Poor credit affects roughly 25% of Ohio car-shoppers. We believe that auto financing should not be such a challenge for people in Columbus with bad credit. Here are the keys to our system
- Innovative Application Placement Program
- Nationwide Financing Network
- Extensive Customer Education
Columbus Dealerships That Approve Bad Credit
Given the surge in bad credit in Ohio and nationwide, a greater number of dealerships now have finance departments that cater to people with non-ideal credit. In any bad credit financing scenario, there are certain things to be expected:
- Rates of interest that are more costly.
- Down payments that are more substantial.
- Loans that are smaller.
But keep in mind, the rates and terms are a lot better than you would be offered at a used lot that does in-house financing with no credit checks. There are many such dealerships in our network, and when you submit your application, we pair you with one who wants to fund your loan.
New vs. Pre-owned Vehicles
New and used vehicles each have their own benefits. Brand new cars and trucks come with more affordable interest rates. However, they cost a good deal more than their pre-owned peers, and you’ll be charged a larger down payment.
|New Car||Used Car|
|Duration||5 years||4 years|
|Payment Per Month||$315.53||$337.17|
Buy Here Pay Here Dealers in Columbus, OH
Dealerships in Columbus that offer in house financing are distinct from regular dealerships in a few key ways:
- These dealerships approve auto loans direct to the consumer.
- They rarely perform credit checks.
- They require weekly or biweekly payments, often at the lot.
A lot of consumers with very bad credit assume that an in house financing car lot is the only place that will finance them. But bear in mind, Ohio subprime car loans from banks and credit unions typically involve more affordable rates.
Budgeting Recommendations for Columbus Consumers
It’s good to commit, at the very most, 10% of your monthly income for the payment on the car you’re buying. In order to avoid equity issues and inflated finance fees, consider a repayment term of 5 years, at the most. If you follow these two rules of thumb, you will end up purchasing a car which costs approximately half of what you get paid per year. Here in Columbus, where the average income is $25,084 per annum, the average consumer would purchase a car costing around $12,540. In most cases, the less you’re able to spend on a solid car or truck, the better.