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Auto Loans in Sandy (UT)

A low credit score does make it harder to get in the driver’s seat of a new car, but we can help. A favorable credit record may give you discounted APR rates, but we help you, the borrower, find the auto financing package you need at a competitive rate. Day after day, we help consumers get approved for auto financing in spite of setbacks such as:

Bad Credit Auto Loans Sandy Utah
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  • Unfavorable Credit Scores
  • No Credit
  • Bankruptcies

It’s our mission. Ready to get moving? Click this link to submit your application.

Sandy Car Dealers for Bad Credit

Those dealerships that grant financing directly are known as in house financing car dealers, buy here pay here car lots, or tote the note car lots. It’s better to work with a car dealer that arranges auto loans for people in Sandy with bad credit through an established lender. As with any bad credit loan, expect more expensive rates of interest, heftier down payments, and shorter repayment periods. However, it’s better than being turned away by the big banks, and these dealers can help you rebuild your credit and secure lower rates of interest in the years to come. We work with many of these dealerships, and they want to get you the car you want. Just go here to apply online.

How to Minimize Your Rates of Interest

If you want to save on your car, do more to decrease your rate of interest. This could result in a lot of money saved.

Consider how much less you’ll end up paying in interest at an APR of 3.50% as opposed to 7.00% or 11.00% APR.

Good Credit Decent Credit Poor Credit
Size of Loan $34,137 $34,137 $34,137
APR 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $621 $676 $742
Total Interest $3,124 $6,420 $10,396

So that you can get the least expensive rate possible, be sure to review your credit report for any errors. If you find an error, contact the credit agency in question. This is a quick and easy way to boost your credit score. Next, be sure to pay down as much debt as you can, as lenders prefer consumers without a lot of existing debt, offering them cheaper rates. Don’t be tempted into a 72 or 84 month loan. Finance for 60 months or less, and you’ll be given a cheaper rate of interest. Down payments are also beneficial. The less you borrow with respect to the price of your vehicle, the lower your interest rate is likely to be.

Buy Here Pay Here (BHPH) Car Dealers in Sandy, UT

Have you considered getting your vehicle through a buy here pay here dealer in Sandy? Such Sandy in house financing car lots don’t rely on banks or investment companies to approve people for financing, so they’re able to service a wide array of consumers. For people who have horrible credit, Sandy in house financing dealerships tend to be the only real way to go. But bear in mind, there are a number of disadvantages:

  • Elevated Financing Fees
  • High Down Payments
  • High Risk of Repossession

Recommendations for Financing

Divide your monthly income, pre-taxes, by 10. It’s best to spend no more than this on your car payment each month. In addition, it’s best not to finance for over 5 years. This will result in a car or truck that costs about 50% of what you make annually. For Sandy residents, having incomes of $45,512 a year, this is $22,758. Unlike real estate, a new car or truck will not hold its value, meaning it’s best to invest as little as you can and still get a car that that meets your needs.

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