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Auto Loans in Renton (WA)

For individuals with a low credit score, finding a car lot in Renton, Washington, who will approve them is the biggest challenge to purchasing a new car. In order to help you, the borrower, we have car dealers in our network that finance bad credit in Renton. Every single day, we help men and women get approved for a loan despite challenges such as:

  • Very Bad Credit
  • No Credit History
  • Bankruptcies
  • Repossessions

It’s what we do. Want to get going? Click here to submit your application.

Bad Credit Car Dealers in Renton, WA

For anybody who is trying to find an auto dealer in Renton that is receptive to people with bad credit, we can help. Whenever you have credit problems, there are certain things to be expected increased interest rates and higher down payments, along with smaller loans. Having said that, the rates and terms are more favorable than you would be offered at a used lot that does in-house financing with no credit checks. We have many of these dealers in our network, and they want to get you approved for the car you want. Go here to apply online.

Is a New Vehicle the Way to Go?

New car? Used car? The choice is yours. More often than not, a pre-owned vehicle is the way to go. The APR rates for new cars are more affordable, true, but used vehicles are substantially cheaper.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price $36,900 $27,675 $22,140 $18,450
Down Payment $7,380 $2,768 $2,214 $1,845
Loan Rate 5.00% 7.50% 7.50% 7.50%
Duration 60 months 48 months 48 months 48 months
Payment Amount $557.08 $602.24 $481.79 $401.49
Total Interest $3,905 $4,000 $3,200 $2,667
Total Investment $40,805 $31,675 $25,340 $21,117

Buy Here Pay Here Dealerships in Renton, WA

For those who have overwhelming credit problems stemming from issues like bankruptcy or foreclosure, a buy here pay here dealer may appear to be the only option. These dealers will finance just about anybody, no matter their credit, but you will find problems with this sort of financing.

  • Older vehicles
  • Bigger down payments
  • Higher rates of interest

Most often, higher-mileage autos are the only models on the lot, and these aren’t zero down car deals. Normally, the down payment is set at the vehicle’s value on the wholesale market, and you could end up paying in excess of 20% APR. Is raising your credit a priority for you? If so, you are better off applying through us, as BHPH dealerships can’t help you rebuild your credit.

Fortunately, there are subprime auto lenders who finance people with credit scores as low as 500.  Let us put you in touch with a finance professional who can guide you through the process, enabling you to avoid the pitfalls of BHPH financing.

Recommendations for Financing

When you finance a car, no greater than 10% of what you make each month should be devoted to your loan payment. On top of this, it’s best not to finance for over 60 months. This means a vehicle costing around half of what you get paid on a yearly basis. For Renton residents, having incomes of $44,281 per annum, the city average, this is an automobile which costs $22,140. Cars drop in value quickly, which means it’s best to invest as little as possible to bring home a car that isn’t going to leave you in need of roadside assistance.

Used Cars for Sale in Renton, WA

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