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Auto Loans in Arlington Heights (IL)

Auto financing with a bad credit rating used to be a serious headache. Then we came into the market. We think that everybody should get to finance a car, in spite of their FICO scores. To get started, simply submit your application online, and we will place you with a lender or car dealership specialist who’ll work hard to find you the best auto loan.

Arlington Heights Car Dealerships for Bad Credit

Car dealers that have departments dedicated to sub-prime financing are typically known as bad credit car dealers. Any time you have poor credit, expect elevated rates of interest and higher down payments, as well as smaller loans. On the plus side, it’s much better than being rejected by the big banks, and if you make your payments on time and in full, you can increase your credit score in the process of paying off your vehicle. We work with many of these dealerships, and they want to get you the car you need. Go here to apply online.

Should You Finance a Used Vehicle?

We’ve seen that a good number of consumers in Arlington Heights aren’t aware that both used and new cars can be financed. You’re able to finance new cars for 60 months or more, and at lower interest rates, but you spend a good deal more overall.

New Car Pre-owned Car
Age New 3 Years Old
Price $35,660 $17,830
Down Payment $7,132 $1,783
APR 5.00% 7.50%
Length 60 months 48 months
Payment $538.36 $388.00
Total Interest $3,774 $2,577
Total Outlay $39,434 $20,407

Buy Here Pay Here Car Lots in Arlington Heights, IL

Car dealers in Arlington Heights that offer in-house financing differ from regular dealerships in several key ways. They…

  1. Finance car loans direct to the consumer.
  2. Don’t check your credit.
  3. Ask for weekly or biweekly payments, often at the lot.

Many men and women with very bad credit assume that an in house financing car lot is the only real place that will take their credit, despite the fact that the cost of your vehicle will be inflated as a result of outrageous rates of interest, plus chances are your credit rating won’t improve since these car lots don’t report to Equifax, Experian, and Transunion.

Budgeting Guidelines for Arlington Heights Car-Shoppers

When considering your monthly car payment, it shouldn’t be more than 10% of what you make each month. Furthermore, plan to repay your loan in no longer than 60 months. With this payment and repayment period, you will be buying a vehicle costing roughly half of your yearly income. If you have an income of $42,796 annually, the average for residents of Arlington Heights, you would buy a car that costs $21,396. Most times, the less you’re able to invest while still getting a reliable car, the better.

Used Cars for Sale in Arlington Heights, IL

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