Nationwide, credit requirements for auto loans have grown more and more challenging. Portland, OR, is not any different. Loan providers and dealerships that offer car loans in Portland have put in place more stringent acceptance criteria these days. This is particularly a concern whenever you have special circumstances such as a history of foreclosure, late payments, bankruptcy, or poor credit. But at Car Loans Portland, we have partnerships with numerous dealers who are able to offer auto loans in Portland and across the state. The application process is straightforward, and often, there is zero down payment required.
The two main elements in any car loan are income and credit score. Usually these are distinctive for each particular person. But Portland residents have an average credit score of 686 and income of $23,624 per annum. Keep in mind, these are only average numbers. You don’t need to make in excess of $1500 a month to be eligible for an auto loan in Portland, Oregon – that’s the minimum.
For the highest likelihood of acceptance, you have to have:
- Salary Over $18,000 Per Year
- At Least One Year At Present Job
- Monthly Debt No More Than Half of Income
Even if your income or credit doesn’t fulfill the aforementioned prerequisites, you may be able to meet the criteria in one of the following ways:
- Get Someone to Co-sign
- Provide More Money Down
- Go with Buy Here Pay Here Car Loans.
Putting money down might not be necessary, but it’s recommended. Of course, almost all Portland car loan companies require that you do so. You can expect companies will be pleased with a down payment of 15 to 20%. The other thing to consider is your installment payments. Never commit more than 18-20% of how much you make for your car, and only 8-11% to your monthly payment. Here are a few numbers for the average Portland resident.
- $1,969: Income (Per Month)
- $354 to $394: Monthly Vehicle Costs
- $157 to $217: Monthly Payment
Don’t Live in Portland?
If you live in another part of Oregon, but you’d still like to apply for financing through our service, you can utilize our Oregon site. We provide all of the same advantages, but you’ll be matched to a dealer or lender in your part of the state.