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Auto Loans in Englewood (CO)

Hoping to finance a car in Englewood with a bad credit score? So as to aid you, the consumer, we work with auto dealerships that take bad credit in Englewood. Here’s how the process works:

3 Easy Steps
  • Step 1: You submit your application. Our application requires few fields and can be submitted in less than two minutes.
  • Step 2: We utilize our network of innumerable loan companies to secure your pre-approval.
  • Step 3: Most consumers get approved within 24 hours.

Bad Credit Car Dealerships in Englewood, Colorado

Don’t let credit stand in your way when it comes to your new car. We work with dealerships all across Colorado who are willing to compete for your business. In comparison with a buy here pay here car lot, such dealers typically offer cheaper rates and better terms. You may not be eligible to finance just any car on the lot. Here’s an example based on the average per-capita income in Englewood, $2,671 per month:

Credit Score Multiplier Amount
700 10 $26,710
625 9 $24,039
575 8 $21,368
525 7 $18,697
300 6 $16,026

Keep in mind, this is strictly an approximation. You may not have the ability to borrow this much, based on factors such as your other loan balances, mortgage or rent payment, and type of income.

An auto lending consultant is standing by, waiting to determine how much you’re qualified to borrow, and at what rate of interest. Just go here to submit your application.

New or Pre-owned Car

A good number of consumers in Englewood don’t realize that both used and new cars are eligible for financing. A brand new vehicle loses 20% of its value during the first 12 months of ownership, and after 3 years, 50%. Because of this, you can often get more car when you purchase used.

New Car Used Car
Years Old 0 3
Price $26,710 $13,355
Down Payment $5,342 $1,336
APR 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $403.24 $290.62
Finance Charge $2,826 $1,930
Total Investment $29,536 $15,285

Buy Here Pay Here Dealers in Englewood, CO

Maybe you’ve thought about going to a buy here pay here dealer for approval? Usually, there are better options. These dealers will approve practically anyone, regardless of their credit, but you will find issues. Cons include exorbitant rates and down payments, not to mention steeply-priced vehicles and weekly payments Worst of all, these dealerships don’t report to the credit reporting agencies, and that means you could make every single payment month after month without increasing your FICO score.

Credit Recovery for Englewood Borrowers

If your credit isn’t ideal, you are probably considering ways to increase it. Believe it or not, financing a car is one of the most reliable ways to repair your credit. A car loan can reinforce two chief credit scoring factors:

  1. History of Payments (35% of score).
  2. Types of Credit Utilized (10% of score).

You really can’t miss a payment, because this will have the exact opposite effect: a damaged credit score. It is tough to know how much your score is going to rise, but boosts of 5-10% have been reported.

New and Used Cars from Englewood Dealerships

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