Get an Auto Loan Quote

Auto Loans in Albany (OR)

Your FICO score is a primary factor when getting approved for financing, and fewer people have been securing loans since the economic crisis. We enable you to find a lender or dealer who caters to people with your type of credit. Over the years, we’ve built a vast network of dealers and lenders who can pre-approve your loan digitally, affording you several key benefits:

  • Faster approval.
  • Increased negotiating power.
  • Extra confidence on the lot.

An auto finance agent will be there to guide you through the purchasing process, step-by-step. Go here to apply online for your loan.

Car Loan Albany OR

Albany Car Dealers That Take Bad Credit

Nowadays, many dealerships have finance departments that specialize in subprime auto loans. In any non-prime financing arrangement, there are certain things to be expected elevated rates of interest, heftier down payments, and stricter repayment conditions. On the other hand, the experience is better than that of a buy here pay here car lot, and your vehicle will almost certainly cost you less in the long run. We have a great number of dealers in our network, and they want to get you approved for the car you want. Just go here to apply online.

Affordable Auto Finance Rates for Albany Drivers

Interest rate is vital in determining the total amount you have to spend on your vehicle.

Consider this chart depicting the impact of different rates of interest.

Good Credit Average Credit Poor Credit
Size of Loan $15,273 $15,273 $15,273
Rate of Interest 3.50% APR 7.00% APR 11.00% APR
Monthly Payment $278 $302 $332
Total Interest $1,398 $2,872 $4,651

The good news is, there are some fast ways to lessen your rate of interest.

  • Credit Score: Challenge any errors you come across on your credit report. These could be hurting your credit score, and thereby increase the APR rate you’ll have to pay.
  • Down Payment: A good down payment will reduce your loan-to-value ratio–the amount of your loan in relation to the price of the car or truck being financed–which should help reduce your interest rate.
  • Debt to Income: Do you have a lot of other debt? Paying some of it down will decrease your DTI, which should result in a cheaper interest rate.
  • Shorter-Term Financing: The faster you pay back your loan, the lower your interest rate will be.
  • Age of Vehicle: It doesn’t cost as much to finance a new or close to new car–so long as the purchase price is similar.

Albany Buy Here Pay Here Financing

Buy here pay here car dealers primarily finance people who’ve got major credit problems such as bankruptcy. For the most part, dealer financing is sourced elsewhere, as dealerships work with banks and lenders with whom they have relationships to provide the loans. On the other hand, BHPH dealers decide who gets financed on location, often without a credit check.

Negatives include:

  • Ridiculous Interest
  • Inflated Down Payments
  • Steeply-Priced Vehicles
  • Location Monitoring Units

Even worse, these dealers almost never report back to the credit bureaus, which means you could make every single payment in a timely manner without increasing your FICO score.

Can This Enhance Your FICO Score?

If you pay off the loan as agreed, a car loan can in fact increase your credit score. Taking out and repaying a loan, on time and as agreed, illustrates that you are a dependable borrower, resulting in lower interest rates and more advantageous terms in times to come.

Meanwhile, it’s possible to wreck your credit by making late payments or just missing them entirely. Many lenders and dealers help you set up a scheduled payment each month, so the money is taken right from your payment account.

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