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Auto Loans in Largo (FL)

Here at Motive Auto Finance, we understand the challenges that come with financing a car, particularly if your credit isn’t the best. It’s best to work with a dealer or lender who is sensitive to your credit and income. We’re very pleased to represent a vast network of dealers and lenders who are supplying auto loans to applicants with all sorts of credit histories. All you need to do is apply online. You will be paired with a finance expert to guide you straight into your new car.

Largo Car Dealerships for Bad Credit

Dealerships dedicated to assisting car-shoppers with credit problems are frequently known as bad credit car dealers. By and large, these types of dealers offer:

  • Interest rates that aren’t astronomical.
  • Down payments that are affordable.
  • Vehicles that have fewer maintenance issues.

You may not be eligible to finance the higher-priced cars on the lot. Here is an example based on the average per-capita income in Largo, $2,633 per month:

Credit Income Factor Loan Amount
Great Credit 10 $26,330
Decent Credit 9 $23,697
Slow Credit 8 $21,064
Poor Credit 7 $18,431
Terrible Credit 6 $15,798

These amounts are not guaranteed. You might not have the ability to finance this much, depending on factors like your other loan balances, housing payment, and type of income.

Apply online to speak with an auto finance professional about how much you can borrow.

Lowering Your Largo APR Rates

Financing your new car or truck at the most affordable interest rate possible is very important.

Have a look at this chart that shows the impact of different rates.

Good Credit Decent Credit Sub-prime Credit
Loan $23,697 $23,697 $23,697
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $431 $469 $515
Total Interest $2,168 $4,457 $7,217

So as to reduce your interest, be sure you inspect your credit report for any mistakes. If you find an inaccuracy, be sure you send a letter to the credit bureau reporting the error. This is a quick and simple way to raise your credit score. Also, make sure to pay down as much debt as possible, as lenders prefer credit-seekers with low debt-to-income ratios. You can finance a car at a lower rate for 36-48 months than for 60 months or more, and shorter loans have less risk of negative equity. Last but not least, don’t forget that a solid down payment will lower your loan-to-value ratio (LTV)–a further rate-reducing factor.

Buy Here Pay Here Dealerships in Largo, Florida

The BHPH industry has expanded in the past few years, largely due to the fact that so many consumers’ credit scores suffered on account of the economy. They may not pull your credit, so your credit problems probably won’t be an obstacle, but you end up paying more than you’d like for this. You’ll find that used autos are the only thing offered, and you may be required to have a GPS unit placed in your vehicle. Rates of repossession are high, much like the interest rates. There’s a good reason that these dealerships don’t have an outstanding track record. We can put you in touch with a reputable dealer who can get you financed, even if your credit is awful.

Will Financing Restore Your Credit?

If you need one more reason to finance a car, here you go: not only does a car loan help you afford the car you’d like, it can transform your credit rating. A car loan:

  • Offers you the opportunity to build up your payment history (35% of your score).
  • Adds to the array of credit types you’ve utilized (10% of your score).

Alternatively, you can hurt your credit worse if you fall behind on your payments. Lots of lenders and dealers enable you to establish an automated monthly payment, so the funds are subtracted straight from your bank.

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