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Auto Loans in Punta Gorda (FL)

In the old days, you had to banks and lenders all over town, applying for loans to check rates. Here at Motive Auto Finance, we have made it much easier to secure the auto loan you need. We’ve spent years cultivating relationships with dealers and lenders across the country, and we have lenders and dealers approve you for the financing you need. Enjoy the convenience of working with a committed lending expert to help answer any questions you have and line up your loan.

Punta Gorda Dealerships That Finance Bad Credit

Have you thought about where you could buy your next car or truck? If you’ve got bad credit, private party car loans are normally not an option. Odds are you’ll have to make your purchase at a local Punta Gorda dealer. Luckily, there are dealers that work with below-average credit. Compared with a BHPH car lot, such dealers are able to offer:

  • Lower APR rates and down payments.
  • Tighter governmental oversight.
  • Ability to increase your credit score.

Your credit and income dictates how much car you can afford. Ordinarily, if you’ve got less-than-perfect credit, you can get approved for 6 to 8 times your monthly income. For the Punta Gorda resident making $2,682 each month, this is $16,092 to $21,456. At the same time, no more than 10% of your income ($268, in this case) should be earmarked for your car payment, which will undoubtedly make for a less significant loan.

Submit your application to have a finance professional confirm how much you can borrow.

Is it Best to Buy a Used Vehicle?

New or used? It pays to do your homework. You can finance a new car at a more affordable rate, but you spend a lot more overall.

New Car Used Car
Age New 3 Years Old
Price $26,820 $13,410
Down Payment $5,364 $1,341
APR 5.00% 7.50%
Length 60 months 48 months
Monthly Payment $404.90 $291.82
Finance Charge $2,838 $1,938
Total Spend $29,658 $15,348

Buy Here Pay Here Dealerships in Punta Gorda, Florida

Buy here pay here dealers hopes you think that you can’t get approved anywhere else, yet this is seldom the way it is. Dealers like these will approve nearly anyone, no matter their credit, but you will find drawbacks. Drawbacks include:

  • Ridiculous Finance Fees
  • Extortionate Down Payments
  • Steeply-Priced Cars and Trucks
  • Ignition Interlocks

If bettering your credit score is important to you, and why wouldn’t it be, you are better off applying through us, seeing as BHPH dealerships won’t help you in restoring your credit.

Rules of Thumb for Financing

When financing a car, not more than 10% of the income you make on a monthly basis should be spent on your monthly payment. Moreover, opt for a 5-year repayment at the maximum. With a 10% payment and 5-year term, you will be getting a car that costs roughly 50% of your annual income. If you earn $32,182 annually, the average in Punta Gorda, this would equate to a $16,092 car or truck. Cars don’t make good investments, given how fast they lose value, which means it’s best to spend the least amount possible to buy a car that won’t have you in need of a tow truck.

Cars for Sale in Punta Gorda

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