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Auto Loans in Kailua (HI)

Poor credit can make it more challenging to get behind the wheel of a new car, but we can help. No one specializes in bad credit auto loans like us.

After you submit your application, we can set you up with a lending specialist in your part of Hawaii.

Bad Credit Car Dealers in Kailua, HI

Nowadays, many dealerships have finance departments that specialize in financing people with non-ideal credit. Since this is a high-risk loan, expect higher rates of interest and bigger down payments, not to mention tighter lending terms. On the plus side, they will arrange your financing through banks and finance companies that supply information to the credit bureaus, thereby enabling you to restore your credit. We have many such dealerships in our network, and they want to get you in the car you want. Just go here to apply online.

Reducing Your APR Rates

Financing your new car or truck at the most affordable interest rate you possibly can–it’s immensely important. Consider this: an auto loan of $49,500, at 3.50% APR for 60 months, would end up costing you $4,529 in interest. It would cost you $9,310 at 7.00% APR, and $15,075 at 11.00%. From 3.50% to 11.00% APR, your monthly payment would soar from $900 to $1,076.

As is obvious, your interest rate is nothing short of paramount, and the good news is that it can be dramatically reduced in various ways.

  • Credit Profile: Increase your credit score by forcing credit bureaus to rectify even the smallest mistake showing up in your credit history.
  • Loan-to-Value: A solid down payment will reduce your loan-to-value ratio–the amount of your loan in relation to the price of the vehicle–which should cut down on the interest rate you’ll be charged.
  • Debt-to-Income (DTI): Carrying less debt will often mean a decreased interest rate, so it’s a good idea to pay down as much as you can.
  • Repayment Period: Longer loans are regarded as higher risk investments, so opting for a shorter loan could be to your benefit.
  • New Vehicle: Lenders charge steeper rates for pre-owned cars and trucks than new vehicles, though they don’t cost so much to begin with.

Kailua Buy Here Pay Here Financing

Thinking about a buy here pay here dealer on account of bad credit? Normally, there are considerably better options. They might not look at your credit, which means bad credit ought not be an impediment to getting approved, but you will really pay for this down the road.

You will discover that used cars and trucks are the only thing on the lot, and these aren’t no down payment cars. In most cases, the down payment matches what the dealer paid for the vehicle when they bought it, and you could end up paying thousands in total interest through exorbitant rates. As if that weren’t a problem, these car lots rarely report back to the credit bureaus, so you could make all of your payments in a timely manner without a boost to your credit score.

How Much You Ought to Spend

The dealership may be packed with cars and trucks that you are capable of buying, but which wouldn’t be the smartest move. Have a look at the following scenarios, demonstrating how much car the average Kailua consumer can afford based on a monthly income of $5,500, a payment of $440, and a repayment term of 60 months.

Excellent Credit Fair Credit Poor Credit
Payment $440 $440 $440
APR 3.50% 7.00% 11.00%
Months 60 60 60
Money Down $6,047 $5,555 $5,059
Total Interest $2,213 $4,179 $6,163
Total Investment $32,447 $31,955 $31,459
Car Price $30,233 $27,776 $25,296

Used Cars for Sale in Kailua, HI

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