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Auto Loans in Yuma (AZ)

Poor credit rankings are a hassle. Because a great many vehicle lending companies in Arizona are turning down people that have bad credit ratings, it could take longer than you’d like to find a finance company all on your own. Luckily, we are here to lend a hand.

All you have to do is complete this simple form. We will place your application with an auto loan company or car dealership willing to pre-approve you for a loan.

Bad Credit Car Dealers in Yuma, Arizona

If you’ve got a low credit score, dealer financing is often the only option you have, seeing as the vast majority of banks won’t be willing to accept your application. Having said that, there are dealers that want to win your business. Contrary to buy here pay here dealers, these larger dealerships offer:

  • Interest rates that aren’t astronomical.
  • Down payments that are reasonable given the vehicle’s worth.
  • Vehicles that have fewer maintenance issues.

Your credit and income dictates which cars you’re eligible to finance. Below is an example based on the average per-capita income in Yuma, $1,720 per month:

Credit Rating Income Factor Sum
Good Credit 10 $17,200
Fair Credit 9 $15,480
Slow Credit 8 $13,760
Bad Credit 7 $12,040
Horrible Credit 6 $10,320

These figures are simply estimates. You may not get to borrow this much, depending on your other debts and credit history.

A dedicated finance expert will determine how much you’re eligible to borrow, and at what interest rate. To get going, simply apply online.

Minimizing Your Interest Rate

Getting a more affordable interest rate will save you a lot in the long run. Consider this: a $15,480 car loan, repaid in Five years, would cost you the following:

  • 3.50% APR: $1,416 in interest.
  • 7.00% APR: $2,911 in interest.
  • 11.00% APR: $4,714 in interest.

A large percentage of consumers in Arizona now have inaccuracies on their credit report. You’d be a good idea to check yours. Getting rid of these result in a significantly better credit score and a lower rate of interest. Also, paying down any outstanding debt can bring down your debt-to-income ratio, thereby reducing your rate of interest. Don’t resort to a 72-84 month loan. Finance for 60 months or less, and you’ll be given a reduced rate of interest. Loan size, in relation to the cost of the vehicle, is another big factor. A larger down payment makes for an improved loan-to-value ratio, which should help in decreasing the interest rate your lender charges you.

In House Financing Car Lots in Yuma, AZ

Maybe you’ve wondered about getting a car loan at a buy here pay here dealer in Yuma? Such Yuma bad credit car dealers don’t depend on banks or investment companies to approve their customers, so they can help a wide array of consumers.

Often folks with really bad credit believe that a buy here pay here car lot is the only place that will finance them, even though the cost of your vehicle will be inflated due to excessively high rates of interest. And if that weren’t enough, it’s likely that your credit score will not get better as you pay down what you owe. This is because these car lots rarely report back to the credit agencies.

Putting Together a Budget for Your Vehicle

Want to know what kind of car is in your budget? You really shouldn’t spend much more than 8% of your monthly earnings on a car payment. For people living in Yuma, who have an average income of $1,720, this would be $138.

Great Credit Okay Credit Poor Credit
Income $1,720 $1,720 $1,720
Payment $138 $138 $138
APR 3.50% 7.00% 11.00%
Down Payment $1,891 $1,737 $1,582
Loan Amount $7,564 $6,949 $6,329
Interest Paid $692 $1,307 $1,927
Total Investment $10,147 $9,993 $9,838
Car Price $9,455 $8,686 $7,911

Used Cars for Sale in Yuma, AZ

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