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Auto Loans in Prescott (AZ)

If your credit isn’t the best, getting financed can be the biggest hurdle when purchasing a car. However, we expedite the process for you. We allow you to find a lending company that can provide you with the funds you need at a rate you can afford. We’ve established an unparalleled network of lenders and dealers that whose mission it is to get you into the car you want. Go on and submit your credit application, and we will do our best to match you with a lender or dealer in Prescott willing to fund your purchase.

Bad Credit Car Dealerships in Prescott, Arizona

When you have some credit problems, dealer financing is likely your best and only option, seeing as most all the banks in your area will be unwilling to approve you. Then again, there are dealers that can get you the loan you need at an affordable rate. Whenever you have below-average credit, expect:

  • Rates of interest that are more costly.
  • Down payments that are more substantial.
  • Payment terms that are shorter.

Having said that, they will arrange your financing through lenders that report to the credit reporting agencies, offering you the ability to improve your credit score. There are many of these dealerships in our network, and you can find one willing to get you approved by submitting your application.

Prescott Car Loan Rates: How to Reduce Them

In order to save on your next vehicle, do more to minimize your rate of interest. This could save you big money by the time you’ve paid off your vehicle.

If you don’t think rate of interest is supremely important, have a look at these figures.

Good Credit Average Credit Bad Credit
Loan $10,557 $10,557 $10,557
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $192 $209 $230
Interest Paid $966 $1,985 $3,215

As you can see, your interest rate is nothing short of paramount, and the good news is that it can be lowered in various ways.

  • Credit Profile: Dispute any inaccuracy you find on your credit report. These could be hurting your credit score, and thereby raise the interest rate at which you can get a loan.
  • Down Payment: A strong down payment will reduce your loan-to-value ratio–the amount of your loan as compared with the price of your vehicle–which should limit your interest rate.
  • Debt-to-Income (DTI): Have you got a great deal of credit card debt? Reducing your balances will decrease your debt-to-income ratio improving your credit score, which will translate to a reduced APR.
  • Loan Length: Longer loans are regarded as higher risk investments. All things considered, a shorter loan typically comes with a lower rate of interest.
  • Type of Vehicle: Lenders charge steeper rates for used vehicles than new vehicles, though they cost significantly less in the first place.

Buy Here Pay Here Dealers in Prescott, Arizona

In house financing, better referred to as buy here pay here financing, keeps growing, mainly because so many consumers’ credit ratings took hits on account of the economy. They seldom perform credit checks, so your credit problems ought not be an impediment, but you wind up paying handsomely for this. You will see that used vehicles are the only thing on the lot, and dealers may make you have a GPS tracking system installed in your vehicle. The rates of vehicles being repossessed are astronomical, and so are the interest rates. Is elevating your credit one of your goals? If so, you should contact an automotive finance professional through us, as BHPH car lots won’t help you improve your credit.

Rules of Thumb for Buying a Car in Prescott

Here’s a good rule of thumb: at most, about 10% of the income you make on a monthly basis should be dedicated to your monthly payment. In order to avoid equity issues and inflated finance fees, choose a loan of just 5 years, no longer. With this payment and repayment period, you will be getting a car or truck which costs approximately half of what you earn on a yearly basis. If you have an income of $14,074 per year, the average in Prescott, you would buy a car that costs $7,038. Take note, this is the most that you should spend. A lot of authorities advocate forking over even less, just 10-30% of your income for a new car or truck.

New And Used Cars for Sale in Prescott


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