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Auto Loans in Elyria (OH)

Below-average credit can make it harder to get an auto loan, but it’s far from impossible. It’s imperative to work with a dealer or lender that really does want to help you get the car loan you need. We work with an extensive network of lenders and dealers who meet the needs of applicants on the entire credit spectrum, not just the highest levels. Simply complete your online application, and you could be in the driver’s seat of your new car within hours.

Elyria Car Dealerships That Finance Bad Credit

It’s best to stay away from buy here pay here dealers, known as they are for underhanded lending schemes. There are more prominent dealerships that arrange loans through banks and credit unions. As compared to a BHPH car lot, such dealers can offer more affordable rates and significantly better terms. You may not qualify to finance the more expensive cars in the showroom. Below is an example based on a monthly income of $2,908, the average in Elyria:

  • Good Credit: $29,080 (Income x 10)
  • Average Credit: $26,172 (Income x 9)
  • Sub-Prime Credit: $23,264 (Income x 8)
  • Poor Credit: $20,356 (Income x 7)
  • Horrible Credit: $17,448 (Income x 6)

These are just approximations. You may not get to borrow this much, based on such factors as your existing debt, housing payment, and the type of income you have.

A vehicle finance specialist can help you determine how much you’re eligible to borrow, and at what rate. Just go here to submit your application.

Should You Purchase a Used Vehicle?

New car? Used car? The choice is yours. A new vehicle loses 20% of its value during the first year of ownership, and 50% after three years, so you can often get more for your money when you buy used.

New Car Used Car
Years Old 0 3
Price $29,080 $14,540
Down Payment $5,816 $1,454
APR 5.00% 6.90%
Years 5 4
Payment $439.02 $312.75
Interest Paid $3,077 $1,926
Total Paid $32,157 $16,466

Elyria Buy Here Pay Here Dealers

In house financing, also referred to as buy here pay here financing, continues to grow, mainly because so many people’s credit ratings suffered on account of the economy. They won’t check your credit, meaning your credit problems probably won’t be an impediment, but you will really pay for this in the long run.

More often than not, used cars and trucks are the only models available, and these aren’t no down payment cars. Normally, the down payment is the same as what the dealer had to pay for the vehicle at auction. Lending rates of greater than 20% APR can be expected. Because of this, these retailers have a sullied track record. We want to match you with subprime finance professional who can get you financed, even if you have bad credit.

Cars in Elyria That Suit Your Budget

In many cases, it’s possible to finance a more expensive vehicle than you can really afford. Try and avoid spending much more than 8% of your monthly earnings on your car payment. For a resident of Elyria making $2,908 per month, the city average, this would be $233.

Exceptional Credit Fair Credit Subprime Credit
Payment Amount $233 $233 $233
Interest Rate 3.50% 7.00% 11.00%
Down Payment $3,197 $2,937 $2,675
Interest Paid $1,170 $2,210 $3,259
Total with Interest $17,155 $16,896 $16,633
Purchase Price $15,985 $14,686 $13,375

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