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What Is A Subprime Auto Loan?

Get a loan for a used car at Elkhart, IN.


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What Is A Subprime Auto Loan?

Suppose you are in search of a used car for sale with low credit. In this case, you might find yourself getting turned away at dealerships. Getting turned away can feel frustrating at times, and it adds to the stress that comes with trying to find a car.

Fortunately, dealerships like USA-1’s buy here pay here car lot near Fort Wayne provide a solution for car buyers with low credit. This solution is accomplished using subprime auto loans, which are loans specifically for buyers with low credit. Before you take advantage of these loans, there are a few things you should first understand to use these loans effectively. Therefore, we at USA-1 have compiled a list below that gives five pieces of information about subprime auto loans and how they work.

1. Caters To Low-Credit BuyersThe first thing to understand is that dealerships like our buy here pay here car lot near Fort Wayne use subprime loans to cater to low-credit buyers. The term “subprime” also indicates a specific credit bracket, which is anyone with a credit score between 501-600. Therefore, anyone within this credit bracket that is searching for a used car for sale will utilize a subprime loan.

2. Determining EligibilityIf you visit USA-1’s buy here pay here car lot near Fort Wayne, or any other buy here pay here car lot, it is essential to know how they determine loan eligibility. Because they cater to low-credit buyers, buy here pay here dealers do not use credit to determine loan eligibility. Instead, they use other factors to decide how much you qualify for on a loan. These factors can be seen listed below:

  • Debt-to-income Ratio
  • Payment-to-income Ratio
  • Living Situation

3. Impact On Your CreditAfter you understand how eligibility is determined, the next thing you should note is the impact a loan will have on your credit. Even though credit is not used to decide eligibility on used cars for sale with subprime loans, a subprime loan, along with any loan, will have an impact on your credit score. If you make payments on time, it will positively affect your credit. However, if you miss payments, it will negatively affect your credit score. Therefore, you should make payments on time to get out of a low credit situation.

4. Higher Interest RatesThe next to note about subprime auto loans is that the loan interest rates on used cars for sale near you will typically be higher than loans for higher credit scores. This is because low-credit dealers are taking a risk by lending to buyers with low-credit; therefore, they compensate for this risk by raising interest rates. Luckily, there are some things you could do to counter these interest rates, such as making a down payment, trading in an old car, or considering a co-signer.

5. Limited Selection Of Vehicles Based On EligibilityThe final thing you will usually see when visiting dealerships offering subprime loans is a limited selection of vehicles. This is because your eligibility determines which cars are available for you to buy. Despite this, you should still aim to find a dealership that sells the vehicles you want. For example, if you need to tow something, you should find buy here pay here dealerships specializing in used trucks for sale near you. On the other hand, if you need to transport your family, you should search for dealerships that have a lot of used SUVs for sale.

If you visit USA-1’s dealership to buy here pay here near Indiana, you will notice that we set ourselves apart from typical buy here pay here dealers with our expansive selection of used cars.

