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Auto Loans in Orem (UT)

Were you rejected for an auto loan in Orem because of poor credit? Not to worry. While plenty of loan companies have been turning down people who’ve got unfavorable credit, we have partnered with car dealers and car loan providers who approve car loans for people with bad credit in Orem each and every day.

Day after day, we help men and women get approved for a loan even with:

  • Bad Credit
  • No History of Credit
  • Bankruptcies

That’s our specialty. Ready to get going? Just click here to apply online.

Orem Car Dealerships That Take Bad Credit

If you’re looking for an auto dealer that welcomes people who have bad credit, you’re in luck. As compared with a buy here pay here dealer, such dealers offer:

  • Less owed on the day of purchase, in cash or trade equity.
  • Reduced APRs.
  • Less chance of being the target of predatory lending.
  • Opportunity to raise your credit score.

The dealer will analyze your credit and income to see the models you can finance. We recommend you find an easily affordable, dependable vehicle having payments amounting to 10% of your income. For people making $3,117 a month, the average among Orem residents, this translates to a payment of $312.

A dedicated finance consultant is standing by, waiting to determine how much you can borrow, and at what rate. To get going, all you have to do is apply online.

New vs. Used Vehicles

The majority of people are eligible to finance a new or used vehicle, but which should they choose? New cars and trucks have more affordable rates of interest. Having said that, they’re priced much higher than their late-model equivalents, and the down payments they require are considerably larger.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price $31,170 $23,378 $18,702 $15,585
Down Payment $6,234 $2,338 $1,870 $1,559
Loan Rate 5.00% 7.50% 7.50% 7.50%
Term 60 months 48 months 48 months 48 months
Payment Per Month $470.57 $508.72 $406.97 $339.15
Finance Charge $3,298 $3,379 $2,703 $2,252
Amount Paid $34,468 $26,756 $21,405 $17,837

Buy Here Pay Here Dealerships in Orem, UT

Referred to as in house financing, your job is your credit, or we tote the note car lots, these dealerships generally have a few fundamental features:

  • They finance auto loans on site.
  • They rarely perform credit checks.
  • They demand weekly or biweekly payments, often at the lot.

If you have horrible credit, Orem buy here pay here dealers are sometimes the only real option, even though the annual percentage rates are much higher than you’d expect from a dealership that does indirect lending. At the same time, they rarely report payments to the credit bureaus. This means the person’s FICO score won’t improve even if they pay off the loan as scheduled.

Selecting a New Car

It is important to decide on a vehicle that fits your budget. Only about 8% of your income each month should be allocated to this new payment. For a resident of Orem getting paid $3,117 a month, the city average, this would be $249.

Prime Credit Decent Credit Bad Credit
Payment Amount $249 $249 $249
Loan Rate 3.50% 7.00% 11.00%
Money Down $3,427 $3,148 $2,867
Interest Paid $1,254 $2,368 $3,493
Total Paid $18,388 $18,110 $17,829
Car Price $17,134 $15,741 $14,336

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