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Auto Loans in Novato (CA)

A bad credit score is a problem for 1 in 4 California consumers. We feel that auto loans should not be such a challenge for Novato residents with bad credit.

All you have to do is submit your application online. We will place your application with an auto dealership or loan company willing to pre-approve you for a loan.

Bad Credit Car Dealerships in Novato, California

If you’re looking for a dealership that funds loans for people who’ve got low credit scores, welcome to Motive Auto Finance: we’re here to help. In any subprime financing arrangement, you can expect:

  • Interest rates that are more costly.
  • Down payments that are larger.
  • Loans that are modestly-sized.

On the plus side, it’s much better than being unable to finance a car, and these dealers can help you restore your credit and secure more affordable rates of interest in the years to come. At Motive Auto Finance, we work with many such dealerships, and you can get matched with one by applying online.

Your Choice of Vehicle: New versus Used

New or pre-owned? Both have their own strengths. Given that new cars lose value so fast, used vehicles are often a better deal.

New Car Pre-owned Car
Years Old 0 1
Price $32,790 $24,593
Down Payment $6,558 $2,459
Loan Rate 5.00% 7.50%
Term 5 years 4 years
Payment $495.03 $535.16
Finance Charge $3,470 $3,554
Total Paid $36,260 $28,147

Novato Buy Here Pay Here Dealerships

Buy here pay here dealers wants you to assume that they’re the only ones that will finance you, yet this is seldom the way it is. As a rule, dealer finance is outsourced, in that dealerships go through banks and lenders with whom they have relationships to finance the loans, but buy here pay here dealers don’t. They serve as both lender and dealer Hence the phrase buy here pay here. The fact is, you should be prepared for exorbitant interest rates, huge down payments, and cars and trucks that cost too much given the kind of shape they’re in. If that weren’t enough of an issue, these dealers seldom work with the credit bureaus, and that means you could make all of your payments punctually without any lift in your credit score.

Can This Raise Your Credit Score?

There are a trio of major credit reporting agencies: Experian, Equifax, and Transunion. In all probability, your auto lender will report your payments to these reporting agencies, giving you the chance you need to rebuild your credit. The key is that you make your payments when they’re due, every time. Payments made late, by contrast, can lower your credit score, and quick! In order to ensure you don’t miss any of your payments, consider an automatic calendar reminder or pre-arranged deduction from your bank account.

New and Used Cars from Novato Dealers

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