Auto Loans in Edmonds (WA)

An automobile is one of the most expensive investments the typical consumer makes, so it is critical to work with a finance professional to find the right lender. Instead of waiting until you’re in the dealer finance office, we allow you to line up a car loan in advance. Enjoy the convenience of having a dedicated lending expert to answer your questions and line up your loan.

New and Preowned Car Loans in Edmonds

We all like that new car smell, but there are a few things to think about when getting an auto loan for a new car. New cars are known for lower rates of interest and fewer maintenance issues than those that are used, and and you can sometimes finance them at lower interest rates. However, you should be willing to provide a down payment equal to 20% of the vehicle’s price, and you should really keep the car until it’s been paid off. If you’re not sure, a vehicle finance specialist could help you decide if a new our used vehicle is right for you.

Used Car Auto Loans in Edmonds

Used autos provide several different important merits:

  • Smaller loan principal.
  • Lower down payment requirements.
  • Lower rate of depreciation.

People have been known to disregard preowned vehicles for having higher interest rates, but bear in mind that they will cost less up front and in sum total. A number of finance companies, however, will want you to find your car at a dealership rather than a private seller. In order to help you determine which kind of car you ought to buy, review the following table. These estimations rely on the following assumptions:

  • Used vehicle is two years old.
  • Good credit score.
  • Fixed APR.
New Car Used Car
Price $47,260 $23,630
Down Payment $9,452 $2,363
Interest Rate 5.20% 8.90%
Term 60 months 48 months
Monthly Payment $716.95 $528.22
Finance Fees $5,209 $4,088
Total Paid $52,469 $27,718

Edmonds Bad Credit Car Loans

Bad credit does have some drawbacks, which typically include:

  • Steeper rates of interest.
  • Greater down payments.
  • Shortened finance terms.

So many shoppers head for one of the buy here pay here car lots in Edmonds, due to bankruptcy or other difficulties, but it’s likely that you can get a car loan at a lower rate from a more trustworthy company.

Through us, you can contact an automotive lending professional from a lender or dealer in Edmonds who wants to approve your loan.

In order to receive the best interest rate, make sure to check your credit report for inaccuracies that could be lowering your score.

You’ll want to inspect your credit history a minimum of one time each year. If you don’t, undisputed mistakes could result in higher rates, smaller loans, and less chance of being approved.

Buy Here Pay Here Dealers in Edmonds, Washington

Buy here pay here dealers primarily deal with people who’ve got severe credit problems such as going bankrupt. A lot of dealer finance isn’t direct to the consumer, in that dealers go through a network of lenders to provide the loans. On the other hand, BHPH dealers are both the lender and the dealer..

In most cases, higher-mileage cars and trucks are the only models you can buy, and these are not zero down car deals. Quite often, the down payment is as much as the vehicle’s wholesale value. Interest rates that equal the Washington’s maximum legal limit are not unusual. There’s more: these dealerships rarely work with the credit reporting agencies, which means you could make all of your payments when they’re due without boosting your credit score.

Edmonds Income and Finances

  • Income Per Year: $56,713
  • Monthly Income: $56,713
  • Optimal Car Payment: $236 to $473 (5-10% of monthly income)

Edmonds Vehicle Finance Rates and Payments

Take a look at this chart, which shows what price car you can finance based on your credit rating, with an income of $4,726 on a monthly basis, 60 month repayment, and a down payment of 20%.

Prime Credit Okay Credit Poor Credit
Monthly Income $4,726 $4,726 $4,726
Monthly Payment $378 $378 $378
Loan Rate 3.80% 7.00% 10.20%
Vehicle Price $25,788 $23,867 $22,140
Money Down $5,158 $4,773 $4,428
Interest Paid $2,054 $3,591 $4,972
Total Investment $27,842 $27,458 $27,113

Start Your Application Online

Regardless of your credit, we’re ready to help you find the funds you need. A finance manager will walk you through the process, helping you borrow your funds at a fair rate of interest.