Interested in obtaining a car loan in Lamar, CO, with poor credit or zero down? Without a doubt, lots of financial institutions have stiffened up their credit guidelines, but there are finance companies who need auto finance candidates. And it’s our mission to help you track them down. Applying will take under 3-4 minutes.
This is how it works.
To start with, you’ll want to apply online. We match you, if possible, to the right Colorado car loan provider for your location, income, and down payment. Lastly, finalize your auto loan paperwork and choose your car from a local dealer.
Just click here to apply online.
- Average Lamar Income: $2,521 Per Month
- Average CO Credit Score: 674
Generally, auto loan companies will be expecting you to earn a minimum of $1500 income monthly, and the amount you spend on existing debts, inclusive of your auto loan, should not be more than 50% of your income. In Lamar, Colorado, this means $1,261 (average).
Don’t meet these standards? No problem. You may still be able to qualify by going the extra mile in one or more of these ways:
- Get Someone to Co-sign
- Furnish a Larger Down Payment
- Opt for Tote The Note Car Loans.
What amount should you spend on an auto loan? Well, here’s a great rule of thumb: commit just 18 to 20 percent of your regular monthly income for things like:
- Car Payments
For your average Lamar motorist, this means $454 to $504 monthly. Under no circumstances should you commit more than one fifth of your income on your cars. Obtaining car loans for used cars is preferable, at least as a general rule. Brand new cars and trucks lose value too soon to be a wise expense.
Financing a Car With Bad Credit in Lamar, Colorado: Tips
It’s very important to plan thoroughly for your car loan in Lamar, CO. After all, you can’t afford to make your fico score worse. This principle is critical: never devote more than 15% of your income each month toward paying off your bad credit auto loan.
- $378: 15% of average income in Lamar, Colorado
- $126: 5% for fuel, maintenance, etc.
Also, you should offer a considerable down payment if you can. New cars lose value quickly, and a down payment serves to counteract this.
Mind you, we recommend that you finance a low cost used vehicle that offers decent fuel economy.
Auto Financing With Bankruptcy or Repossession: Lamar, CO
Needless to say, bankruptcies and repossessions can be damaging to your credit history. Have you been worried that it won’t be possible to find a car loan after bankruptcy or repossession? Fortunately, we can help you find finance companies that provide bankruptcy car loans in Lamar, CO. Although a bankruptcy remains on your credit history for 7 years, a good number of loan companies can approve auto financing after just 2.
Buying a Car Without Any Credit Check in Lamar (CO)
Thought about financing a car or truck in Lamar, CO with no credit check? Buy here pay here car lots may very well be the only solution.
When you go to a buy here pay here car lot, referred to as a no credit check or your job is your credit car lot, your auto loan won’t come from an outside loan company. In other words, these dealerships provide in house financing car loans to Colorado residents who have low credit ratings. Such auto loans will often be provided with no credit check.
Regrettably, they aren’t without several main shortcomings. These include substantial interest rates, larger down payments, more risk of deceptive financing tactics, and reasonably limited inventory.
Make certain you look into any CO in house financing car lot online. Try and track down a friend or relative who has bought a car from them recently. Find out whether or not they would recommend them.
Dealer Loans in Lamar, CO
- Gamble-Perez Auto Sales, 400 E Olive St, 81052
- Ron Austin Motor Sales, 319 N Main St, 81052
- Stagner Inc Truck N Trailer Sales, 501 N Main St, 81052
- River City Auto, 1207 South Main Street, 81052
- Car Palace Inc, 902 North Main Street, 81052
- Tri-County Ford Lincoln Mercury, 7240 USHighway 50, 81052
- Colorado East Sales, 6941 USHighway 50, 81052