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Exterior: 
Red
Interior: 
Cashmere Leather
Mileage:
29,680
Engine:
6cyl, 3.5L, 260.0hp
Model #: 
23418
VIN:
5N1AZ2MH8JN158107
Stock #:
158107
Internet Price:  
$24,900
In Need of Dealer Direct Financing in Elkhart ? Then Stock# 158107 a 2018 Nissan Murano AWD SL is ready to go with only 29,680 Miles, along with a Cayenne Red Metallic Exterior and a Cashmere Leather Interior.Some of the Murano more desirable features include Dual Power Seats, Hands Free Lift Gate,...   Read More
Exterior: 
Red
Interior: 
Dune Leather
Mileage:
36,349
Engine:
6cyl, 3.5L, 280.0hp
Model #: 
K4J
VIN:
2FMPK4J85JBB30307
Stock #:
B30307
Internet Price:  
$24,900
Looking for the Best Buy Here Pay Here Solution in Elkhart ? Then Stock# B30307 a 2018 Ford Edge SEL AWD is ready to go with only 36,349 Miles, along with a Burgundy Velvet Metallic Tinted Clearcoat Exterior and a Dune Leather Interior.Some of the Edge more desirable features include Power Windows,...   Read More
Exterior: 
Red
Interior: 
Jet Black 
Mileage:
15,846
Engine:
4cyl, 1.5L, 160.0hp
Model #: 
1ZD69
VIN:
1G1ZD5ST0JF258137
Stock #:
258137
Internet Price:  
$17,900
Looking for the Best Buy Here Pay Here Solution in Elkhart ? Then Stock# 258137 a 2018 Chevrolet Malibu 4dr Sdn LT w/1LT FWD is ready to go with only 15,846 Miles, along with a Cajun Red Tintcoat Exterior and a Jet Black Fabric Interior.Some of the Malibu more desirable features include Accident...   Read More
Exterior: 
Black
Interior: 
Dark Ceramic 
Mileage:
16,722
Engine:
4cyl, 2.3L, 310.0hp
Model #: 
P8T
VIN:
1FA6P8THXK5167421
Stock #:
167421
Internet Price:  
$26,900
In Need of Dealer Direct Financing in Elkhart ? Then Stock# 167421 a 2019 Ford Mustang EcoBoost is ready to go with only 16,722 Miles, along with a Shadow Black Exterior and a Dark Ceramic Fabric Interior.Some of the Mustang more desirable features include Paddle Shifters, Satellite Radio, Keyless...   Read More
Exterior: 
Gray
Interior: 
Black 
Mileage:
30,567
Engine:
4cyl, 2.4L, 180.0hp
Model #: 
BUJL74
VIN:
ZACCJBAB1JPH46247
Stock #:
H46247
Internet Price:  
$18,900
USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# H46247 a 2018 Jeep Renegade Upland Edition 4x4 is ready to go with only 30,567 Miles along with a Anvil Exterior and a Black Fabric Interior.Some of the Renegade more desirable features include...   Read More
Exterior: 
Gold
Interior: 
Dune 
Mileage:
56,917
Engine:
6cyl, 3.5L, 288.0hp
Model #: 
P2D
VIN:
1FAHP2D81HG112745
Stock #:
112745
Internet Price:  
$17,900
Looking for the Best Buy Here Pay Here Solution in Elkhart ? Then Stock# 112745 a 2017 Ford Taurus SE FWD is ready to go with only 56,917 Miles, along with a White Gold Metallic Exterior and a Dune Fabric Interior.Some of the Taurus more desirable features include Satellite Radio, Power Windows,...   Read More
Exterior: 
Silver
Interior: 
Satin Black Leather
Mileage:
40,389
Engine:
6cyl, 3.3L, 290.0hp
Model #: 
74482
VIN:
5XYPKDA58JG422877
Stock #:
422877
Internet Price:  
$24,900
USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# 422877 a 2018 Kia Sorento SX V6 AWD is ready to go with only 40,389 Miles along with a Titanium Silver Exterior and a Satin Black Leather Interior.Some of the Sorento more desirable features include...   Read More
Exterior: 
White
Interior: 
Jet Black/Dark Titanium Leather
Mileage:
35,742
Engine:
6cyl, 3.6L, hp
Model #: 
1GY69
VIN:
2G11Z5S33K9138938
Stock #:
138938
Internet Price:  
$22,900
Looking for the Best Buy Here Pay Here Solution in Elkhart ? Then Stock# 138938 a 2019 Chevrolet Impala 4dr Sdn LT w/1LT FWD is ready to go with only 35,742 Miles, along with a Summit White Exterior and a Jet Black/dark Titanium Leather Interior.Some of the Impala more desirable features include...   Read More
Exterior: 
Gray
Interior: 
Sport Interior Leather
