Credit rating is a major factor for car lending institutions funding auto loans in Olympia and across the state. The APR rates for bad credit auto financing in Olympia are way higher than those for borrowers with excellent credit, and approval rates are pretty low. Not to worry. We think that a whole lot more people ought to have a car loan, in spite of their credit scores. Here are the secrets to our program
- Cutting-Edge Data-Matching Platform
- Huge Dealer Network
- Detailed Buyer Instruction
Bad Credit Car Dealerships in Olympia, Washington
In this day and age, many dealerships have finance departments specializing in special financing. Generally speaking, these dealers offer:
- Interest rates that are affordable.
- Down payments that are fair given the vehicle’s worth.
- Vehicles that have fewer miles.
The types of vehicles you can buy will be determined by what you earn per month, along with what your credit score is. So as to avoid loan default or repossession, purchase an economical, dependable vehicle with payments that amount to just 10% of your income–at the most. For people bringing in $2,011 a month, the average among Olympia residents, this is a payment of $201. Submit your application to see how much you can borrow.
Cheaper Interest Rates for Olympia Consumers
If you’d like to save on your vehicle, do something to minimize your rate of interest. This could result in big savings.
Consider what you’ll end up paying in interest with a rate of 3.50% versus 7.00% or 11.00%.
|Good Credit||Average Credit||Bad Credit|
|APR||3.50% APR||7.00% APR||11.00% APR|
In order to get the best rate you can, make sure you inspect your credit report for any errors. If you find an error, contact the credit bureau that’s reporting the error. This is a quick and simple way to raise your credit score. Do you have a lot of credit card debt? Paying some of it down could lower your debt-to-income ratio and therefore your interest rate. It’s possible to finance a car at a lower rate for 36-48 months than for 60 months or longer, and you’re less likely to end up upside down on a short-term loan. Down payments are also worthwhile. The less you finance as a percentage of the price of your vehicle, the lower your rate of interest will be.
Buy Here Pay Here Car Dealers in Olympia, WA
Dealerships in Olympia that offer in-house financing differ from traditional dealerships in a few key ways. They…
- Furnish auto loans in-house.
- Don’t perform credit checks.
- Want you to make payments each week, often in person.
If you’ve got horrible credit, Olympia buy here pay here dealerships in many cases are the only way to go, despite the fact that the interest rates are a lot higher than you’d be given by a regular lender. They also rarely report payments to the credit bureaus. This means the borrower’s credit score won’t get better as a result of the loan.
What Car Should You Buy?
Make sure you don’t finance a car that stretches your budget. This chart shows how much the Olympia consumer ought to spend based on an income of $2,011 per month, a payment of $161, and a term of 60 months.
|Good Credit||Okay Credit||Bad Credit|