Bad credit has consequences, which generally include:

  • Steeper rates of interest.
  • Larger down payments.
  • Shortened lending terms.

Fortunately, there are lenders and dealerships in Youngstown that say yes to credit-challenged consumers. Through us, you can contact an auto financing professional from a lender or dealer in your zip code who is willing to get you in the driver’s seat.

Here is some good news: financing a car can raise your credit score substantially. On the other hand, just one missed payment can reduce your score substantially.

Try not to strain your finances with an expensive car payment. Typically 5-8% of your monthly income is recommended, or $89 to $143 if you get paid $1,785, the average in Youngstown.

Youngstown Buy Here Pay Here Dealerships

Considering heading to a buy here pay here dealer for approval? Usually, there are more attractive options. A lot of dealer financing isn’t direct to the consumer, as car dealers work with off-site banks and lenders to provide the loans. By contrast, buy here pay here dealers engage in direct lending. They provide funding independently.

You will find that preowned autos are the only thing on the lot, and these Youngstown dealers may require you to have a GPS tracking system installed in your vehicle. Rates of repossession are quite high, much like the interest rates. If that weren’t enough of an issue, these dealers almost never report to the credit bureaus, which means you could make all of your payments in a timely manner without increasing your credit score.

Youngstown Income and Finances

  • Income Per Annum: $21,415
  • Monthly Income: $21,415
  • Ideal Car Payment: $89 to $179 (5-10% of monthly income)

To sum up, an appropriate auto loan features a down payment of 20%, car payment of 8% of monthly income, and term length of 5 years or less. Provided an income of $1,785 monthly, let’s find out what price car you could buy based upon your credit.

Good Credit Fair Credit Bad Credit
Monthly Income $1,785 $1,785 $1,785
Car Payment $143 $143 $143
APR 3.50% 7.00% 11.00%
Car Price $9,812 $9,015 $8,210
Money Down $1,962 $1,803 $1,642
Loan Amount $7,850 $7,212 $6,568
Total Interest $718 $1,356 $2,000
Total with Interest $10,530 $10,371 $10,210