Auto Loans in Vancouver (WA)

VancouverIn Vancouver, there are several options for securing an auto loan, but few if any companies have improved credit acceptance like we have. We assist buyers in Vancouver and all over Washington who would like to get in touch with a bank, dealer, or finance company in Vancouver who can accept their credit. You will be led step-by-step through the process by a financing specialist near you.

Vancouver Auto Loans for Bad Credit

Banks typically fund loans only for people with scores of 700 at least. Thankfully, there are lenders and dealerships in Vancouver that accomodate people with bad credit. Fortunately, we serve clients who have credit problems of all kinds, getting them the loans they need.

Getting financed, not picking out a car or truck, is the first priority at car dealers that finance bad credit. To satisfy lender guidelines, you will usually need to offer proof of income in the form of pay stubs or tax returns, along with a recent lease or utility bill that has your street address. Your finance specialist direct you through this process. No matter your credit, there has to be a vehicle you can finance. It is best if the payments are between 5 to 10% of what you get paid per month before taxes. If you get paid $3,037 per month, you would be best off with a payment of $152 (5%) to $304 (10%).

Vancouver Buy Here Pay Here Financing

Buy here pay here dealers customarily work with people who have significant credit problems like bankruptcy or repossession of a vehicle. A lot of dealer finance is outsourced, in that dealers go through a network of lenders to provide the loans. On the other hand, buy here pay here dealers don’t. They are the actual loan originator. Alas, you will be faced with high annual percentage rates, expensive down payments, and cars and trucks that are too expensive for the kind of shape they’re in. If boosting your credit score is important to you, and it should be, you are better off applying through us, seeing as buy here pay here dealers can’t help you improve your credit.

Auto Loans for New Cars in Vancouver

Through our vast network of dealers and lenders, you can choose to finance a new or used vehicle. Deciding between a new and used vehicle can be challenging. New cars are terrific. You can put thousands of miles on them, worrying only about changing the oil, and if any problems do surface, they should be covered under the service contract. However, exceptional credit is necessary to get approved for a low interest or zero down car deal through the dealership, and chances are you’ll have to have a 20% down payment. Ultimately, it’s a good idea to talk with a dealer finance professional to establish whether a new vehicle is right for you.

Auto Loans for Used Cars in Vancouver

In the world today, a car that’s two or three years old is a significantly better investment than a new one. Why? That’s easy:

  • Cheaper to buy.
  • Cheaper to insure.
  • Slower to depreciate.

Pre-owned vehicles are known for shorter repayment periods. This typically means less interest charged, even when you have a higher APR rate. For anyone worried about maintenance, be sure to find yourself a vehicle that has low miles and great reliability. Below, you will find the following numbers to help you determine whether you ought to buy a vehicle that’s new or used. This assumes a vehicle two years old, having lost one half of its value, and a buyer with a prime credit score.

New Car Used Car
Price $30,370 $15,185
Down Payment $6,074 $1,519
Loan Rate 5.20% 8.90%
Months 60 48
Monthly Payment $460.73 $339.44
Finance Fees $3,348 $2,627
Total Paid $33,718 $17,812

 

Vancouver Income and Finances

  • Income Per Annum: $36,444
  • Income Per Month: $36,444
  • Suggested Car Payment: $152 to $304 (5-10% of monthly income)

How much you should pay for your new car hinges on a plethora of factors. The estimates in the table below are based upon a monthly payment of $243, which is 8% of the average consumer’s monthly income in Vancouver, coupled with a 20% down payment and 5-year loan. Lending rates are approximated.

Good Credit Fair Credit Poor Credit
Payment $243 $243 $243
Rate 3.80% 7.00% 10.20%
Vehicle Price $16,572 $15,337 $14,228
Money Down $3,314 $3,067 $2,846
Borrowed Funds $13,257 $12,270 $11,382
Interest Paid $1,320 $2,308 $3,195
Total Investment $17,892 $17,645 $17,423