Car loans for bad credit near Toledo

Car loans for bad credit near Toledo

100% financing approval is our goal

Getting a new car loan can seem impossible when you have bad credit, but the finance experts at Taylor Hyundai of Toledo are here to help! Our goal is 100% auto loan financing approval and we've assembled a network of top local and national lenders to help you get approved even if you have a low credit score, history of bankruptcy, or other credit challenges.

We also offer some of the highest trade-in values for used vehicles, up to $5,000 more for your trade-in, which can boost your down payment and help you get more auto loan options from lenders. When you trade-in your vehicle at a dealership in Ohio, you also get a sales tax savings on the new or used car you purchase, lowering your total loan amount and your monthly payments.

Weak credit doesn't have to stop you from getting a new car. Learn more about our bad credit financing options below or get started right away by filling out our auto loan credit application to get prequalified today.

Car with door open

What is a bad credit auto loan?

A bad credit auto loan is often identified by a high interest rate. For people with bad credit, financing options can be very limited, but these auto loans allow people to get a new car while repairing their credit. As you make your monthly payment, the lender will report your payment history to the credit bureaus which will help you build good credit. We've seen many car buyers with poor credit increase their credit score enough that they can qualify for more financing options when they buy their next vehicle.

Who needs a bad credit car loan?

If your credit score is below 589, you may qualify for a bad credit car loan. Poor credit is often the result of past financial difficulties, but that doesn't mean you're stuck with bad credit forever. For many people, a bad credit auto loan can be the stepping stone to improving your credit score and fixing your credit history.

Who offers bad credit car loans?

At Taylor Hyundai of Toledo, we work with a large network of lenders to be able to offer a financing solution for nearly every scenario. We work with local banks and credit unions, as well as national and sub prime auto loan lenders to be able to offer a variety of car loan options.

Is this the same as a buy here, pay here dealership?

No, Taylor Hyundai of Toledo is not a buy here, pay here dealership. While a buy here, pay here car dealer will be able to help car buyers with bad credit to get a new car, these dealerships often do not report your timely monthly payment to credit bureaus which means these will not help you improve your credit score.

How can I apply for a bad credit car loan?

One of the easiest ways to start the auto loan financing process regardless of your credit score is to get prequalified using the online application on the Taylor Hyundai of Toldeo website! Looking to buy in the near future? Come into our dealership where our financing experts can work with you to get you pre-approved.

What can I do to lower my monthly payment?

Whether you have perfect credit or poor credit, your monthly car loan payment is based on three things: the amount of money you borrowed, the interest rate, and the loan term. A bad credit score often means that you aren't able to do much about the interest rate, but you can make choices on the total vehicle cost, and potentially the loan term, that can reduce your monthly payment. This is why it pays to get prequalified for a car loan before you start car shopping. Once you understand your credit situation and the rate, term, and total amount you can borrow, you can begin to look for a new car that will fit comfortably in your budget. Taylor Hyundai of Toledo offers a variety of used cars at affordable prices and the lower the total loan amount, the less your monthly payment will be. One thing to keep in mind is that a lender will often offer a longer loan term, which spreads out payments over a longer period of time, on a newer model year vehicle. This is how we can sometimes help car buyers drive off in newer vehicles than they ever expected.

Car shopping is more fun when you understand your auto financing options. At Taylor Hyundai of Toledo, we've been helping folks get approved for bad credit auto financing for years. Stop by our car dealership finance department or get started by applying for prequalification online.