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Auto Loans in West Jordan (UT)

Financing a car was simple prior to the recession, but lending standards have tightened in recent years. It’s critical to work with a lender or dealer that finances cars and trucks at reasonable rates, even for people with credit problems. For years, we’ve been developing a vast network of dealers and lenders who can help you get in the driver’s seat of a new vehicle at a rate that’s competitive.

Don’t delay: apply online, and we will connect you with a lender or dealer in West Jordan able to work with your credit.

West Jordan Dealerships That Accept Bad Credit

Those dealerships in West Jordan that provide credit approval themselves market themselves as in-house financing, tote the note, or buy here pay here car dealers. You’ll be happier finding a dealer that can offer you a bad credit West Jordan auto loan through a third party lender. Yes, they’ll pull your credit, but they also work with Equifax, Experian, and Transunion – something that’s uncommon among used car lots with on-site financing. As compared with a BHPH dealer, such dealers are able to offer less expensive rates and better terms. You may not have the credit and income to finance the higher-priced cars in the showroom. With a low credit score, you can borrow 6 to 8 times your monthly income. For residents of West Jordan making $3,086 each month, this is $18,516 to $24,688. Having said that, it’s wiser to borrow a limited amount, reducing your monthly payment to 10% of your income–$309, in this case.

A lending consultant will determine how much you’re qualified to borrow, and at what rate. Go here to submit your application.

New or Pre-owned: Making the Right Decision

A lot of borrowers are eligible to finance either a new or used vehicle. A brand new car drops 20% in value during the first year of ownership, and after 3 years, 50%, meaning you can usually get more car by purchasing used.

New Car Used Car 1 Used Car 2 Used Car 3
Years Old 0 1 2 3
Price $30,860 $23,145 $18,516 $15,430
Down Payment $6,172 $2,315 $1,852 $1,543
APR 5.00% 7.50% 7.50% 7.50%
Term 5 years 4 years 4 years 4 years
Monthly Installment $465.89 $503.66 $402.93 $335.77
Interest Paid $3,266 $3,345 $2,676 $2,230
Amount Paid $34,126 $26,490 $21,192 $17,660

Tote The Note Car Dealers in West Jordan, UT

Maybe you’ve thought of getting an auto loan through a buy here pay here dealer in West Jordan? These types of West Jordan in house financing car dealers don’t rely on banks or investment companies for financing, so they can support a larger selection of customers.

Countless folks with really terrible credit think that an in house financing car lot is the only place that will finance them. Unfortunately, the interest rates are a lot higher than you’d get from a dealership that does indirect financing. Also, they don’t usually report payments to the credit agencies, which means the person’s credit rating won’t go up as a result of the loan.

Cars in West Jordan That Fit Your Budget

The best car, in terms of price, will be based mainly on your income and FICO score. This chart shows how much the West Jordan consumer ought to spend based on a monthly income of $3,086, a payment of $247, and a repayment period of 60 months–the longest term recommended.

Great Credit Decent Credit Poor Credit
Income $3,086 $3,086 $3,086
Payment Amount $247 $247 $247
Rate 3.50% 7.00% 11.00%
Money Down $3,393 $3,117 $2,839
Interest Paid $1,242 $2,345 $3,458
Price with Interest $18,206 $17,930 $17,651
Purchase Price $16,964 $15,585 $14,193

Zipcode Make Model Minimum Price Maximum Price Condition
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