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Auto Loans in Stratford (CT)

Your FICO score is a key factor when getting approved for financing, and a lot fewer applicants have been securing loans since the economic crisis. We enable you to find a lender who finances cars and trucks at competitive rates, even for people who’ve got imperfect credit. We have spent years developing an unparalleled network of dealers and finance companies who are helping people rebuild their credit by paying off a car. A vehicle finance manager will be there to walk you through the purchasing process, helping you secure the lowest rate available. Go here to contact a local finance specialist.

Auto Loans Stratford CT

Bad Credit Car Dealerships in Stratford, CT

You should stay away from buy here pay here car lots, choosing instead to deal with big franchise dealerships that arrange loans through banks, credit unions, and finance companies–all of which are better regulated by state and federal agencies. With any subprime loan, there are certain things to be expected:

  • Rates of interest that are higher.
  • Down payments that are more substantial.
  • Loan repayment terms that are shorter.

With that being said, the experience is far preferable to that of a buy here pay here car lot, and your vehicle will almost certainly cost you less in both upfront costs and interest. Here at Motive Auto Finance, we work with many such dealerships, and you can find one willing to work with your credit by submitting your application.

The Best Auto Loan Rates for Stratford Borrowers

Having a lesser interest rate will pay big dividends.

If you want to see how extremely important your rate of interest is, take a look at these figures.

Good Credit Fair Credit Poor Credit
Size of Loan $39,204 $39,204 $39,204
APR 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $713 $776 $852
Interest Paid $3,587 $7,373 $11,939

A higher credit score will lead to lower interest rates. At, you can check your report once per year, without spending a dime, and challenge any errors you find, potentially increasing your credit score. Also, taking care of any existing debt can scale down your debt-to-income ratio (DTI), thereby reducing your rate of interest. Opting for a shorter-term loan will also keep your rate lower, and it will also help reduce negative equity. Loan size, as a percentage of the vehicle’s value, is another factor. A bigger down payment makes for a healthier loan-to-value ratio, effective in reducing your rate of interest.

Buy Here Pay Here Dealers in Stratford, CT

Buy Here Pay Here Car Dealerships in Stratford CT
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Car dealers in Stratford that offer in house financing are distinct from regular dealerships in several crucial ways. They…

  1. Approve car loans on location.
  2. Do not check your credit.
  3. Ask for weekly or biweekly payments, often in person.

If you have terrible credit, Stratford in house financing car lots tend to be the only real option, even though Connecticut subprime car loans from credit unions and banks typically involve lower rates.

Credit Repair for Stratford Borrowers

If your credit isn’t the best, you may be concerned that financing a car will only decrease your score yet further. However, there’s no need to worry, as, financing a car just might help you restore your credit. Credit improvements are by no means immediate, but after a year of on time payments, your FICO score should begin to go up. The positive effects are progress, gathering momentum over time. You don’t want to overlook the benefits of an increased FICO score. It can help you save tens of thousands of dollars down the road, and all you need to do is pay your lender each and every month.

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