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Auto Loans in Corvallis (OR)

Credit ratings are critical when it comes to car loans in Corvallis, and approval rates for car loans in Corvallis are much lower than they once were. But don’t fret. So as to assist you, the borrower, we have partnered with car dealers that take bad credit in Corvallis.

Benefits for Corvallis Clients

Bad Credit Auto Loan Corvallis Oregon
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  • Sophisticated Application Placement Program
  • Vast Network of Lenders
  • Comprehensive Buyer Instruction

Corvallis Car Lots for Bad Credit

Car dealers that approve financing themselves are classified as in house financing car dealers, buy here pay here car lots, and/or tote the note lots. In all likelihood, you’ll have a better experience with dealer that can get you financed through an off-site lender. They’ll check your credit, but they also report to Equifax, Experian, and Transunion – a rarity among BHPH car lots that offer financing on-site. As with any bad credit loan, you can expect:

  • Much higher rates of interest.
  • More money down required.
  • Stricter lending terms.

Having said that, it’s far better than not being able to finance a car, and these dealers can help you repair your credit, potentially enabling you to refinance at a lesser rate in the future. There are many of these dealerships in our network, and you can find one willing to get you approved by submitting your application.

Selecting a Vehicle: New versus Used

Many consumers in Corvallis aren’t aware that new cars aren’t the only thing that can be financed. You can finance a pre-owned car as well.. A brand new car is worth just 75-80% of its retail value after the first year of ownership, and after 36 months, 50%. That is why you can often get more car by purchasing pre-owned.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Vehicle Price $22,290 $16,718 $13,374 $11,145
Down Payment $4,458 $1,672 $1,337 $1,115
APR 5.00% 7.50% 7.50% 7.50%
Duration 5 years 4 years 4 years 4 years
Monthly Installment $336.51 $363.79 $291.03 $242.53
Interest Paid $2,359 $2,416 $1,933 $1,611
Total Paid $24,649 $19,134 $15,307 $12,756

Corvallis Buy Here Pay Here Dealers

Buy here pay here dealerships would love you to assume that no one but them will finance you, but this typically isn’t the case. Customarily, dealer finance is indirect, as dealers work with various lenders to provide the loans. In contrast, BHPH dealers don’t. They determine who gets financed on location, usually with no credit check. Sadly, you should be prepared for high loan rates, expensive down payments, and cars and trucks that are too expensive for the kind of shape they’re in. There’s more: these dealers don’t report to the credit reporting agencies, and that means you could make every single payment month after month without reviving your FICO score.

Securing the Right Loan

Wondering what kind of car you can afford? The following table displays how much the Corvallis consumer ought to spend based on a monthly income of $2,229, a car payment that amounts to 8% of this income ($178), and a term of 60 months–the maximum length advisable.

Prime Credit Okay Credit Poor Credit
Monthly Income $2,229 $2,229 $2,229
Payment Amount $178 $178 $178
Interest Rate 3.50% 7.00% 11.00%
Money Down $2,451 $2,251 $2,050
Note Size $9,802 $9,006 $8,201
Total Interest $897 $1,694 $2,498
Total Paid $13,150 $12,951 $12,750
Vehicle Price $12,253 $11,257 $10,252

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