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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: 
Other
Interior: 
Black 
Mileage:
34,813
Engine:
8cyl, 5.7L, 372.0hp
Model #: 
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2C3CDZBT1JH149726
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USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# 149726 a 2018 Dodge Challenger T/A is ready to go with only 34,813 Miles along with a Other Exterior and a Black Fabric Interior.Some of the Challenger more desirable features include Push Button Start,...   Read More
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Interior: 
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18,027
Engine:
6cyl, 3.5L, 284.0hp
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25210
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582988
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$27,900
Exterior: 
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Mileage:
47,122
Engine:
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50,169
Engine:
4cyl, 2.5L, 170.0hp
Model #: 
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JN8AT2MV4JW349890
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349890
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Exterior: 
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Interior: 
Black  Leather
Mileage:
27,450
Engine:
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Model #: 
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1GNEVHKW2LJ248067
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$29,900
Exterior: 
White
Interior: 
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Mileage:
37,714
Engine:
4cyl, 2.4L, 180.0hp
Model #: 
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$19,900
Exterior: 
Blue
Interior: 
Gray 
Mileage:
40,796
Engine:
8cyl, 5.7L, 395.0hp
Cab Type: 
Crew Cab Pickup
Model #: 
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VIN:
1C6RR7TT6JS108437
Stock #:
108437
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$29,900
Exterior: 
Black
Interior: 
Jet Black 
Mileage:
40,488
Engine:
6cyl, 3.6L, 310.0hp
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1GNEVFKW7LJ185598
Stock #:
185598
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$26,900
Exterior: 
Black
Interior: 
Black Leather
Mileage:
18,441
Engine:
4cyl, 2.0L, 255.0hp
Model #: 
H5312
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Stock #:
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$26,900
Exterior: 
Blue
Interior: 
Black/Tungsten 
Mileage:
53,139
Engine:
6cyl, 3.6L, 305.0hp
Model #: 
LADH22
VIN:
2C3CDZAG0FH895659
Stock #:
895659
Internet Price:  
$19,900
Exterior: 
Black
Interior: 
Ebony Black 
Mileage:
33,447
Engine:
6cyl, 3.5L, 290.0hp
Model #: 
K8D
VIN:
1FM5K8D83JGC55874
Stock #:
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Internet Price:  
$28,900
Exterior: 
Gray
Interior: 
Black 
Mileage:
23,912
Engine:
6cyl, 3.6L, 283.0hp
Model #: 
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VIN:
2C4RDGBG2KR789355
Stock #:
789355
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$18,900
Exterior: 
Silver
Interior: 
Diesel Gray/Black 
Mileage:
20,171
Engine:
8cyl, 5.7L, 395.0hp
Cab Type: 
Crew Cab Pickup
Model #: 
DS6L41
VIN:
1C6RR7FT9JS328716
Stock #:
328716
Internet Price:  
$29,900
Looking for the Best Buy Here Pay Here Solution in Elkhart ? Then Stock# 328716 a 2018 Ram 1500 Express is ready to go with only 20,171 Miles, along with a Silver Exterior and a Diesel Gray/black Fabric Interior.Some of the 1500 more desirable features include Alloy Wheels, Power Windows, Heated...   Read More
Exterior: 
Silver
Interior: 
Charcoal 
Mileage:
22,924
Engine:
4cyl, 1.8L, 124.0hp
Model #: 
12619
VIN:
3N1AB7AP9KY402274
Stock #:
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Internet Price:  
$17,900
USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# 402274 a 2019 Nissan Sentra SV is ready to go with only 22,924 Miles along with a Silver Exterior and a Charcoal Fabric Interior.Some of the Sentra more desirable features include Keyless Entry,...   Read More
Exterior: 
White
Interior: 
Jet Black 
Mileage:
73,485
Engine:
4cyl, 2.4L, 182.0hp
Model #: 
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VIN:
2GKFLSEK0G6294660
Stock #:
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Internet Price:  
$16,900
Exterior: 
Blue
Interior: 
Ebony Black 
Mileage:
42,273
Engine:
4cyl, 2.3L, 280.0hp
Model #: 
K8D
VIN:
1FM5K8DH7JGB16296
Stock #:
b16296
Internet Price:  
$29,900
Exterior: 
Black
Interior: 
Cocoa/Dune 
Mileage:
44,484
Engine:
8cyl, 5.3L, 355.0hp
Cab Type: 
Extended Cab Pickup
Model #: 
CK15753
VIN:
1GCVKREC9JZ243018
Stock #:
243018
Internet Price:  
$32,900
Exterior: 
Black
Interior: 
Jet Black Leather
Mileage:
37,150
Engine:
6cyl, 3.6L, 305.0hp
Model #: 
1GZ69
VIN:
2G1125S36J9143912
Stock #:
143912
Internet Price:  
$22,900
Exterior: 
Gray
Interior: 
Black 
Mileage:
42,161
Engine:
6cyl, 3.6L, 283.0hp
Model #: 
JCEE49
VIN:
3C4PDDBG9KT681737
Stock #:
681737
Internet Price:  
$19,900
Exterior: 
Gray
Interior: 
Beige 
Mileage:
33,215
Engine:
4cyl, 2.0L, 147.0hp
Model #: 
48412F45
VIN:
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Stock #:
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Internet Price:  
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USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# 523999 a 2018 Hyundai Elantra SE is ready to go with only 33,215 Miles along with a Galactic Gray Metallic Exterior and a Beige Fabric Interior.Some of the Elantra more desirable features include...   Read More
Exterior: 
Purple
Interior: 
Black 
Mileage:
47,659
Engine:
4cyl, 2.4L, 185.0hp
Model #: 
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VIN:
5XXGT4L32LG409686
Stock #:
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Internet Price:  
$17,900
In Need of Dealer Direct Financing in Elkhart ? Then Stock# 409686 a 2020 Kia Optima LX is ready to go with only 47,659 Miles, along with a Sangria Exterior and a Black Fabric Interior.Some of the Optima more desirable features include Lane Departure Warning, Cross Traffic Alerts, Alloy Wheels,...   Read More
Exterior: 
Black
Interior: 
Lt Frost Beige/Black 
Mileage:
90,538
Engine:
4cyl, 2.4L, 173.0hp
Model #: 
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USA-1 Auto Sales Elkhart Is a Premiere Buy Here Pay Here Dealership! Let's take a look at Stock# 235190 a 2014 Dodge Avenger SXT is ready to go with only 90,538 Miles along with a Black Clearcoat Exterior and a Lt Frost Beige/black Fabric Interior.Some of the Avenger more desirable features include...   Read More
Exterior: 
Silver
Interior: 
Dark Ash with Jet Black Interi 
Mileage:
49,885
Engine:
6cyl, 4.3L, 285.0hp
Cab Type: 
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Model #: 
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In Need of Dealer Direct Financing in Elkhart ? Then Stock# 138910 a 2018 Chevrolet Silverado 1500 LT is ready to go with only 49,885 Miles, along with a Silver Ice Metallic Exterior and a Dark Ash With Jet Black Interi Fabric Interior.Some of the Silverado 1500 more desirable features include...   Read More
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Interior: 
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Mileage:
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Engine:
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Exterior: 
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Interior: 
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Mileage:
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Engine:
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