Get an Auto Loan Quote

Auto Loans in Lacey (WA)

Getting a car financed was simple before the economic crisis, but lenders have revamped their approval requirements since then. It’s a good idea to find a lending company who appreciates the opportunity to fund your loan, no matter your credit. For years, we’ve been building a wide-ranging network of dealers and finance companies who want to finance your purchase, regardless of credit history.

A vehicle finance specialist can help you:

  • Compare APR’s.
  • Choose your bank or finance company.
  • Purchase your car or truck.

Go here to contact a local finance professional.

Lacey Car Lots for Bad Credit

Have you thought about where you could buy your next car or truck? If you have a bad credit score, you’ll probably have to get your car from a dealer, instead of a private seller, as most lenders don’t approve private party loans for people with sub-prime credit. Luckily, there are dealerships that specialize in below-average credit. Generally speaking, these dealers offer:

  • Reasonable APR rates.
  • Lower down payments.
  • Lower mileage vehicles.

The dealer will consider your credit and income to decide which models you’ll be able to finance. So as to reduce the risk of loan default or repossession, purchase a highly affordable, fuel-efficient vehicle that has payments amounting to 10% of your income–at the most. If you earn $3,225 monthly, this would be a payment of $323.

Submit your application to learn your options.

Lacey Auto Finance Rates: How to keep Them Affordable

Interest rate is crucial in determining the amount you will wind up spending on your vehicle.

Truly, a lesser rate of interest could save you thousands in interest, as you can tell from the table below.

Good Credit Decent Credit Sub-prime Credit
Loan Amount $29,025 $29,025 $29,025
APR 3.50% APR 7.00% APR 11.00% APR
Monthly Installment $528 $575 $631
Interest Owed $2,656 $5,459 $8,839

So as to get the lowest rate you can, be sure you examine your credit report for any mistakes. If you find one, send a letter to the credit bureau in question. This is a fast and easy way to boost your credit score. Also, by paying off any existing debt you will lower your debt-to-income ratio, allowing you to get a lower rate of interest. Going with a shorter-term loan will also keep your rate lower, and it will also help reduce negative equity. Finally, remember that a greater down payment will lower your loan-to-value ratio–yet another way of reducing your rate.

Buy Here Pay Here Dealers in Lacey, Washington

Buy here pay here car dealers ordinarily finance people who’ve got truly serious credit problems like bankruptcy and repossession. Dealers like these will approve practically anyone, regardless of their credit, but you will find drawbacks. Negatives include:

  • Inflated Interest rates
  • Outrageous Down Payments
  • Steeply-Priced Vehicles
  • Location Tracking Devices

Even worse, these dealerships very rarely report to the credit agencies, and that means you could make all of your payments on time without improving your FICO score.

Rejuvenating Your Credit in Lacey

It might seem like a pipe dream, but it isn’t: a car loan has other benefits. More than merely helping you purchase the car you’d like, it can raise your credit rating. When you make payments as scheduled, you show creditors your worthiness as a borrower. The results are progress, not immediate, gathering momentum over time. It’s not easy to say just how much your score will climb, but some credit gurus have noted a 5-10% increase per month.

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