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Auto Loans in Colorado (CO)

Banks and dealer finance professionals always check your credit when deciding whether or not to fund your loan. If you have a low score, you can expect higher than average rates of interest. It’s important that you find a lending company that wants to work with you, regardless of your past credit history. We work with an extensive network of dealers and finance companies that grant auto loans to consumers with credit histories of all sorts.

Just submit your finance application, and you will be a few short steps away from a new car.

Bad Credit Car Dealers in Colorado

It’s best to steer clear of buy here pay here dealerships, reputed as they are for predatory practices of one type or another. There are bigger dealerships that cater to people who have poor credit and provide a much better lending experience. More often than not, these types of dealerships offer:

  • Competitive APR rates.
  • Reasonable down payments.
  • New and pre-owned vehicles.

The types of vehicles you can finance will be decided by your monthly income and credit score. In order to steer clear of missed payments or repossession, go with a vehicle that won’t stress your finances, with a payment that amounts to 10% of your income or less. For people bringing in $3,783 a month, the average in Colorado, this is a payment of $378.

Apply online to find out how much car you can afford.

Documentation Requirements for Colorado Residents

When you purchase a vehicle from a dealership, certain documentation has to be supplied, and when you’re suffering from a bad credit score, additional documentation may well be needed. Lenders usually require that you furnish:

  • Identification: License, Passport, or Social Security Card
  • Proof of Income, Residence, and Insurance
  • Contact Information for Your Personal References

We might have overlooked something, so always double check what’s needed with your finance professional.

Your Job is Your Credit Dealerships in CO

Often known as buy here pay here, tote the note, or your job is your credit car lots, these dealerships typically have a few main features. They…

  1. Finance car loans direct to the consumer.
  2. Do not require credit checks.
  3. Want weekly or twice-monthly payments, often in person.

Sometimes consumers with really low credit feel that a buy here pay here car lot is the only real establishment that will finance them. However, there are a few negatives:

  • Elevated Financing Fees
  • In-Person Payments
  • High Risk of Repossession

Financing Guidelines for Colorado Car-Shoppers

If you don’t want to be car-poor, your car payment should not be more than 10% of what you make each month. On top of this, finance your vehicle for no more than 5 years. This will get you a vehicle which costs roughly 50% of what you earn annually. For Colorado residents with incomes of $45,396 annually, this is $22,698. Take note, this is at the upper end of what you ought to spend. A number of authorities recommend paying even less, just 10-30% of your income for a car.