Here at Motive Auto Finance, we’re proud to help people in Pico Rivera get the car loans they need, even with difficulties such as poor credit, lack of credit, and no money to put down. Our network of lending experts is unequalled, and we have finance professionals ready and willing to fund your loan. You’ll be walked one step at a time through the process by a financing specialist in your city.
Bad Credit Car Dealerships in Pico Rivera, California
Have you given thought to where you could buy your new car or truck? If you have below-average credit, you’ll probably have to get your car from a dealership, instead of a private seller, simply because lenders seldom approve these types of loans for people who have sub-prime credit. Thank goodness there are dealerships that finance adverse credit. Since this is a high-risk loan, there are certain things to be expected more expensive rates of interest, bigger down payments, and shorter repayment periods. On the plus side, the rates and terms are a lot better than you would be given at one of Pico Rivera’s buy here pay here lots. We have many such dealerships in our network, and you can find one willing to get you behind the wheel by submitting your application.
Is it Best to Purchase a Brand New Vehicle?
Have you considered whether you’re going to buy a new or pre-owned vehicle? It’s something to think about. Since new cars drop in value so quickly, you might want to consider a pre-owned vehicle.
|New Car||Used Car 1||Used Car 2||Used Car 3|
|Age||New||1 year old||2 years old||3 years old|
|Length||60 months||48 months||48 months||48 months|
Tote The Note Dealerships in Pico Rivera, CA
Known as buy here pay here, tote the note, or your job is your credit car lots, these dealerships typically have a few principal features:
- They furnish auto loans without 3rd party approval.
- They don’t pull your credit.
- They want you to make payments 2-4 times per month, often in person.
A lot of folks with really bad credit feel that an in house financing car lot is the only place that will finance them. But bear in mind, the cost of your car or truck will be higher due to exorbitant rates of interest. And if that weren’t enough, it’s less likely that your credit score will improve since these car lots rarely report to the credit bureaus.
Rules of Thumb for Financing
When financing a car, a maximum 10% of what you earn monthly should be spent on your loan payment. On top of this, it’s best not to get a loan for more than 60 months. If you follow these suggestions, you will find yourself purchasing a vehicle which costs roughly half of your yearly income. Here in Pico Rivera, where the average income is $23,572 per annum, the average consumer would purchase a car that costs $11,784. New cars lose value instantly and continually, meaning it’s best to fork out the least amount possible to get a car that fits your family’s needs.