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Auto Loans in Phenix City (AL)

Cars have become more and more costly, but if you handle the auto loan process the right way, it can save you a bundle in the end. Our experience in the auto finance market is unparalleled, and we have agents approve you for the financing you need. You’ll be walked step-by-step through the process by a financing professional near you.

Phenix City Car Lots That Finance Bad Credit

Dealerships in Phenix City that grant loans themselves are known as in-house financing, your job is your credit, or buy here pay here dealerships. You’ll be happier finding a dealership that can offer you a bad credit auto loan in Phenix City through a reputable lender. Compared with a buy here pay here dealer, such dealers are able to offer:

  • Less owed on the day of purchase, in cash or trade equity.
  • Less costly rates of interest.
  • Less risk of being ripped off.
  • Power to build up your credit.

The dealer will examine your credit and income to decide which cars you qualify to finance. If you want to steer clear of missed payments or repossession, go with a vehicle that won’t stress your finances, with a payment of about 10% of your income–no more. If you earn $2,050 monthly, this would be a payment of $205. Submit an application to have a finance expert confirm how much you can borrow.

Should You Buy a New Vehicle or a Used One?

We’ve discovered that a lot of buyers don’t realize that both used and new cars can be financed. More often than not, a pre-owned car is the way to go. The rates of interest on new cars are low, yes, but used cars will cost you a lot less.

New Car Used Car
Age New 3 Years Old
Price $20,500 $10,250
Down Payment $4,100 $1,025
APR 5.00% 7.50%
Duration 5 years 4 years
Monthly Payment $309.49 $223.05
Interest Paid $2,169 $1,481
Total Paid $22,669 $11,731

Buy Here Pay Here (BHPH) Dealerships in Phenix City, AL

Buy Here Pay Here Car Dealers in Phenix City Alabama
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Commonly called buy here pay here, tote the note, or your job is your credit car dealers, these businesses typically have a few primary features. They…

  1. Finance auto loans on location.
  2. Don’t require credit checks.
  3. Ask for weekly or twice-monthly payments, often in person.

Many folks with really terrible credit feel that a buy here pay here car lot is the only real establishment that will be willing to finance them, even though there are a variety of disadvantages:

  • Elevated Interest Rates
  • Big Down Payments
  • Inability to Improve Credit Score

Improving Your Credit in Phenix City

If you need another reason to finance a car, you have it: a car loan not only helps you afford the car you’d like, it can increase your credit score. But keep in mind, this impact isn’t immediate. You have to repay the loan as contracted, making every month’s payment by its due date. Of course, credit score increases are gradual, gaining traction with time. Of course, the benefits of a healthier score are massive, including cheaper interest rates and insurance premiums, not to mention improved job prospects.

Used Cars in Phenix City

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