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Auto Loans in Woodstock (GA)

Credit ratings are a major factor for car lending companies who approve auto loans. The interest rates associated with bad credit auto financing in Woodstock, Georgia, are greatly elevated as compared to those for consumers with good credit, and approval rates are much lower than they once were. Favorable credit may give you discounted rates, but we help you, our customer, find the Woodstock auto loan you need.

After you submit your application, we can set you up with a lending specialist in Woodstock who will make every effort to get you approved.

Woodstock Car Dealers for Bad Credit

When you have poor credit, dealer financing is often the way to go, because the majority of banks won’t be willing to accept your application. There are dealers, however, who want to get you approved for financing. In contrast to buy here pay here dealers, these dealerships offer:

  • Interest rates that aren’t astronomical.
  • Down payments that are reasonable given the vehicle’s worth.
  • Vehicles that have less mileage.

Your income and credit determines how much car you can get financed. Here is an example based on a monthly income of $5,672, the average in Woodstock:

Minimum Credit Score Income Factor Amount Borrowed
700 10 $56,720
625 9 $51,048
575 8 $45,376
525 7 $39,704
300 6 $34,032

These sums are not absolute. You may not be eligible to borrow this much, especially if you have a lot of other debt. Apply online to have a finance professional confirm your options.

Buying a Car in Woodstock with Nothing Down

A down payment may be a challenge, but for people with a low credit score, it’s sometimes necessary. Generally speaking, a down payment of 10% is needed for a used car or truck, and 20% for a new one. Take a look at the example we’ve included.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Percentage of New Value 100% 75% 60% 50%
Sale Price $56,720 $42,540 $34,032 $28,360
Percentage Down 20% 10% 10% 10%
Down Payment $11,344 $4,254 $3,403 $2,836

If your credit isn’t great, it could be hard to get a car loan without having a down payment. However, keep this in mind: your trade equity could help you cover a down payment.

Buy Here Pay Here Dealers in Woodstock, GA

Thinking about heading to a buy here pay here dealer to get approved? Typically, there are considerably better options. These dealers approve car loans on location, in contrast to regular dealerships which outsource this, and they will typically finance everyone. The fact is, you can expect inflated loan rates, massive down payments, and vehicles that cost too much given their mileage. There is a good reason why these car dealers have a bad reputation. We want to place you in the hands of dealer finance specialist who can put you in the driver’s seat, even if you’ve been through bankruptcy.

Recommendations for Buying a Car in Woodstock

Take 10% of your monthly income, before taxes. Make sure you spend no more than this on your car payment each month. Be mindful, however, that you don’t opt for a loan repayment period of more than 60 months, which can lead to more interest and negative equity. In actuality, it’s best to repay your loan after 60 months. If you follow these suggestions, you will wind up buying a vehicle that costs around half of your yearly income. Here in Woodstock, where the average income is $68,058 per year, the average consumer would buy a car that costs approximately $34,032. Don’t forget, this is the most that you should budget. Various professionals propose investing even less, just 10-30% of your income for the next car you buy.

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