If you’re looking for a new car, truck, or SUV in the Akron, Ohio, area, our friendly finance team at North Coast Auto Mall of Akron offers flexible rates. No matter what your credit score is, we can help you find the vehicle of your dreams without having to wonder how you’ll afford it. Buying a car may seem daunting at first, but you can relax knowing we’ll work hard to help you get the financing you need.
Financing a car involves borrowing money so you can purchase a car from a dealership, typically in the form of a car loan. You can either apply for financing through the dealership directly or borrow money from a bank or a financial institution. Many consumers don’t keep large amounts of cash on hand to purchase a new car, so financing can be a great way to pay for it in advance. When you pay off your car, you’ll officially own it.
How long it will take you to pay off your loan may vary based on your credit score, income level, and other expenses. Most car loans take a few years to fully pay off, and you typically need a down payment in order to begin the financing process. To reduce your monthly payments, you may decide to put down a higher amount. Many lenders recommend a down payment that’s somewhere between 10% and 20% or more of your vehicle’s sale price, so you don’t have to pay nearly as much in interest.
There are many benefits to financing a car directly through a dealership, as opposed to a bank. While both banks and dealers offer car loans with set interest rates, financing through a dealership can help you save time and money. That’s because the dealer will do all the work on your behalf by submitting your credit application to multiple lenders. This way, you can easily compare rates and find one that works best for you. It also means you can access lower interest rates.
Unlike banks and financial institutions, dealerships are often more willing to work with people who have bad credit or no credit. This means that you can get loans more easily, instead of having to spend too much time shopping around. If you go through a dealership, you also won’t be stuck with the higher interest rates that banks give, even if they offer special loans for those with low or no credit.
Dealerships give you the convenience of getting everything done under one roof, and even if you don’t get approval from one institution, the dealership will keep working to get you approved elsewhere without needing extra paperwork.
Getting pre-qualified for a car loan can help you when you go to the dealership ready to make your purchase. Many modern dealerships also offer an easy, efficient pre-approval process, so you can set a realistic budget for yourself. You can breathe easy knowing how much you can borrow and at what interest rate. You’ll also want to consider your down payment and factor in the applicable taxes and fees to the purchase price, in addition to the cost of insurance and maintenance.
After you have a budget in mind, you can use our vehicle payment calculator to estimate your monthly payment and work out how you’ll fit it into your budget. You may also discover that the vehicle you want costs more than you thought, so you can look for one that’s more affordable.
In the process of getting pre-qualified and pre-approved, you can value your car and possibly save some extra cash on your down payment by trading it in. When you value your old car, you can enjoy a stronger negotiating position and even reduce the amount you need to finance the new one. In Ohio, it’s also possible to reduce the amount you owe in taxes since the value of your trade-in isn’t subject to any sales tax. You can also apply the trade-in credit to your down payment, so you won’t have to pay nearly as much.
To maximize the trade-in value of your vehicle, make sure to survey your vehicle’s appearance and clean both the exterior and the interior. If you know it needs repairs, it’s good to get an estimate, because major repairs can be expensive. It’s important to fix any scratches in the paint, fix the headlights, and check the vehicle’s fluid levels before you officially trade it in. You’ll also want to keep a record of any maintenance.
If you’re driving through Akron and see your dream vehicle but worry you’re not going to be able to afford it, you won’t have to worry any longer, because our seasoned finance department at North Coast Auto Mall of Akron offers flexible, competitive rates on all vehicles. You can sell or trade in your vehicle and apply for auto financing in minutes at our finance center.
Many factors can negatively impact your credit score. These can be anything from a late payment to a bankruptcy filing caused by a sudden dip in the economy. Our dealership is buy-here, pay-here, and our professionals will help you finance an auto loan, even if you have bad or no credit. We recognize that your financial circumstances shouldn’t keep you from being able to take home a new car, which is why we offer poor credit loan approval to drivers that qualify.
We’ll help you find in-house auto loans that suit your budget and lifestyle, no matter what they may be, so you can save both time and money while you get a great deal. If you’d like to discuss your personalized financing opportunities, feel free to leave a message today or visit our dealership in person. You can also give us a call at 330-752-8884.