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Auto Loans in Edmonds (WA)

A low credit score is a serious problem in Edmonds. In an effort to assist you, the applicant, we have car dealers in our network that finance bad credit in Edmonds.

Here’s how the process works:

  1. You apply online.
  2. Our advanced approval software matches you to a car loan lender.
  3. Your loan company reaches out about finalizing your Edmonds bad credit automobile funding arrangement.

Bad Credit Car Dealerships Edmonds Washington

Edmonds Car Dealerships for Bad Credit

If you’ve got poor credit, most consumer lending institutions aren’t going to accept your finance application. Thank goodness, there are dealers and finance companies that work with credit-challenged borrowers. As compared to a BHPH car lot, such dealerships are able to offer:

  • Less owed at purchase, as a down payment.
  • Reduced interest rates.
  • More advantageous repayment terms.
  • Power to improve your credit.

The specific cars and trucks you can purchase will be based on your income and credit score. In order to forestall late payments or repossession, consider a vehicle that won’t tax your budget, having a payment that amounts to 10% of your income–at the most. For people making $4,726 per month, the average in Edmonds, this translates to a payment of $473. Submit an application to see how much you can borrow.

Financing a Car in Edmonds with Nothing Down

A down payment, as you know, is the money you owe in advance, often in cash, when you purchase any financed vehicle. Banks and lenders prefer that you supply money down, as doing so will minimize risk built into the loan, so you can expect a decreased interest rate. Don’t forget that the trade allowance from your existing vehicle can usually be used toward your down payment. In that way, you can, effectively, finance a car with no money down, at least in terms of cash.

Edmonds Buy Here Pay Here Financing

Buy here pay here dealers typically do business with people with major credit problems such as bankruptcy or foreclosure of a home. These dealerships offer auto loans on the lot, whereas traditional dealerships make use of banks and finance companies, and they finance just about anyone.

The fact is, you will be faced with exorbitant interest rates, massive down payments, and somewhat battered vehicles that are overpriced. Even worse, these dealerships don’t work with the credit agencies, and that means you could make each and every payment month after month without making improvements to your credit score.

Which Cars Are Right For Edmonds Borrowers

Take care not to finance a car that’s not really affordable. The following table reveals how much car the average Edmonds consumer can afford based on an income of $4,726 a month, a car payment that’s 8% of this income, and a term of 60 months.

Good Credit Decent Credit Poor Credit
Monthly Installment $378 $378 $378
Interest Rate 3.50% 7.00% 11.00%
Money Down $5,196 $4,773 $4,347
Loan Amount $20,783 $19,094 $17,389
Interest Paid $1,902 $3,591 $5,296
Price with Interest $27,881 $27,458 $27,032
Purchase Price $25,979 $23,867 $21,736


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