Mileage:
41,867
Engine:
4cyl, 2.5L, 179.0hp
Model #: 
13118
VIN:
1N4AL3AP2JC284441
Stock #:
284441
Internet Price:  
$17,900
Looking for the Best Buy Here Pay Here Solution in Elkhart ? Then Stock# 284441 a 2018 Nissan Altima 2.5 SR Midnight Edt. Sedan FWD is ready to go with only 41,867 Miles, along with a Gun Metallic Exterior and a Sport Interior Leather Interior.Some of the Altima more desirable features include...   Read More
Exterior: 
Red
Interior: 
Black 
Mileage:
49,063
Engine:
6cyl, 3.6L, 293.0hp
Model #: 
WDEL75
VIN:
1C4RDJAG0JC187558
Stock #:
187558
Internet Price:  
$29,900
In Need of Dealer Direct Financing in Elkhart ? Then Stock# 187558 a 2018 Dodge Durango SXT AWD is ready to go with only 49,063 Miles, along with a Octane Red Pearlcoat Exterior and a Black Fabric Interior.Some of the Durango more desirable features include Heated Mirrors, Rear Heat / AC, Roof /...   Read More
Exterior: 
Black
Interior: 
Jet Black 
Mileage:
15,970
Engine:
6cyl, 3.6L, 310.0hp
Model #: 
1NV56
VIN:
1GNEVFKW0LJ270105
Stock #:
270105
Internet Price:  
$29,900
In Need of Dealer Direct Financing in Elkhart ? Then Stock# 270105 a 2020 Chevrolet Traverse AWD 4dr LS w/1LS is ready to go with only 15,970 Miles, along with a Mosaic Black Metallic Exterior and a Jet Black Fabric Interior.Some of the Traverse more desirable features include Keyless Entry, Heated...   Read More
Exterior: 
Silver
Interior: 
Black 
Mileage:
16,598
Engine:
4cyl, 2.4L, 173.0hp
Model #: 
JCDE49
VIN:
3C4PDCBBXKT798452
Stock #:
798452
Internet Price:  
$18,900
USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# 798452 a 2019 Dodge Journey SE FWD is ready to go with only 16,598 Miles along with a Billet Clearcoat Exterior and a Black Fabric Interior.Some of the Journey more desirable features include Back-Up...   Read More
Exterior: 
Red
Interior: 
Medium Stone Leather
Mileage:
95,803
Engine:
6cyl, 3.7L, 305.0hp
Model #: 
P8A
VIN:
1ZVBP8AM1E5292897
Stock #:
292897
Internet Price:  
$9,995
USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# 292897 a 2014 Ford Mustang V6 Premium is ready to go with only 95,803 Miles along with a Ruby Red Metallic Tinted Clearcoat Exterior and a Medium Stone Leather Interior.Some of the Mustang more...   Read More
Exterior: 
Silver
Interior: 
Jet Black 
Mileage:
32,703
Engine:
4cyl, 1.5L, 160.0hp
Model #: 
1ZD69
VIN:
1G1ZD5ST2JF197213
Stock #:
197213
Internet Price:  
$17,900
Looking for the Best Buy Here Pay Here Solution in Elkhart ? Then Stock# 197213 a 2018 Chevrolet Malibu 4dr Sdn LT w/1LT FWD is ready to go with only 32,703 Miles, along with a Silver Ice Metallic Exterior and a Jet Black Fabric Interior.Some of the Malibu more desirable features include Voice...   Read More
Exterior: 
Black
Interior: 
Jet Black 
Mileage:
39,629
Engine:
6cyl, 3.6L, 308.0hp
Cab Type: 
Crew Cab Pickup
Model #: 
12N43
VIN:
1GCGTCEN6K1300358
Stock #:
300358
Internet Price:  
$32,900
In Need of Dealer Direct Financing in Elkhart ? Then Stock# 300358 a 2019 Chevrolet Colorado 4WD Crew Cab 128.3" LT is ready to go with only 39,629 Miles, along with a Black Exterior and a Jet Black Fabric Interior.Some of the Colorado more desirable features include Accident Response, Back-Up...   Read More
Exterior: 
Black
Interior: 
Jet Black Leather
Mileage:
46,723
Engine:
6cyl, 3.6L, 310.0hp
Model #: 
1NW56
VIN:
1GNEVGKW4JJ279859
Stock #:
279859
Internet Price:  
$29,900
In Need of Dealer Direct Financing in Elkhart ? Then Stock# 279859 a 2018 Chevrolet Traverse AWD 4dr LT Cloth w/1LT is ready to go with only 46,723 Miles, along with a Black Currant Metallic Exterior and a Jet Black Leather Interior.Some of the Traverse more desirable features include WiFi Mobile...   Read More
Exterior: 
Black
Interior: 
Jet Black 
Mileage:
24,637
Engine:
6cyl, 3.6L, 335.0hp
Cab Type: 
2dr Car
Model #: 
