Akron Ohio Auto Finance Options
Updated: 1 March, 2025
Explore the best finance rates and dealerships in the Akron, Ohio area. Find the lowest rate online or connect with a dealer local dealer that can meet your needs, even without perfect credit.
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MyAutoLoan
New & Used Financing
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Minimum Score: 600
Recommended Gross Income: $18,000
Qualifying Vehicles: Less than Ten (10) years old and less than 125,000 miles.
Fees: None
Loan Amount
Up to $90K
Loan Term
24 to 84 months
Interest Rate
Our Rating ★★★★★
From: 2.4%
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SuperMoney
New & Used Financing
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Minimum Score: 570
Recommended Gross Income: $18,000
Qualifying Vehicles: Less than Ten (10) years old and less than 125,000 miles
Fees: None
Loan Amount
Up to $100K
Loan Term
24 to 84 months
Interest Rate
Our Rating ★★★★★
From: 2.94%
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CarGurus
New & Used Financing
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Minimum Score: None
Recommended Gross Income: Not Specified
Qualifying Vehicles: Not Specified
Fees: None
Loan Amount
Up to $80K
Loan Term
24 to 84 months
Interest Rate
Our Rating ★★★★★
From: 2.8%
Best Dealerships Near Akron, Ohio
There are dozens of dealers in Akron and surrounding areas. Covering all major brands as well as luxury options and special interest vehicles. With unprecedented transparency in pricing most dealer research boils down to service capability and reputation, especially when considering a used vehicle. See our top 5 Akron dealers for bad credit below or see all dealers near Akron.
North Coast Auto Mall
Our Rating ★★★★★
Chapel Hill
North Coast Auto Mall is a reputable dealership that specializes in customers with bad credit. With both new and used vehicles, their knowledgeable team will work with you to find a solution that fits your budget..
330-752-8884
1875 Brittain Rd, Akron, 44310
Progressive Chevrolet
Our Rating ★★★★★
Massillon
Progressive Chevrolet is an Akron dealership that understands the challenges of bad credit and is dedicated to assisting customers in need of auto financing. With a wide selection of Chevrolet vehicles.
(330) 830-3366
8000 Hills Dales Rd, Massillon, 44646
Serpentini of Tallmadge
Our Rating ★★★★★
Tallmadge
Serpentini of Tallmadge is a trusted dealership that caters to individuals with bad credit by providing tailored financing options. Their friendly and knowledgeable team will guide you through the car-buying process.
(330) 510-2714
140 West Ave, Tallmadge, 44278
Understanding Interest Rates for Auto Loans
Interest rates are a pivotal aspect of getting an Akron bad credit auto loan. Your APR directly influences the total amount you will end up paying back. Essentially the cost of borrowing money, lenders determine this rate based on several factors, including your credit score, loan term, and the overall loan amount.
No two lenders offer the same interest rates. Banks, credit unions, and online lenders each have their own methods for calculating rates, which can vary significantly. Online auto financing platforms often provide more competitive rates, thanks to lower overhead costs and a broader network of lenders. By shopping around and comparing rates from different sources, you can ensure you're getting the best deal possible.
The term of your auto loan, or the length of time you have to pay it back, also affects the interest rate. Typically, shorter loan terms have higher monthly payments but lower interest rates. Conversely, longer loan terms spread out the payments, making them more manageable monthly. Balancing the length of your loan with the interest rate and monthly payment that fits your budget is crucial for finding an affordable bad credit auto loan in Akron.
The Benefits of Online Auto Financing
If you're looking for a bad credit auto loan in Akron and want to find the lowest interest rate, the best place to start is online. Searching the web can provide ease and convenience when looking for competitive rates in a matter of minutes. You can also reach out to local credit unions or banks. These trusted sources will have access to more reasonably priced rates than other organizations may offer.
Convenience
From the comfort of your home, you can explore a plethora of financing options, apply for loans, and receive approval without ever stepping into a bank, credit union, or dealership.
Competitive Rates
Online lenders often offer more competitive interest rates on car loans compared to traditional financial institutions.
Faster Approval
Traditional loan approval can take days or even weeks, whereas online applications for Akron bad credit auto loans can be approved in as little as a few hours with online lenders.
Akron Ohio Stats:
Average Income: $24,530
Average Credit Score: 662
Average car payment:
New: $535/mo.
Used: $335/mo.
Getting Approved with Bad Credit
There are several steps you can take to improve your chances of auto loan approval, even with poor credit. Making a larger down payment, for example, can reduce the loan amount and demonstrate your financial commitment to the lender. Additionally, providing proof of stable income can increase your likelihood of approval. Taking the time to improve your credit score before applying, if possible, can also lead to more favorable loan terms.
Another strategy for securing Akron bad credit auto loans is to apply with a co-signer. A co-signer with a higher income or better credit score can provide the lender with additional assurance, often resulting in more favorable loan terms. It's essential, however, to have a clear agreement with your co-signer regarding the loan's repayment to avoid any future misunderstandings.
Overcoming Low-Income in Auto Financing
If you're facing low-income challenges in Ohio, several special financing programs are designed to help individuals looking for Akron bad credit auto loans. These programs often offer lower interest rates, reduced down payments, or more flexible loan terms.
When income is a concern, presenting a strong loan application becomes even more critical. This includes having a detailed and accurate budget, a clear understanding of what you can afford, and any documentation to support your application, such as steady employment history or additional income sources. A well-prepared application can significantly improve your chances of approval, even with a low-income.
Special finance lenders in Akron may be willing to work with you even if you cannot provide a paystub, are self-employed, or get paid "under the table." Those with non-traditional means of income can still easily get auto financing, even without perfect credit. Compare auto loans in Akron.