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Auto Loans in Dayton (OH)

Getting approved for financing got a lot more difficult following the downturn, but helping you get the car loan you need is our sole mission. It’s advisable to find a bank or dealer who can give you the funds you need at a rate that won’t break the bank. We’ve built a wide-ranging network of dealers and finance companies who are intent on getting you into the car you want. Simply apply online, and you could have the loan you need in no time.

Auto Loan Dayton OH

Dayton Car Dealerships for Bad Credit

Certain bad credit car dealerships evaluate your employment status instead of your credit. They often market themselves as no credit check dealers, because they don’t use your credit as a determining factor for financing approval. That seems great and all, but chances are they don’t report to the credit agencies, meaning they won’t help you re-establish your credit. Your best option is to find a dealer that can offer you a bad credit auto loan in Dayton through a legitimate lender. Yes, they’ll check your credit, but they also report to the credit reporting agencies – a rarity among smaller car lots that offer financing on site. Unlike buy here pay here dealers, these dealerships offer:

  • More competitive APR rates.
  • Acceptable down payments.
  • Lower mileage vehicles.

You may not have the credit and income to finance the higher-priced cars in the showroom. Here is an example based on an income of $2,091 per month, the average in Dayton:

Minimum Credit Score Income Factor Loan Amount
700 10 $20,910
625 9 $18,819
575 8 $16,728
525 7 $14,637
300 6 $12,546

Keep in mind that this is simply an approximation. You may not get to finance this much, based on your other debts and the specifics of your credit history. Apply online to have a finance professional confirm your options.

Best to Buy a Used Vehicle?

New and used cars each have distinct advantages. Brand new vehicles have more affordable interest rates. However, they cost considerably more than their pre-owned equivalents, not to mention that they require larger down payments.

New Car Used Car
Age New 1 Year Old
Price $20,910 $15,683
Down Payment $4,182 $1,568
Interest Rate 5.00% 6.90%
Term 60 months 48 months
Monthly Payment $315.68 $337.33
Total Interest $2,213 $2,078
Total Expenditure $23,123 $17,760

Dayton Buy Here Pay Here Dealerships

Buy here pay here dealers would love you to think that you can’t get approved anywhere but with them. However, this generally isn’t the case. Yes, they do not conduct credit assessments, which means bad credit probably won’t be a hindrance to getting approved, but chances are you will pay too much for your vehicle and its loan.

Regrettably, you can expect exorbitant annual percentage rates, large down payments, and high mileage vehicles that are overpriced. There is a good reason why these dealerships don’t have an outstanding reputation. We want to place you in the hands of dealer finance specialist who can get you in the car or truck you need, even if your credit is dreadful.

Credit Recovery for Dayton Consumers

If you’d like to increase your credit score, stay clear of BHPH dealers. The lenders and dealers in our network can help you get your credit to a higher tier. An auto loan:

  • Offers you the ability to spruce up your payment history (35% of your score).
  • Maximizes the array of credit types under your belt (10% of your score).

However, you’ll damage your credit by missing payments, or making them past the due date. You shouldn’t underestimate the benefits of a better credit score. It can save you thousands of dollars down the road, and you just need to pay your bills on schedule month after month.

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