Auto Loans in Redmond (WA)

Before the internet, you would have to banks and lenders all over town, applying for loans to check rates. Here at Evergreen Auto Finance, we have brought this process online.

We work with a vast network of lenders and dealers, and we have some of the best approval rates you’re apt to find. We will match you with a finance consultant who can help you arrange the auto loan necessary for the car you desire.

Auto Loans in Redmond for New Vehicles

Many people would prefer to finance a new car as opposed to a used one because of less upkeep and, often, lower monthly payments owing to lengthier, 60-72 month financing options.

However, if you finance a new car, you should plan to drive it until the loan is fully paid back, so you don’t find yourself owing the bank even after the vehicle has been traded in or sold. Be that as it may, car makers want to sell vehicles, and you can often secure a great contract through the automaker’s captive finance company, even if you don’t have top-notch credit.

Financing a Used Vehicle in Redmond

If you want to lessen negative equity, you ought to finance a preowned car.

Preowned cars are financed at higher interest rates, but down payments are much lower than what they are for new cars and trucks of a similar price. If you’re worried about repairs and maintenance, make sure to opt for a vehicle that has low mileage and good reliability. Below, you will find some figures to help you determine if you should finance a vehicle that’s new or used. These numbers are based on these assumptions:

  • 50% depreciation in first Two years of ownership.
  • Good credit score.
  • Fixed APR.
New Car Used Car
Price $34,360 $17,180
Down Payment $6,872 $1,718
APR 5.20% 8.90%
Duration 5 years 4 years
Monthly Payment $521.25 $384.04
Finance Fees $3,787 $2,972
Total Paid $38,147 $20,152

Auto Loans in Redmond with Bad Credit

Bad credit translates to the following:

  • Elevated annual percentage rates.
  • Substantial down payments.
  • Shorter lending terms.

Although less-than-perfect credit could make it tougher to purchase a car, you’ve got a number of options.

We can help. At Evergreen Auto Finance, we are dedicated to serving customers with credit problems of all kinds, getting them the loans they need.

Keep in mind that a car loan, if paid as agreed, can improve your credit score substantially. As part of an effort to avert missed payments, consider having your car payment deducted straight from your account.

Designate 8% of your monthly income, at most, for your car payment. For residents of Redmond who have an income of $41,237 per year, this would be $275.

Redmond Buy Here Pay Here Financing

Buy here pay here car dealers customarily do business with people with significant credit problems like filing for bankruptcy. These dealers will finance practically anybody, no matter their credit, but there are issues. Downsides include:

  • Ridiculous Rates of Interest
  • Extortionate Down Payments
  • Overpriced Vehicles
  • Ignition Kill-Switches

There’s more: these dealerships almost never report back to the credit reporting agencies, so you could make every single payment when they’re due with no lift in your FICO score.

Redmond Income and Finances

  • Income Per Annum: $41,237
  • Income Per Month: $41,237
  • Average Car Payment: $378
  • Recommended Car Payment: $172 to $344 (5-10% of monthly income)

Ready to determine how much car is in your budget? Check the table below, but remember that the rates have been estimated, and the numbers are derived from a yearly income of $41,237, the Redmond average. Repayment term is 60 months.

Exceptional Credit Okay Credit Poor Credit
Car Payment $275 $275 $275
Interest Rate 3.80% 7.00% 10.20%
Car Price $18,749 $17,352 $16,097
Down Payment $3,750 $3,470 $3,219
Amount Borrowed $14,999 $13,882 $12,878
Interest Paid $1,494 $2,611 $3,615
Price with Interest $20,243 $19,963 $19,712