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Auto Loans in Utah (UT)

Bad credit does make it more challenging to buy a new car, but we can help you get approved. In order to aid you, the consumer, we have partnered with hundreds of bad credit car dealerships in Utah.

Advantages of Utah Bad Credit Financing

UT Bad Credit Auto Loans

  • Sophisticated Credit Approval Program
  • Nationwide Network of Lenders
  • Comprehensive Purchaser Education

Utah Dealerships That Finance Bad Credit

Don’t let credit stop you from buying your new car. We have access to dealerships all across Utah that are willing to give you a second shot at financing. Generally, these dealerships offer:

  • Interest rates that are fair.
  • Down payments that are fair.
  • New vehicles, not just pre-owned ones.

The actual cars and trucks you can purchase will be determined by your monthly income and credit score. You’ll want to get yourself a vehicle that won’t wipe out your savings, having a payment that amounts to 10% of your income–at the most. For people bringing in $3,088 a month, the average in Utah, this comes to a payment of $309.

A finance professional can help you determine how much you’re qualified to borrow, and at what rate. If you want to talk to one, make sure you apply online.

New Versus Used Cars

New and used vehicles each offer unique merits. Because new cars lose value so quickly, pre-owned cars tend to be a better value.

New Car Pre-owned Car
Age New 3 Years Old
Price $30,878 $15,439
Down Payment $6,176 $1,544
APR 5.00% 7.50%
Term 60 months 48 months
Payment Per Month $466 $336
Interest Paid $3,268 $2,231
Total Outlay $34,146 $17,671

Buy Here Pay Here Dealers in UT

Maybe you’ve thought about getting an auto loan at a buy here pay here car dealer in Utah? These types of Utah in house financing dealerships provide financing themselves, frequently without checking the consumer’s credit. Considering they don’t depend on a standard bank or finance company for financing, they’re able to assist a wider variety of customers. For folks with terrible credit, Utah in house financing car dealers are often the only way to go, even though the rates of interest are a lot higher than a loan from the bank. Aside from that, they don’t usually report payments to the credit bureaus, meaning the person’s FICO rating will not get better as a result of the loan.

Financing Recommendations for Utah Car-Shoppers

Take 10% of what you make per month, before taxes. You’ll want to spend this amount, or less, on your car payment each month. If you don’t want to be car poor, paying exorbitant finance fees, agree to a loan of not more than 5 years. This equals a vehicle that costs roughly half of what you earn on an annual basis, before taxes. For Utah residents, having incomes of $37,054 annually, this is $18,527. Take note, this is the maximum you ought to budget. Scores of advisors advise expending just 10-30% of your income for any car you buy.