Auto Loans in Spokane (WA)

A car is a costly asset, so it is crucial to lock down the cheapest rate of interest available for your credit. We have access to a wide network of dealers and lenders, and we have one of the best success rates you’re apt to find. Most of the time, we’re able to place borrowers with an interested dealer or lender even if their credit has been damaged by bankruptcy or repossession.

Auto Loans in Spokane for New Cars

Map-SpokaneIf you are in the market for a new car, you should do so on condition that a) you have the cash or equity to offer a down payment of 20%, and b) you aren’t considering trading in your car before you’ve paid it off. These guidelines are important because a new car is a big purchase, and it’s also a quickly-depreciating one. A down payment, coupled with a commitment to repayment, will help you make the most of this investment. We can help you get approved if you don’t do all this, but you should probably consider a preowned vehicle.

Used Car Financing in Spokane

In most situations, a pre-owned car ends up being a significantly better option than a new one. The shorter repayment terms typical of used vehicles typically mean less interest paid, even when you have a less affordable interest rate. Even if you are under water on a used vehicle, it will typically be for a shorter length of time.

If you’d like to combine the good value of a used car or truck with the reliability of a new one, consider purchasing a vehicle from your favorite car maker’s certified preowned program. In industry parlance, this is known as a “CPO” program. These vehicles are more expensive than non-certified used vehicles, but only slightly more so, and the extra expense is well worth it considering that the vehicle has been inspected, vetted, and certified according to strict guidelines.

Bad Credit Spokane Car Loans

Bad credit has a few disadvantages:

  • You will be forced to pay more in interest.
  • You have to have a larger down payment.
  • You have to repay the loan in less time.

Of course, you don’t want to spend your weekends searching for a company in Spokane that will work with the lower end of the credit spectrum. When you apply online through Evergreen Auto Finance, our team works to place your application with a lender or dealer in your area who is ready to fund your loan.

Bad Credit Car Dealerships in Spokane

If you have bad credit, your sales rep will have a conversation with you about financing before anything else. If you apply through us, you can line up your car loan beforehand, then arrange an appointment to select your car and finalize any remaining paperwork. Regardless of your credit, you should be able to find a vehicle you can afford.

Buy Here Pay Here Car Lots in Spokane, Washington

In house financing, otherwise referred to as buy here pay here financing, keeps growing, largely due to the fact that so many people’s credit scores were hit by the housing market and slow economy. A lot of dealer finance isn’t direct to the consumer, as dealerships go through off-site banks and lenders to provide the loans. By contrast, buy here pay here dealers serve as both the lender and the dealer.. Disadvantages include:

  • Exorbitant Interest rates
  • Exorbitant Down Payments
  • Overpriced Vehicles
  • Ignition Kill-Switches

This is why these dealers have a sullied track record. Let us match you with a reputable dealer who can get you approved, even if you have bad credit.

Spokane Income and Finances

  • Yearly Income: $17,431
  • Income Per Month: $17,431
  • Average Car Payment: $160
  • Suggested Car Payment: $73 to $145 (5-10% of monthly income)

Spokane Auto Loan Rates and Payments

The exact amount you should put into your new car is determined by a variety of factors. It would be smart of you to find a vehicle with a payment that is about 5 to 10% of your monthly income. If you earn $1,453 per month, this is a payment of $73 (5%) to $145 (10%). The estimations below derive from payments of $116, which is 8% of the average consumer’s monthly income in Spokane, together with a 20% down payment and 5-year repayment terms. Lending rates are simply estimations.

Good Credit Fair Credit Bad Credit
Car Payment $116 $116 $116
Interest Rate 3.80% 7.00% 10.20%
Months 60 60 60
Purchase Price $7,928 $7,338 $6,807
Down Payment $1,586 $1,468 $1,361
Total Interest $632 $1,104 $1,529
Total Paid $8,560 $8,442 $8,336

Start Your Application Online

There are dealers and lenders who are ready to approve you for a loan. Submit your application, and we’ll get you approved. It’s quick, safe, and secure.