Auto Loans in Puyallup (WA)

In Puyallup, there are several options for obtaining a car loan, but few if any firms have simplified credit acceptance like us.

Our market experience is unmatched, and we have one of the highest rates of approval you’re likely to find. We match you with a lending professional who can help you line up the car loan necessary for the vehicle you want.

Auto Loans in Puyallup for New Cars

There are some things to take into account when buying a new car or truck. Brand new cars and trucks lose value pretty quickly, and as a result, you’re more likely to wind up upside down on your loan. In order to keep your loan amount in line with the value of your vehicle, 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 if you have good credit, you may qualify for a no down payment car loan. If you’re not sure, consulting a vehicle finance specialist could help you establish if a new vehicle is the right choice.

Financing a Preowned Car in Puyallup

Preowned cars cost less, obviously. That means they are less expensive to get financed and keep insured.

The interest rates for preowned autos are somewhat higher, but other advantages, such as a lower purchase price and less extreme rate of depreciation, more than compensate for these heightened rates. If you are in over your head on a preowned car, it typically won’t be for as long. In order to help you determine whether a new or used car loan is the right choice, we have published this helpful table. These numbers rely on the following assumptions:

  • Two year old used vehicle.
  • Prime credit score.
  • Simple Interest.
New Car Used Car
Price $44,160 $22,080
Down Payment $8,832 $2,208
Loan Rate 5.20% 8.90%
Years 5 4
Monthly Payment $669.92 $493.57
Interest $4,867 $3,819
Total Paid $49,027 $25,899

Auto Loans in Puyallup with Bad Credit

Bad credit has a few disadvantages:

  • You will have to pay more in interest.
  • You have to put more money down.
  • You have to pay back the loan more quickly.

Seeking out a loan provider in Puyallup that finances people with bad credit is essential, or you could be rejected or deal with an outrageous APR rate. More than likely, we can find you a lender or dealer in Puyallup who is ready to approve you for financing.

Should Your Score Be Stronger?

For the best interest rate, make sure you look over your credit report for irregularities, which have become widespread.

Each year, you can check your credit without spending a dime at Annual Credit Report, a site created by the leading credit bureaus, and ensure you get the rate of interest you deserve.

Puyallup Buy Here Pay Here Dealerships

Consumers in Puyallup and all over Washington head for buy here pay here dealers, sometimes known as tote the note car dealers, of the belief that they can only get approved with no credit check. Not the case. These dealers approve credit lines on the lot, unlike traditional dealerships which outsource this, and they typically don’t even check your credit.

Problems with sort of financing include:

  • Outrageous APR Rates
  • Huge Down Payments
  • Overpriced Vehicles
  • Ignition Kill-Switches

If that weren’t enough, these car lots don’t report back to the credit bureaus, so you could make all of your payments on time without boosting your FICO score.

Puyallup Income and Finances

  • Per-Year Income: $52,986
  • Monthly Income: $52,986
  • Suggested Car Payment: $221 to $442 (5-10% of monthly income)

Puyallup Auto Financing Based on FICO Score

The exact amount you should pay for a car hinges on many different variables. The estimates in the chart below derive from a monthly payment of $353, which is 8% of the average consumer’s monthly income in Puyallup, along with a 20% down payment and 5-year loan. Rates are approximated.

Great Credit Decent Credit Bad Credit
Monthly Income $4,416 $4,416 $4,416
Monthly Installment $353 $353 $353
APR 3.80% 7.00% 10.20%
Years 5 5 5
Car Price $24,096 $22,302 $20,688
Down Payment $4,819 $4,460 $4,138
Interest Paid $1,920 $3,355 $4,646
Price with Interest $26,016 $25,657 $25,334

Your Car Loan is Waiting

At Evergreen Auto Finance, we take great pride in getting behind the wheel of a new car. Our application costs nothing, and you could be cruising the streets of Puyallup within 24 hours.