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Auto Loans in Euclid (OH)

Getting a car financed with bad credit was once almost impossible. Then we came along. We think that car loans should not be a huge challenge for Euclid residents, regardless of whether they have a low credit score. This is how we empower our applicants to rise above their credit scores and get auto financing they need:

  • Step 1: Our 60-second application is exceedingly easy to submit.
  • Step 2: We harness scores of lending companies.
  • Step 3: Authorization typically takes less than 2 days.

Bad Credit Car Dealers Euclid Ohio

Euclid Car Lots for Bad Credit

It is important to stay away from buy here pay here car lots, which are notorious for shady auto lending. There are more prominent dealerships that cater to people who have below-average credit, while offering an improved lending experience. Since this is a high-risk loan, expect steeper interest rates and larger down payments, plus shorter repayment periods. With that being said, remember you’re getting a car, sure, but also the chance to improve your credit score. We have a great number of dealers in our network, and they want to get you the car you need. Go here to submit your application.

New or Used: It’s Your Choice

Some consumers in Euclid don’t realize loans can be had for both used and new vehicles. More often than not, a used vehicle is the better choice. The APR rates for new cars are lower, yes, but used cars are much less expensive.

New Car Used Car 1 Used Car 2 Used Car 3
Years Old 0 1 2 3
Vehicle Price $31,970 $23,978 $19,182 $15,985
Down Payment $6,394 $2,398 $1,918 $1,599
APR 5.00% 6.90% 6.90% 6.90%
Months 60 48 48 48
Payment Amount $482.65 $515.75 $412.60 $343.84
Interest $3,383 $3,176 $2,541 $2,118
Amount Paid $35,353 $27,154 $21,723 $18,103

Euclid Buy Here Pay Here Dealerships

Buy here pay here dealers normally do business with people with major credit problems like bankruptcy and repossession. Dealers like these will finance pretty much anybody, regardless of their credit, but you will find issues. Typically, preowned autos are the only thing you can buy, and these aren’t no money down car loans. Normally, the down payment is the same as the vehicle’s wholesale value, and you could end up paying thousands in total interest through outrageous rates. As if that weren’t a problem, these dealers rarely work with the credit agencies, which means you could make each and every payment punctually without any boost to your FICO score.

What Car to Buy?

The car you should buy, price-wise, will depend largely on your income and rate of interest. You don’t want to spend much more than 8% of your monthly income on a car payment. For the Euclid consumer making $3,197 a month, the city average, this would be $256.

Prime Credit Decent Credit Subprime Credit
Income Per Month $3,197 $3,197 $3,197
Monthly Installment $256 $256 $256
Rate 3.50% 7.00% 11.00%
Money Down $3,515 $3,229 $2,941
Total Interest $1,286 $2,429 $3,582
Total Paid $18,860 $18,575 $18,286
Purchase Price $17,574 $16,145 $14,704

Used Cars in Euclid, OH

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