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Auto Loans in Auburn (AL)

A car is one of the most significant assets in your life, so it’s imperative that you get the cheapest annual percentage rate possible. We have access to a diverse network of dealers and lenders, and we have agents approve you for the financing you need. We connect you to a financing specialist whose goal it is to get you approved for the car loan you need.

Bad Credit Car Dealerships in Auburn, Alabama

Those dealerships that offer financing directly are known as in house financing car dealers, buy here pay here car lots, or tote the note lots. Your best option is to find a car dealership that grants bad credit car loans in Auburn, Alabama through a trusted lender. When compared with a buy here pay here dealer, such dealerships can offer:

  • Less owed upfront, in terms of down payment.
  • Cheaper interest rates.
  • More advantageous lending terms.
  • Opportunity to raise your credit score.

The specific cars and trucks you’re eligible for will be decided by what you make each month, and how high your credit score is. So as to forestall loan default or repossession, purchase a reasonably priced, reliable vehicle with payments that amount to just 10% of your income–at the most. For people bringing in $817 per month, the average among Auburn residents, this is a payment of $82.

A lending consultant can help you determine how much you’re eligible to borrow, and at what rate of interest. Go here to submit your application.

Should You Buy a New or Used Vehicle?

A lot of applicants can finance either a new or used car, but which is best? A new vehicle is worth just 75-80% of its original value after the first 12 months of ownership, and 50% after 3 years. For this reason, you can often get more car by buying pre-owned.

New Car Pre-owned Car
Years Old 0 3
Price $8,170 $4,085
Down Payment $1,634 $409
Interest Rate 5.00% 7.50%
Term 60 months 48 months
Monthly Payment $123.34 $88.89
Finance Charge $865 $590
Total Outlay $9,035 $4,675

Auburn Buy Here Pay Here Financing

Buy here pay here dealers normally help people who have significant credit problems like bankruptcy. Most of the time, dealer finance isn’t direct to the consumer, as dealers go through banks or credit unions to fund the loans, but BHPH dealers handle everything on site. They provide funding themselves. In most cases, higher-mileage cars and trucks are the only ones on the lot, and these are not no money down cars. Quite often, the down payment is almost the same as what you would pay for the vehicle from an individual seller, and you could end up paying thousands in total interest through inflated rates. If raising your credit score is important to you, and it should be, you are better off applying through us, since BHPH car lots can’t help you strengthen your credit.

How Much to Pay for a Car

The optimal car, with regards to price, depends largely on your income and rate of interest. Take a look at these estimates, displaying how much the Auburn consumer ought to spend based on an income of $817 a month, a payment of $65, and a repayment term of 5 years–the maximum length you should consider.

Good Credit Okay Credit Bad Credit
Car Payment $65 $65 $65
Rate 3.50% 7.00% 11.00%
Term Length 60 Months 60 Months 60 Months
Down Payment $898 $825 $752
Interest Paid $329 $621 $915
Total Paid $4,820 $4,747 $4,673
Vehicle Price $4,491 $4,126 $3,758

Used Cars from Auburn Dealers

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