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Auto Loans in Columbus (IN)

If you’re interested in buying a new car, chances are you will need an auto loan. Our industry partnerships are unrivaled, and we are experts in matching you to the lender who can get you in the car you want. We place your application with a financing expert who will work tirelessly to get you the car loan you need.

Bad Credit Car Dealerships in Columbus, IN

Those car dealers in Columbus that provide loans in house are termed in-house financing, your job is your credit, or buy here pay here dealers. It’s far better to work with a dealer that grants bad credit car loans in Columbus, Indiana through an off-site lender. As a general rule they are a safer option, given that they are more heavily regulated than smaller car lots that offer financing on-site. In any sub-prime financing scenario, you can expect:

  • Higher rates of interest.
  • More money down required.
  • Smaller sized loans.

On the other hand, it’s far better than not having a new car at all, and if you make your payments on time, you can increase your credit score as well. We work with many of these dealerships, and you can find one willing to pre-approve your credit by applying online.

The Best Car Loan Rates for Columbus Residents

In order to minimize the overall cost of your vehicle, take action to decrease your rate of interest. This could result in big savings. Case in point: an auto loan of $23,004, financed for Five years, would cost the following in interest:

  • 3.50% APR: $2,105 in interest.
  • 7.00% APR: $4,326 in interest.
  • 11.00% APR: $7,006 in interest.

Improve your credit score, and you will enjoy lower rates of interest. At this site, you can check your report once every 12 months, without spending a dime, and dispute any inaccuracies you find, potentially increasing your credit score. Also, lenders evaluate both your income and existing debts. If you pay off any existing debts, you will be reducing your debt-to-income ratio, which will result a more affordable rate of interest. Going with a shorter-term loan will also keep your rate low, and it will also help fight negative equity. As a final point, how much can you put down on your vehicle? The larger your down payment, the better your rate of interest.

Buy Here Pay Here Car Lots in Columbus, IN

Maybe you’ve considered getting approved through a buy here pay here car lot in Columbus? These kinds of Columbus bad credit dealers provide auto loans on location, quite often without checking the applicant’s credit. Seeing as they don’t depend on a standard bank or investment company to approve the credit-seekers, they can help an extensive variety of consumers.

Often consumers with really horrible credit believe that a buy here pay here car lot is the only real establishment that will approve their credit, despite the fact that there are several drawbacks:

  • Excessive Annual Percentage Rates
  • Big Down Payments
  • High Risk of Repossession

Creating a Budget for Your New Car

The local dealer is likely to be jam packed with cars that you are able to finance, but which are in fact priced higher than you should spend. Take a look at the following estimates, which demonstrate how much the Columbus consumer ought to spend based on an income of $2,556 per month, a payment of $204, and a term of 60 months.

Excellent Credit Fair Credit Bad Credit
Income $2,556 $2,556 $2,556
Payment Amount $204 $204 $204
Interest Rate 3.50% 7.00% 11.00%
Money Down $2,810 $2,582 $2,351
Total Interest $1,029 $1,942 $2,864
Total Investment $15,079 $14,850 $14,620
Purchase Price $14,050 $12,908 $11,756

Used Cars for Sale in Columbus, IN

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