Auto Loans in Zanesville (OH)

Are you thinking about financing a car in Zanesville, but your credit isn’t ideal? We can help!

For years, we’ve been building a network of lenders and dealers in Zanesville and across the Buckeye State, and we specialize in getting you approved by the lender who wants your business most. Enjoy the convenience of working with a dedicated finance professional to help answer your questions and set up your loan.

Financing a New Car in Zanesville

Many people elect to purchase a new car instead of a pre-owned one because of less maintenance and, in certain cases, lower monthly payments. However, there are potential problems too.

  • Sharp depreciation.
  • More costly in the end.
  • More substantial down payments expected.
  • Negative equity is typical.

Ordinarily, new cars and trucks are best for consumers who have a good credit rating, as the rates of interest are affordable enough to counteract negative equity.

Used Car Loans in Zanesville

Preowned cars are less expensive, of course. This means lower monthly payments and insurance rates. Sure, a used vehicle isn’t quite as exciting as a brand-new one, but did you know that the average new car loses 35% of its value in the first year of ownership? If you’re a person who likes a good, then a used vehicle is right for you.

Preowned vehicles command higher finance fees, but down payments are often half of what they are for brand new vehicles that are similarly priced. Needless to say, lenders won’t approve an auto loan for that don’t meet specific conditions: Vehicle must have no more than 100,000 miles and be not more than 7 years old. In order to help you determine whether a new or used car loan fits your budget, we have included the following chart. These estimations are based on these assumptions:

  • Two year old used vehicle.
  • Credit score of 690 to 720.
  • Fixed APR.
New Car Used Car
Price $13,540 $6,770
Down Payment $2,708 $677
Interest Rate 5.00% 6.90%
Term 5 years 4 years
Monthly Payment $204.41 $145.62
Finance Charge $1,433 $897
Total Paid $14,973 $7,667

Zanesville Bad Credit Car Loans

If you’ve got first-class credit, you will probably enjoy very low loan rates and great terms, but many folks have run into credit problems stemming from the economic crisis. Although non-prime credit might make it tougher to buy a new vehicle, it is not hopeless. Through us, you can contact an auto finance expert from a dealer or lender in your area who wants to approve you for financing.

It’s true: a car loan, if paid as agreed, can boost your credit score by leaps and bounds. So that you can steer clear of missed payments, look into options such as scheduled payments.

Buy Here Pay Here Financing in Zanesville, Ohio

If you have overwhelming credit problems on account of issues like bankruptcy or debt settlement, buy here pay here financing may well sound like a good idea. A lot of dealer financing is outsourced, as dealerships work with banks or credit unions to provide the loans, but BHPH dealers engage in direct lending. They make credit decisions on site, usually with no credit check.

Sadly, you can look forward to exorbitant interest rates, high down payments, and older vehicles that are overpriced. If that weren’t a problem, these dealerships very rarely work with the credit agencies, and that means you could make each and every payment in a timely manner without improving your credit score.

Zanesville Income and Finances

  • Income Per Annum: $16,247
  • Monthly Income: $16,247
  • Optimal Car Payment: $68 to $135 (5-10% of monthly income)

How Much Car Can You Afford?

Make sure that you choose an affordable monthly payment. Typically no more than 5-8% of your monthly income is recommended, or $68 to $108 if you earn $1,354, the average in Zanesville. Have a look at this chart revealing what car you can afford with a payment amount of $108, 20% down payment, and 5-year term.

Good Credit Decent Credit Bad Credit
Monthly Installment $108 $108 $108
APR 3.50% 7.00% 11.00%
Sticker Price $7,443 $6,838 $6,227
Down Payment $1,489 $1,368 $1,245
Note Size $5,954 $5,470 $4,982
Total Interest $545 $1,029 $1,517
Total Paid $7,988 $7,867 $7,745