Auto Loans in Kent (WA)

Hoping to buy a new or preowned car or truck? Like most Americans, odds are you need a car loan. Our company serves consumers in Kent and across the state of Washington, helping them get approval online for financing. You’ll be guided step by step through the process by a finance professional in Kent.

Kent Auto Loans for New Cars

New vehicles clearly aren’t cheap, and they depreciate at an astounding rate. That’s why they are best avoided unless you are a certain kind of borrower.

  • You are willing to keep the car until it is paid off.
  • You are able to offer a big down payment.
  • You’re willing to live with being upside down on your loan .

If you would find it difficult to meet these guidelines, you probably ought to consider a preowned vehicle.

Financing a Preowned Vehicle in Kent

In most cases, a car or truck with some miles under its belt ends up being a significantly better purchase than a new one.

Lenders can charge slightly higher rates of interest on preowned cars and trucks, but down payments are often half of what they are for brand new cars and trucks that are similarly priced. Maintenance issues can be assuaged by buying a vehicle still under warranty or purchasing an extended service contract. Below, we have compiled the following figures to help you decide whether you ought to purchase a new or used vehicle. These numbers are based on the following assumptions:

  • Used vehicle is two years old.
  • Prime credit score.
  • Down payment of 20% for new car, 10% for used.
  • Simple Interest.
New Car Used Car
Price $18,930 $9,465
Down Payment $3,786 $947
APR 5.20% 8.90%
Months 60 48
Monthly Payment $287.18 $211.58
Interest $2,087 $1,637
Total Paid $21,017 $11,102

Bad Credit Car Loans in Kent

Bad credit has a few drawbacks:

  • You will be forced to pay more in interest.
  • You have to have a larger down payment.
  • You have to pay back the loan more quickly.

Finding a lending company in Kent that works with bad credit is critical. Otherwise, you could be declined or be hit with an outrageous APR rate. Fortunately, we are experts in serving clients on every end of the credit spectrum, getting them the loans they need.

Getting your credit approved, not selecting a new vehicle, is the first priority at any dealership that helps consumers with bad credit.

To make sure you satisfy the approval criteria, you will typically need to verify your income through pay stubs or tax returns, and bring a lease or utility bill that has your address on it. Your dealership salesperson lead you through this process. No matter your credit, we can help you find a vehicle for which you can get approved. You’re encouraged to opt for a payment that is between 5 to 10% of your monthly income. If you earn $1,893 per month, this would be a payment of $95 (5%) to $189 (10%).

Buy Here Pay Here Car Lots in Kent, WA

Buy here pay here car dealers typically work with people who’ve got significant credit problems like bankruptcy. Dealers like these will approve practically anybody, regardless of their credit, but there are negatives. You will discover that preowned autos are the only thing you can buy, and these are not no down payment cars. Normally, the down payment is as much as the vehicle’s value at dealer auction, and lending rates of greater than 20% APR are not uncommon. Worst of all, these dealers very rarely report back to the credit reporting agencies, which means you could make all of your payments punctually without any boost to your FICO score.

Kent Income and Finances

  • Annual Income: $22,721
  • Income Per Month: $22,721
  • Average Car Payment: $208
  • Ideal Car Payment: $151 (8% of monthly income)

Consider this table, which shows what price car suits your budget based upon your credit rating, given an income of $1,893 a month, 5 year loan, and a down payment of 20%.

Great Credit Okay Credit Bad Credit
Monthly Income $1,893 $1,893 $1,893
Monthly Installment $151 $151 $151
Interest Rate 3.80% 7.00% 10.20%
Sticker Price $10,329 $9,560 $8,868
Money Down $2,066 $1,912 $1,774
Total Interest $823 $1,438 $1,992
Total Investment $11,152 $10,998 $10,860

Your Kent Auto Loan is Waiting!

Our company is your trusted source for car loans in Kent. Discuss your needs with an auto finance professional in your area now.