Search for a car loan in Salt Lake City, UT? Financing a car is a serious financial commitment, and it’s easy to get in over your head. For this reason, we recommend speaking with a finance professional who really understands your wants and needs. Fortunately, we can help! At Car Loans Utah, we help you find the very best company for auto loans in SLC given your credit, income, and vehicle needs.
Let’s talk about how the process works.
- For starters, you’ll need to submit your application online.
- At this point, we’ll start working to find you an appropriate lender or dealer for your financing needs.
- Lastly, you’ll finish off your car loan paperwork and pick up your car from a local dealer.
Used Auto Car Loans in SLC
When financing a car, you should spend only 18-20% of your monthly wages for things like your:
- Car Payments
- Insurance Policy
- Repairs and Maintenance
- Gas and Toll Fees
For your average SLC household, this equals $687 to $764 monthly. Remember, this is for all of your vehicles combined – not each. For this reason, we often recommend that you finance a used car. A pre-owned vehicle will be less susceptible to depreciation and cheaper to insure, which makes up for the slightly higher auto finance rates.
Car Loans with Bad Credit in Salt Lake
Plagued with low credit scores? You aren’t the only way. With more than 20% of Utah residents struggling with credit issues, we’ve made it our mission to help consumers with credit problems.
When you need a bad credit auto loan in SLC, we can help you find lenders who don’t flat-out reject individuals who have low credit scores. Click here to submit your secure application. A lot of loan providers do require a minimum down payment (usually 10%), and that you allot no more than fifty percent of monthly wages to existing debt payments. These requirements are as much for your own protection as for the lender’s, as they will keep you from getting in over your head on a loan.
Financing a Car after Bankruptcy or Repossession: Salt Lake City, UT
Utah bankruptcies and home foreclosures have been on the rise since the economic crash of 2008, leaving many to wonder how they’ll get to work if they can’t get a car loan after bankruptcy, foreclosure, or repossession? Not to worry, we can help you find lenders that approve auto loans for people with serious credit problems like these. Of course, you can expect a few downsides:
- High APR Rates
- Hefty Down Payment Requirements
Don’t forget that a “paid-as-agreed” car loan can be a highly effective way to rebuild your credit in the wake of such issues.
Buy Here Pay Here Car Lots in Salt Lake City
In SLC and across Utah, buy here pay here dealers have been becoming an increasingly popular method of financing a car. These car lots are also known as Tote the Note, Your Job is Your Credit, or in house financing dealerships in Salt Lake City. They do commonly offer loans without a credit check, financing a vehicle through such an establishment is not without its downsides:
- Ridiculous Finance Rats
- Reputation for Predatory Lending
- Limited Vehicle Selection
Fortunately, we can often get you approved for financing through a Salt Lake City bad credit car dealership that treats you better than a BHPH lot would. That means reporting your payments to the credit bureaus, thereby giving you a chance to re-establish your credit, and offering you fair-market interest rates for a consumer with your credit score and income.