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Dayton Bad Credit Auto Loans

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Dayton Ohio Poor Credit Auto Loans
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Best Auto Lenders in Dayton

1.

Best Overall

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MyAutoLoan

    • Up to $99,000
    • Term: 24 to 84 months
    • Great Customer Service

APR From: 2.4%

2.

Best Experience

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SuperMoney

    • Up to $100K
    • Term: 24 to 84 months
    • Refinance Available

APR From: 2.94%

3.

Largest Selection

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CarGurus

    • Amount Varies
    • Term: 24 to 84 months
    • No Repayment Fee

APR From: Varies

4.

Best For Bad Credit

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Auto Credit Express

    • Up to $40,000
    • Term: 24 to 84 months
    • Great for Bad Credit

APR From: 3.9%

5.

Largest Network

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CarsDirect

    • Amount Varies
    • Term: 24 to 84 months
    • No Repayment Fee

APR From: Varies

Dayton Bad Credit Auto Loans

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Bad credit refers to a low credit score that may result from late payments, excessive debt, or bankruptcy. Credit scores range from 300 to 850, and a score below 600 is generally considered poor. Also known as subprime financing, getting a car loan with poor credit in Dayton can be challenging, but it is possible!

Dayton Bad Credit Auto Loans
Shop Around for the Best Auto Loan

Different lenders have different loan terms and interest rates, so it's essential to shop around and compare offers. Look for lenders in Dayton, Ohio, that specialize in bad credit auto loans. See our current list of online lenders to compare various auto loan options.

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Read: Best Bad Credit Auto Dealers in Dayton ->

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Check for Auto Loan Pre-Approval

Getting pre-approved for an auto loan can give you a better idea of what you can afford and what interest rate you qualify for. Many lenders offer online pre-approval processes, which can be particularly helpful if you have bad credit. Showing up to the dealer knowing you already have the money for the vehicle you want is a totally different experience. Currently, online lenders specialize in bad credit and offer up to $100,000 in funds for qualifying consumers in Dayton to get a new vehicle.

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  • ​Dayton Ohio Stats:

  • Dayton Average Income: $20,015 

  • Dayton Average Credit Score:  687 

  • Dayton Average car payment:       

  • New: $535/mo.     Used: $335/mo.

Bad Credit Car Loans Near Dayton, Ohio: Beavercreek, Fairborn, Loraine, Oakwood, Springfield

Impact of Bad Credit on Auto Loans

Bad credit can lead to higher interest rates and stricter loan terms. Lenders view borrowers with low credit scores as high-risk, resulting in less favorable lending conditions. However, it's still possible to secure a car loan with bad credit, especially in Dayton, Ohio, where multiple lenders specialize in bad credit auto loans.

 

5 Factors Dayton Lenders Consider:

 

1. Credit Score

2. Credit History

3. Residence

4. Income

5. Debt-to-Income Ratio

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Consider Refinancing in the Future

Subprime financing in Dayton can lead to higher monthly payments due to increased interest rates. After securing a bad credit auto loan and making regular payments for a while, you might be eligible for refinancing. Refinancing can potentially lower your interest rate and monthly payments, making the loan more manageable.

 

While securing an auto loan with bad credit in Dayton, Ohio, can be challenging, it's certainly achievable. By taking the right steps and being disciplined in your financial habits, you can drive off the dealership lot with a new car and a loan that fits your budget.

 

See Auto Loans: Dayton, Beavercreek, Fairborn, Centerville, Kettering

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