1AG67
VIN:
1G1FB3DS9J0150295
Stock #:
150295
Internet Price:  
$28,900
Looking for the Best Buy Here Pay Here Solution in Elkhart ? Then Stock# 150295 a 2018 Chevrolet Camaro 2dr Conv 1LT RWD is ready to go with only 24,637 Miles, along with a Black Exterior and a Jet Black Fabric Interior.Some of the Camaro more desirable features include Power Windows, Voice Command...   Read More
Exterior: 
Silver
Interior: 
Charcoal Black Leather
Mileage:
35,584
Engine:
6cyl, 3.5L, 288.0hp
Model #: 
P2J
VIN:
1FAHP2J81KG116046
Stock #:
116046
Internet Price:  
$24,900
Looking for the Best Buy Here Pay Here Solution in Elkhart ? Then Stock# 116046 a 2019 Ford Taurus Limited AWD is ready to go with only 35,584 Miles, along with a Ingot Silver Metallic Exterior and a Charcoal Black Leather Interior.Some of the Taurus more desirable features include Accident...   Read More
Exterior: 
Green
Interior: 
Jet Black 
Mileage:
80,431
Engine:
4cyl, 1.4L, 138.0hp
Model #: 
1PX69
VIN:
1G1PC5SB4F7119941
Stock #:
119941
Internet Price:  
$9,995
In Need of Dealer Direct Financing in Elkhart ? Then Stock# 119941 a 2015 Chevrolet Cruze 4dr Sdn Auto 1LT FWD is ready to go with only 80,431 Miles, along with a Rainforest Green Metallic Exterior and a Jet Black Fabric Interior.Some of the Cruze more desirable features include Voice Command...   Read More
Exterior: 
Silver
Interior: 
Mayan Gray/Umber 
Mileage:
39,766
Engine:
6cyl, 3.5L, 280.0hp
Model #: 
K4J
VIN:
2FMPK4J84JBB14759
Stock #:
B14759
Internet Price:  
$24,900
In Need of Dealer Direct Financing in Elkhart ? Then Stock# B14759 a 2018 Ford Edge SEL AWD is ready to go with only 39,766 Miles, along with a Ingot Silver Metallic Exterior and a Mayan Gray/umber Fabric Interior.Some of the Edge more desirable features include Dual Power Seats, Heated Mirrors,...   Read More
Exterior: 
Gray
Interior: 
Dark Atmosphere/ Medium Ash Gr 
Mileage:
27,077
Engine:
4cyl, 1.5L, 160.0hp
Model #: 
1ZC69
VIN:
1G1ZB5STXKF130298
Stock #:
130298
Internet Price:  
$18,900
USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# 130298 a 2019 Chevrolet Malibu 4dr Sdn LS w/1LS FWD is ready to go with only 27,077 Miles along with a Shadow Gray Metallic Exterior and a Dark Atmosphere/ Medium Ash Gr Fabric Interior.Some of the...   Read More
Exterior: 
White
Interior: 
Stone 
Mileage:
84,135
Engine:
8cyl, 5.4L, 310.0hp
Model #: 
U1J
VIN:
1FMJU1J51DEF64382
Stock #:
F64382
Internet Price:  
$17,900
In Need of Dealer Direct Financing in Elkhart ? Then Stock# F64382 a 2013 Ford Expedition XLT is ready to go with only 84,135 Miles, along with a Oxford White Exterior and a Stone Fabric Interior.Some of the Expedition more desirable features include Fog Lights, Adjustable Pedals, Third Row Seat,...   Read More
Exterior: 
Red
Interior: 
Black 
Mileage:
46,021
Engine:
4cyl, 2.4L, 180.0hp
Model #: 
MPJM74
VIN:
3C4NJDBB7KT597517
Stock #:
597517
Internet Price:  
$24,900
Exterior: 
Red
Interior: 
Ebony Leather
Mileage:
35,172
Engine:
4cyl, 2.0L, 240.0hp
Model #: 
J3D
VIN:
5LMCJ3D93HUL54600
Stock #:
L54600
Internet Price:  
$24,900
USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# L54600 a 2017 Lincoln MKC Reserve AWD is ready to go with only 35,172 Miles along with a Burgundy Velvet Metallic Tinted Clearcoat Exterior and a Ebony Leather Interior.Some of the MKC more desirable...   Read More
Exterior: 
Black
Interior: 
Dark Slate Gray Leather
Mileage:
62,724
Engine:
4cyl, 2.4L, 172.0hp
Model #: 
MKJM74
VIN:
1C4NJRFB6FD217506
Stock #:
217506
Internet Price:  
$12,900
USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# 217506 a 2015 Jeep Patriot 4WD 4dr High Altitude Edition is ready to go with only 62,724 Miles along with a Black Clearcoat Exterior and a Dark Slate Gray Leather Interior.Some of the Patriot more...   Read More
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