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Auto Loans in Evans (CO)

We see too many Evans consumers who think that credit problems are an insurmountable hurdle to getting approved for a car loan. The reality is, we assist applicants from every end of the credit spectrum. Our team serves buyers in Evans and across Colorado, helping them get in touch with a lender or dealer in Evans willing to offer them fair rates for financing. You will enjoy the convenience of having a dedicated finance consultant to help answer the questions you have and line up your loan.

Evans Car Lots for Bad Credit

Most banks decline applications from individuals who have damaged credit. Fortunately, there are dealers that do business with sub-prime consumers. In general, these larger dealerships offer:

  • More reasonable rates of interest.
  • More affordable down payments.
  • Both new and used vehicles.

The dealer will review your credit and income to decide which models you can afford to finance. We recommend you look for a reasonably priced, dependable vehicle with payments that amount to just 10% of your income, if not less. For people bringing in $3,555 a month, the average among Evans residents, this is a payment of $356.

A dedicated lending specialist can help you determine how much you can borrow, and at what rate. Go here to submit your application.

Is it Best to Purchase a Pre-owned Vehicle?

Many car-buyers in Evans aren’t aware that new cars aren’t the only thing you can finance. You can finance pre-owned vehicles too.. New cars and trucks have more affordable rates of interest. That said, they are priced significantly higher than their used peers, and of course the down payments they require are significantly bigger.

New Car Pre-owned Car
Age New 3 Years Old
Price $35,550 $17,775
Down Payment $7,110 $1,778
Interest Rate 5.00% 7.50%
Duration 5 years 4 years
Payment Amount $536.70 $386.80
Finance Fees $3,762 $2,569
Total Spend $39,312 $20,344

Buy Here Pay Here Car Dealers in Evans, CO

Have you considered getting financed at a buy here pay here car lot in Evans? These Evans bad credit car dealers don’t rely on banks or third-party lenders to approve their customers, so they can service a diverse range of applicants.

For people with really bad credit, Evans in house financing dealers in many cases are the only real way to go. Unfortunately, Colorado bad credit auto loans from credit unions and banks typically come with more affordable rates.

Will This Strengthen Your Credit Score?

If your credit leaves much to be desired, you may be scared that an auto loan will do further harm, but that is seldom the way it works out. Financing a car is a good way to re-establish your credit. In total, an auto loan can positively impact two of the biggest credit score components:

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

Your score will not increase the day you pay the balance of your loan. Rather, it will go up gradually as you continue paying your bills time after time. You shouldn’t underestimate the benefits of a much healthier FICO score. It can save you tens of thousands of dollars throughout your life, and all you need to do is pay your bills each month.

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