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Auto Loans in Grand Junction (CO)

Missed payments and unpaid bills can devastate your credit score. We are aware of the problems that Grand Junction residents with bad credit have to deal with. Every single day, we help men and women in Grand Junction secure the car loan they need regardless of:

Bad Credit Auto Loan in Grand Junction Colorado
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  • Bad Credit
  • Zero Credit
  • Bankruptcy
  • Unsecured Debts

It’s our mission. Ready to begin? Click the link to apply online.

Bad Credit Car Dealerships in Grand Junction, Colorado

Most traditional lenders like banks turn down applications from individuals with low credit scores. Thank goodness, there are dealerships that will cater to applicants from the lower credit tiers. Since you’re a higher-risk borrower, expect increased rates of interest and bigger down payments, combined with smaller loans. With that being said, the experience is far preferable to that of a buy here pay here dealer, and your vehicle will almost certainly cost you less in both upfront costs and interest. We have a great number of dealers in our network, and when you submit your application, we pair you with one who wants to put you in the driver’s seat.

Grand Junction Car Loan Rates: How to keep Them Low

Securing a lesser interest rate may lead to big savings.

Consider how much less you’ll wind up owing in interest with a rate of 3.50% as opposed to 7.00% or 11.00% APR.

Good Credit Average Credit Poor Credit
Loan $20,529 $20,529 $20,529
Rate 3.50% APR 7.00% APR 11.00% APR
Monthly Installment $373 $406 $446
Interest Owed $1,878 $3,861 $6,252

Boost your credit, and you’ll be rewarded with lower rates of interest. At Annual Credit Report, you can check your report once per year, for free, and ask the credit bureaus to correct any mistakes you find, potentially increasing your credit score. Also, lenders take into account your monthly debts as a percentage of your income–your debt-to-income ratio–so paying off some of your other debts can result in a better interest rate. Make certain you opt for a loan that won’t take 5-6 years to repay. Your monthly payments will be more, but lenders charge less for shorter loans. The amount borrowed, as it relates to the vehicle’s price, is another factor. A greater down payment will result in a better ratio, thereby decreasing your rate of interest.

Buy Here Pay Here Dealers in Grand Junction, CO

Car dealers in Grand Junction that advertise buy here pay here financing have certain things in common. They…

  1. Supply auto loans direct to the consumer.
  2. Don’t perform credit checks.
  3. Want you to make payments every week, often in person.

If you have horrible credit, Grand Junction in house financing dealerships are sometimes the only option, despite the fact that the rates of interest are more expensive than you’d expect from a conventional lender. Aside from that, they hardly ever report payments to the credit reporting agencies, meaning your FICO rating won’t go up even if they pay off the loan as scheduled.

Picking a Vehicle

More often than not, you’ll be able to finance a more expensive vehicle than is prudent. Check out these scenarios, which demonstrate how much car the average Grand Junction consumer can afford based on an income of $2,281 a month, a payment of $182, and a repayment period of 5 years–the longest term you should consider.

Prime Credit Decent Credit Subprime Credit
Payment Amount $182 $182 $182
APR 3.50% 7.00% 11.00%
Down Payment $2,508 $2,304 $2,098
Note Size $10,031 $9,216 $8,393
Total Interest $918 $1,733 $2,556
Total with Interest $13,457 $13,253 $13,047
Vehicle Price $12,539 $11,520 $10,491

Used Cars in Grand Junction for Sale

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