Auto Loans in Lacey (WA)

In the market for a new or used car? If you are like the vast majority of Americans, it’s likely that you are going to need a car loan to afford the car you want. We help clients in Lacey on a daily basis, helping them locate a lender or dealer willing to offer them affordable rates for financing. You will enjoy the convenience of working with a dedicated lending professional to help answer your questions and arrange your loan.

New and Preowned Auto Loans for Lacey Residents

Are you hoping to get approved for a new car or truck? New cars are at times regarded as being not the best investment, since they lose a lot of their value in the first year being on the road, which means you may wind up owing more on the car than it is worth. For this reason, lenders typically require about double the down payment for a new car versus a used one. However, interest rates for new cars are lower, and it is sometimes easier to finance a new car with bad credit. Ultimately, it’s best to talk with a dealer finance professional to learn whether a new our preowned vehicle is best for you.

Used Vehicle Financing in Lacey

Used cars are a smart choice for individuals intent on cutting costs.

Auto loans for used cars typically have shorter repayment periods. This typically means less interest charged, even if you’ve got a less affordable rate of interest. If you are upside-down on a used vehicle, it typically won’t be for as long. Below, we have assembled the following numbers that will help you determine if it’s best to purchase a new or used vehicle. These estimates are based on the following assumptions:

  • New price of $32,250.
  • 50% depreciation in the initial 24 months of ownership.
  • Good credit score.
  • 20% down payment for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $32,250 $16,125
Down Payment $6,450 $1,613
APR 5.20% 8.90%
Years 5 4
Monthly Payment $489.25 $360.46
Finance Charge $3,555 $2,789
Total Paid $35,805 $18,914

Bad Credit Car Loans in Lacey

Many auto loan companies evaluate your credit based on a credit score tailored for the automotive industry. This score is heavily influenced by your previous experience with auto loans or leases, and it’s not accessible to consumers. Far too many consumers believe they have no choice but to finance through one of the buy here pay here car dealers in Lacey, due to bankruptcy or foreclosure, but it is best to avoid these car dealerships.

Through us, you can contact a vehicle finance professional from a lender or dealer in Lacey who is ready to get you in the driver’s seat.

An auto loan can indeed result in an increased credit ratings. That is, as long as you make every one of the payments when they are due.

As part of an effort to prevent missed payments, consider options such as automated payments. Try not to overtax your finances with a high car payment. Typically 5-8% of your monthly income is reasonable, or $161 to $258 if you earn $3,225, the average in Lacey.

Lacey Buy Here Pay Here Car Lots

The BHPH industry wants you to assume that there is no alternative but them, but this typically isn’t the case. Most dealer finance is outsourced, in that car dealers go through a network of lenders to provide the loans, but BHPH dealers engage in direct lending. They provide car loans independently.

Alas, you can look forward to inflated rates of interest, huge down payments, and cars and trucks that cost too much given their condition. Is raising your credit a concern for you? If so, you should submit your application through us, seeing as buy here pay here dealerships will not help you increase your credit.

Lacey Income and Finances

  • Gross annual Income: $38,704
  • Income Per Month: $38,704
  • Average Car Payment: $355
  • Ideal Car Payment: $258 (8% of monthly income)

Take a look at this chart, which shows what price car is within your budget based on your credit standing, along with an income of $3,225 each month, 60 month term, and 20% down.

Great Credit Decent Credit Bad Credit
Monthly Installment $258 $258 $258
Interest Rate 3.80% 7.00% 10.20%
Years 5 5 5
Vehicle Price $17,598 $16,287 $15,109
Down Payment $3,520 $3,257 $3,022
Interest Paid $1,402 $2,450 $3,393
Price with Interest $19,000 $18,737 $18,502