Financing a Used Car in Columbus

3.

Best Selection

CarGurus

• Up to $80K

• Term: 24 to 84 months

• No Repayment Fee

APR From: 2.8%

4.

Best Rates

Consumers Credit Union

• Up to $250K

• Term: 12 to 84 months

• No Repayment Fee

APR From: 6.4%

2.

Best Experience

SuperMoney

• Up to $100K

• Term: 24 to 84 months

• Refinance Available

APR From: 2.94%

5.

Best Reviewed

Auto Credit Express

• Up to $40,000

• Term: 24 to 84 months

• Great for Bad Credit

APR From: 3.9%

Best Dealers - Columbus Bad Credit Auto Loans

1.

Ricart Used Car Factory

Largest Inventory

Ricart Used Car Factory generally has positive reviews. Customers mention that the dealership offers great deals on their used cars, and many express satisfaction with their purchases [2]. Additionally, the overall customer service, buying process, quality of repair, and facilities have been rated highly, indicating a positive overall experience

4255 S Hamilton Rd Columbus OH 43125

(614) 808-4747

4.3 (2,110)

3.

Columbus Auto Mall

Best for Bad Credit

Columbus Auto Mall is a family-owned business that opened its first location in 2007. Columbus Auto Mall stands on its reputation rather than commercial recognition. Columbus auto mall has become a local favorite and one of the fastest-growing dealers in Ohio. While they do offer and work with traditional lenders, Columbus Auto Mall offers its own financing in-house.

2900 S High St Columbus, OH 43207

4.7 (113)

2.

Germain Nissan of Columbus

Most Trusted

Germain Nissan of Columbus is a reliable dealership that offers a wide range of new and used vehicles. They are committed to providing excellent service. In addition to selling cars, they also offer auto maintenance and parts services. They have a variety of finance options available, catering to different customer needs and circumstances.

4300 Morse Rd, Columbus, OH 43230

(936) 514-4326

4.5 (1,483)

4.

-Drivetime of West Columbus

Best Finance Options

The Dealer has generally positive but mixed reviews. Based on the review summaries, many customers have had positive experiences with their salespeople. While there are minor complaints, the dealership is very responsive in addressing any concerns raised by customers

4000 W Broad St, Columbus, OH 43228

4.8 (1,446)

Columbus Motorcycle Loans

Financing a Used Car in Columbus

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

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.

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

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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