For a lot of people in Renton and the rest of the country, automotive financing is the largest fiscal obligation as an adult, besides purchasing a house or apartment.
Then again, getting a car loan isn’t a walk in the park, not anymore. Not with this economic crisis.
This is why we built AME, our Approval Maximization Engine. When you submit your application, our advanced data-matching system works to find you the local lender who best suits variables like your:
- Amount of Money Down
- Vehicle Needs
Zero hassles. No fees. No commitments.
Click the link to Apply Online!
Determining Your Car Payments
A lot of people want to know: what size loan can I afford? This is a budgetary strategy based on the average income and monthly payments of Renton, WA residents. Remember, these are simply average statistics.
- Income: $44,281
- Monthly Debt Payment: $694
- Monthly Car Budget: $250 (36% of Debt)
- Monthly Insurance Costs: $55
- Leftover Funds For Auto Payments, Gas, Repairs: $195
The size of the Renton, WA auto loan this represents is based on a lot of factors:
- Rate of Interest
- Number of Installments
- Credit Score
With that being said, we can offer up various approximations. These approximations are for a 60 month new car loan in Renton, Washington. In most cases, the loan rates on a pre-owned car will probably be slightly more. The larger payment is referring to bad or no credit car loans, and the less expensive sum represents car loans with excellent credit.
- $140 – $195: $7500
- $375 – $525: $20,000
- $550 – $775: $30,000
- $850 – $1200: $45,000
If you would like lower monthly payments, you could opt for a 6 year auto loan or longer. Additionally, bear in mind that your down payment will decrease the amount borrowed.
Renton (WA) Auto Financing With Subprime
The number of people in Renton, WA, who have a bad credit score is pretty staggering. Keep in mind, poor credit is defined as a fico score of lower than 620.
- 9,335 People: 550 to 600 Credit Score
- 5,834 People: 500 to 550 Credit Score
- 2,334 People: 300 to 500 Credit Score
No doubt, individuals who have subprime credit need car financing too. We’re able to help you get car loan approval, in spite of a bad credit score.
When you apply online, you are maximizing your chances of financing approval.
No matter what fico scores you have, here are some stategies to help you maximize your chances of approval.
- Have a Budget: Never commit greater than 10% of your total income or 36% of your monthly debt payments toward car costs.
- Offer a Down Payment: Under different economic conditions, we were accustomed to no down payment auto loans. Now we really should be more concerned with risks such as negative equity. Offering a down payment of 5-20% can prevent bad equity.
- Find Someone to Cosign: Asking somebody with a favorable credit record to cosign your auto loan helps to reduce your APR drastically. Getting a cosigner is crucial when you need auto financing with no credit or poor credit.
Please click here to APPLY ONLINE.
Is a Down Payment Required?
Yes and no. There are car lots in Renton, WA, offering zero down cars. But the truth is, these aren’t always a wise idea. The truth is, upside down loans are a big problem among American debtors. Down payments can prevent you from being upside down on your car purchase. When it comes to auto loans for individuals who’ve got subprime credit in Renton, WA, you might have no choice but to supply a payment in advance.
No Credit Check Car Lots in Renton, WA: Watch out!
Have you seen all the buy here pay here car lots, which provide in house financing, springing up in Renton and across Washington? This comes as no shocker. These types of dealerships focus on individuals in Renton, WA, who need:
- Car Loans after Bankruptcy
- Car Loans after Repossession
- Car Loans after Foreclosure
While a traditional bank may automatically refuse these applicants, a buy here pay here or your job is your credit car lot can offer a car loan for a used car (for a price). The rates of interest can be expensive, and it’s too easy to fall into negative equity on this type of loan.
If you have really awful credit, getting an in house auto loan from one of these dealers may very well be your sole choice. Even so, we urge you to apply online through us before you agree to a no credit check loan.
Paperwork You’ll Need
- Proof of Wages
- Evidence of Street Address
- Proof of Auto Insurance Coverage
- Vehicle Data
- Washington Drivers License
This paperwork is required for Washington car loans. Be sure you ask your loan provider or dealership to make sure that you bring all the paperwork that’s required.