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Auto Loans in Erlanger (KY)

As veteran finance specialists, we understand the stumbling-blocks that come with the financing process, especially if your credit isn’t very good. It’s imperative to find a lender or dealer that will not only finance your credit, but allow you to re-establish it. We have spent years forming an unparalleled network of dealers and finance companies who are willing to fund your purchase, even if your credit isn’t ideal.

A vehicle finance manager will help you arrange your finance package, so the only thing you have to do is go to the your dealer’s lot and get your car. Feel free to get approved.

Erlanger Car Dealerships for Bad Credit

When you have less-than-perfect credit, most consumer banking institutions will not accept your credit application. Fortunately, there are dealers and finance companies that do business with applicants from the lower credit tiers. In contrast to buy here pay here dealers, these dealers offer:

  • Fairer interest rates.
  • Reasonable down payments.
  • Lower mileage vehicles.

You may not be able to finance the newest, hottest car in the showroom. Here’s an example based on the average per-person income in Erlanger, $4,189 per month:

  • Excellent Credit: $41,890 (Income x 10)
  • Average Credit: $37,701 (Income x 9)
  • Sub-Prime Credit: $33,512 (Income x 8)
  • Damaged Credit: $29,323 (Income x 7)
  • Terrible Credit: $25,134 (Income x 6)

This is only an approximation. You might not be able to finance this much, especially if you have a lot of other debt.

A finance consultant is standing by, waiting to determine how much you’re eligible to borrow, and at what rate of interest. If you want to chat with one, be sure to apply online.

Should You Purchase a New Car or Truck?

Both new and used vehicles are available through us. A brand new car is worth just 75-80% of its retail price after the first year of ownership, and after 3 years, 50%. This is why you can often get more car when you buy used.

New Car Used Car
Years Old 0 3
Price $41,890 $20,945
Down Payment $8,378 $2,095
Interest Rate 5.00% 7.50%
Term 60 months 48 months
Payment Per Month $632.41 $455.78
Finance Charge $4,433 $3,027
Total Paid $46,323 $23,972

Buy Here Pay Here Dealerships in Erlanger, Kentucky

Maybe you’ve considered heading to a buy here pay here dealer for approval? Usually, there are better options. Such car lots grant auto loans in-house, as opposed to regular dealerships which outsource this, and they will typically finance anyone.

You will see that used vehicles are the only thing on the lot, and these aren’t zero down cars. In most cases, the down payment is less, but not much, than you would pay for the vehicle on the private market, and you could end up paying thousands in finance fees through outrageous rates. Is improving your credit a concern for you? If so, you should apply online through us, seeing as BHPH car lots won’t help you in improving your credit.

Credit Considerations for Erlanger Consumers

Nearly all legitimate auto finance companies report their borrower’s payments to the big three credit agencies, which provides you the chance to restore your credit. Increases in credit score are never instantaneous, but within a year or so, your FICO score should start going up. Conversely, you can hurt your credit worse if you don’t keep up with your payments. The majority of lenders and dealers enable you to arrange an automated monthly payment, so the payment is subtracted directly from your bank account.

Cars for Sale in Erlanger, KY

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