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Auto Loans in Newnan (GA)

A bad credit report can keep you from buying a new car, but getting approved for a car loan in Newnan isn’t impossible. To aid you, the borrower, we’ve got car dealerships in our network that work with bad credit in Newnan.

Here’s how it works:

  • Step 1: Our 1-minute application is remarkably simple to complete.
  • Step 2: We utilize hundreds of lending companies.
  • Step 3: Acceptance generally takes no more than 2 days.

Bad Credit Car Dealers Newnan Georgia

Newnan Car Lots for Bad Credit

If you have credit problems, many consumer banking institutions aren’t going to grant you a loan. However, there are dealers that will work with the sub-prime market. With any bad credit loan, you can expect more expensive rates of interest and larger down payments, along with shorter lending terms. On the plus side, it’s much better than being rejected by the big banks, and these dealers can help you build up your credit through timely repayments. We have a great number of dealerships in our network, and they want to get you the car you deserve. Just go here to apply online.

Trimming Your Newnan Interest Rates

Securing the lowest APR rate you can–it’s essential. Here’s one example: a car loan of $20,511, repaid in 60 months, would cost you the following, depending on your rate of interest:

Amount Borrowed APR Total Interest
$20,511 3.50% APR $1,877
$20,511 7.00% APR $3,858
$20,511 11.00% APR $6,247

Thankfully, there are a few simple ways to lessen your rate of interest.

  • Credit Profile: Increase your credit score by requesting the correction of any and all mistakes being reported on your credit.
  • Loan-to-Value Ratio: Offer a down payment of 20% on your new car or truck, which will decrease the risk for the lender, bringing about a decreased rate.
  • Debt-to-Income Ratio: Do you have a great deal of existing debt? Paying off as much as you can will lower your DTI and increase your credit score, which both will translate to a lower rate of interest.
  • Length of Loan: The faster you pay off your vehicle, the lower your APR rate will be.
  • Type of Vehicle: Used vehicles are more expensive to finance than new vehicles, though they don’t cost so much overall.

Newnan Buy Here Pay Here Dealers

People in Newnan and across Georgia turn to buy here pay here dealerships, otherwise known as tote the note car lots, convinced that they can only get financed at a place like this. Rarely is this the case. Sure, they rarely check your credit, which means bad credit ought not be an impediment, but you wind up paying quite a lot for this. In most cases, used cars and trucks are the only thing on the lot, and you may be required to have a GPS tracking system mounted in your vehicle. Rates of repossession are quite high, much like the interest rates. That isn’t all: these car lots almost never work with the credit agencies, so you could make each and every payment as agreed without boosting your FICO score.

Cars in Newnan That Fit Your Budget

It is tempting to purchase a higher priced vehicle than you should. Have a look at the scenarios below, which demonstrate how much the Newnan consumer ought to spend based on an income of $2,279 a month, a payment of $182, and a repayment period of 5 years–the longest term recommended.

Great Credit Okay Credit Poor Credit
Income $2,279 $2,279 $2,279
Payment $182 $182 $182
Rate 3.50% 7.00% 11.00%
Down Payment $2,506 $2,302 $2,096
Note Size $10,022 $9,208 $8,385
Interest Paid $917 $1,732 $2,554
Total with Interest $13,445 $13,241 $13,036
Purchase Price $12,528 $11,509 $10,482

Used Cars for Sale in Newnan, GA

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