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Auto Loans in Lithonia (GA)

A low credit score can be a significant obstacle when you try to finance a car, but not when you apply with us. We enable you to find a dealer or lender who really does want to stand behind you. We work with a vast network of dealers and lenders who would like to finance you, no matter your credit. Just submit your finance application, and we’ll find you a dealer or lender able to fund your purchase.

Auto Loan Lithonia GA

Bad Credit Car Dealerships in Lithonia, Georgia

You’ll want to keep away from buy here pay here dealerships, which have a reputation for shady practices of one sort or other. There are big franchise dealerships that arrange loans through traditional lending companies like banks, credit unions, and finance companies, which are closely watched by federal and state regulators, in contrast to BHPH dealers. Compared with a buy here pay here dealer, such dealers can offer lower rates and better terms. You may not be eligible to finance the higher-priced cars on the lot. With credit problems, the maximum amount you can borrow is 6 to 8 times the amount you make on a monthly basis. For the Lithonia consumer making $4,513 a month, this is $27,078 to $36,104. Then again, it’s smarter to borrow a limited amount, confining your monthly payment to 10% of your income–$451, in this example.

An auto finance professional will determine how much you’re eligible to borrow, and at what rate of interest. To get going, just apply online.

Should You Buy a New or Pre-owned Vehicle?

New and used cars each have their own advantages. Because new cars drop in value so fast, it’s sometimes a smart idea to let someone else take the loss, and buy a car already has some miles under its belt.

New Car Pre-owned Car
Years Old 0 3
Price $45,130 $22,565
Down Payment $9,026 $2,257
Interest Rate 5.00% 7.50%
Duration 5 years 4 years
Monthly Payment $681.33 $491.04
Total Interest $4,776 $3,261
Total Amount Paid $49,906 $25,826

Tote The Note Dealers in Lithonia, GA

Car dealers in Lithonia that advertise buy here pay here financing differ from traditional dealerships in a few crucial ways. They…

  1. Finance car loans on location.
  2. Rarely check your credit.
  3. Want you to make payments every week, often at the lot.

A lot of people with very bad credit feel like a buy here pay here car lot is the only real establishment that will approve their credit, despite the fact that there are a variety of negatives:

  • High Annual Percentage Rates
  • Large Down Payments
  • High Risk of Repossession

Budgeting Guidelines for Lithonia Consumers

When considering the monthly payment on your car, it shouldn’t surpass 10% of your monthly income. At the same time, to reduce finance fees and equity issues, select a 5-year loan at the very most. If you follow these two rules of thumb, you will find yourself purchasing a vehicle which costs about 50% of what you earn on an annual basis. For Lithonia residents, having incomes of $54,161 annually, this is $27,078. Unlike other forms of property, a car does not appreciate with time, which means you should invest no more than you have to, in order to buy a car that is dependable enough to not cause you problems.

Used Cars in Lithonia, GA for Sale

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