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Auto Loans in Clearwater (FL)

When it comes to getting an auto loan in Clearwater, we offer unmatched convenience and support. We serve buyers in Clearwater on a regular basis, helping them line up their auto loans from home. It really is difficult to imagine a more convenient way to obtain the financing you need.

Bad Credit Car Dealerships in Clearwater, FL

You shouldn’t let credit keep you from buying your new car. We work with dealers in Clearwater that won’t deny you an auto loan, just because your credit isn’t fantastic. Since this is a high-risk loan, there are certain things to be expected more expensive interest rates, bigger down payments, and tighter repayment conditions. On the plus side, the rates and terms are a lot better than you would be offered at one of Clearwater’s buy here pay here car lots. Here at Motive Auto Finance, we work with many such dealerships, and you can get pre-approved by applying online.

Choosing a Vehicle: New vs Used

Decided whether you’re in the market for a new or pre-owned vehicle? It’s an important decision. A new car drops 20% in value during the first year of ownership, and 50% after 36 months, meaning you can often get more for your money when you buy pre-owned.

New Car Used Car
Years Old 0 1
Price $23,680 $17,760
Down Payment $4,736 $1,776
Loan Rate 5.00% 7.50%
Years 5 4
Payment Per Month $357.50 $386.48
Interest $2,506 $2,567
Amount Paid $26,186 $20,327

Clearwater Buy Here Pay Here Dealerships

For those who have severe credit problems stemming from bankruptcy or foreclosure, buy here pay here financing might possibly sound like a smart move. Most dealer finance is sourced elsewhere, as car dealers work with various lenders to finance the loans. On the other hand, buy here pay here dealers are the actual source of the loans. Typically, used vehicles are the only thing on the lot, and these aren’t no down payment cars. In most cases, the down payment is almost the same as what you would pay for the vehicle from an individual seller, and rates above 20% APR aren’t out of the ordinary. There’s more: these dealerships almost never report back to the credit reporting agencies, so you could make every single payment when they’re due without any lift in your FICO score.

How Much You Should Spend on a Car

You should choose a vehicle that is affordable in light of your credit and income. If you can help it, don’t spend greater than 8% of your income each month on your car payment. For instance, consumers in Clearwater make, on average, about $2,368 each month, and 8% of this is $189.

Good Credit Fair Credit Bad Credit
Income Per Month $2,368 $2,368 $2,368
Monthly Payment $189 $189 $189
Rate 3.50% 7.00% 11.00%
Money Down $2,603 $2,392 $2,178
Total Interest $953 $1,799 $2,653
Total Paid $13,970 $13,758 $13,545
Vehicle Price $13,017 $11,959 $10,891

Used Cars in Clearwater for Sale

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