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Columbus Auto Finance - Buckeye Car Loan

Columbus, OH

Columbus Ohio Bad Credit Auto Loans

How to Get an Auto Loan with Bad Credit

 

If you're looking for bad credit auto financing in Columbus, Ohio, don't worry - you've got options. Dealer special financing programs and sub-prime lenders are still both likely to approve your loan application, even if your credit isn't perfect. So don't despair if you've been turned down by other lenders. There are many online and alternative financing options for those who have a poor or limited credit history. 

Getting Approved Online in Columbus

 

When it comes to getting a new or used car, most people will need to take out an auto loan. Applying for a loan can be a long and tedious process, but it doesn't have to be. Thanks to the internet, you can now apply for an auto loan online in just minutes. By comparing rates from different lenders, you can find the best deal possible on your new automobile. Applying for an auto loan online can be a quick and easy process, and it allows you to get pre-approved for a loan without having to visit multiple dealers and harming your credit with all those applications.

Best Overall

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MyAutoLoan

• Up to $99,000

• Term: 24 to 84 months

• Great Customer Service

New & Used Financing

APR From: 2.4%

Best Experience

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SuperMoney

• Up to $100K

• Term: 24 to 84 months

• Refinance Available

New & Used Financing

APR From: 2.94%

Best For Bad Credit

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Auto Credit Express

• Up to $40,000

• Term: 24 to 84 months

• Great for Bad Credit

New & Used Financing

APR From: 3.9%

Largest Network

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CarsDirect

• Amount Varies

• Term: 24 to 84 months

• No Repayment Fee

New & Used Financing

APR From: Varies

Columbus Best Dealerships for Bad Credit

Buckeye Car Loan collects data and aggregates reviews on every major dealership in the Columbus Ohio area. Through our research, we have selected the top-rated dealerships by vehicle, financing, and area. Select your location or preferred area below. These reputable and vetted dealers offer financing, service, and selection above and beyond the competition in Columbus.

Best Auto Dealers in Columbus Ohio

Buy-Here Pay-Here

 

There are a few reasons why you should consider using a "buy here pay here" dealership the next time you're in the market for a new car. First of all, these dealerships are typically more willing to work with people who have less-than-perfect credit. That's because they're focused on selling cars, not on providing loans. As a result, they're often willing to offer financing to people who might not qualify for a loan from a traditional bank or credit union. Secondly, "buy here pay here" dealerships typically have lower prices than traditional dealerships. That's because they don't have the overhead costs associated with things like advertising and marketing. Instead, they tend to focus on selling cars at a lower price point. And finally, "buy here pay here" dealerships offer a more convenient way to finance your car. You can often make your payments right at the dealership, and you don't have to worry about dealing with a third-party lender. All in all, there are a lot of reasons to consider using a buy here pay here dealership when you're ready to buy your next car. See our 60-second application to get connected with a personally selected dealer in Columbus.

 

Pre-qualify Online: No Credit Check Required

 

In-House Financing

If you can not get approved through traditional lenders in Columbus, in-house financing may be a good option. Some auto dealers have their own financing and do not require third-party approvals from banks in order to offer you a loan. Because the dealer does not have to answer to a lender this can be a great way for someone with less-than-perfect credit to get a vehicle and get re-established. Most often your in-house finance loan will report to credit bureaus creating positive credit history and building your credit score. These loans will often come with higher interest rates but may be more forgiving on things like income and down payment. To find a dealer near you that offers in-house financing get pre-qualified with or 60-second form and we will connect you with a personalized selection that wants to approve you. 

Find In-House Financing in Columbus, Ohio

​Columbus Ohio Stats:

Average Income:   $69,315      Average Credit Score:  654 

Average car payment:     New: $535/mo.     Used: $335/mo.

The Cost of an Auto Loan in Columbus

The main factors that will determine the cost of your vehicle are Principle, Down payment, trade, and interest. The principle is the amount owed to the lender after the initial purchase, accounting for any down payment and trade-in credit. The lower your principle, the lower your payments. You can lower your principal by making a down payment. Alternatively, if you trade in a vehicle any value you receive will reduce principal cost. It is recommended to put  20% of the total cost down when buying a new vehicle and 10% down on a pre-owned one. Finally, the interest rate, which will be determined by your credit history, will determine the cost of your monthly payment. Most car loans offered in Columbus are “Simple Interest” meaning the faster you pay the loan, the less interest you pay. The max interest rate for used cars in Ohio is 25%. Find the best interest rates near you. 

Auto Loans with No Credit Check​

Auto loans with no credit check can be a great option for people with bad credit in Columbus. By forgiving the credit check, these loans can help people with bad credit get the financing they need to purchase a car. And, because they are often available online, they can be a convenient way to apply for financing. However, it's important to remember that auto loans with no credit check come with higher interest rates and may require a larger down payment. As a result, it's important to carefully compare offers before choosing an auto loan. If you have severe credit issues, or problems proving your income we can help find a no-credit-check loan near you.

Columbus Ohio Used Cars

​According to Experian, over 85% of new vehicles purchased are financed. When considering financing a new vehicle in Columbus it is important to consider depreciation. Edmunds reports that a vehicle can lose up to 9% of its true market value the moment you drive it off the lot

Most buyers in Columbus choose to purchase pre-owned vehicles. While you may miss out on some warranty and that new car smell, buying used is often more financially sound. Most of those who avoid used vehicles do so due to the stigma that they will be swindled in some way. In today’s market, buyers in Columbus enjoy many legal protections against misrepresenting goods, and consumers have access to a wealth of resources. The financial aspect, combined with the peace of mind provided by technology explains why used vehicles make up almost 60% of the vehicle financing market

Loans with No Down Payment in Columbus

 

​If you cannot afford a down payment or simply want to finance the whole of your vehicle you may want to learn how to avoid making a down payment on your next vehicle. The terms of your loan, in particular of your approval would mainly depend on your credit score. Boosting your score is the best way to avoid or lower down payment requirements. Another option may be getting a co-signer. This can help you get approved for better terms and may lessen the need for a down payment. Be sure to shop around and check the terms of different lenders, just because a certain lender does not approve you without a down payment does not mean that no one else will. Making no down payment is not usually recommended and making even a small down payment is better than none. Both online lenders and buy-here pay-here dealers offer no down payment programs.

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