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Auto Loans in Aurora (IL)

Banks and dealers will perform a credit check when deciding if they should lend to you, and a poor score could result in issues like:

  • Failure to get approved.
  • High interest rate.

We allow you to find a lending company who doesn’t deny everyone with below-average credit. Sad to say, this isn’t uncommon among many lenders. We have established an extensive network of lenders and dealers who are dedicated to financing your car, regardless of whether your credit record leaves much to be desired. A vehicle finance manager will be right there to guide you, leading you step to step through the car-financing process. Go here to apply for your loan.

Bad Credit Car Dealerships in Aurora, IL

If you have below-average credit, many banks aren’t going to work with you. Thank goodness, there are dealers that finance consumers from the lower credit tiers. Whenever you have poor credit, expect more expensive rates of interest, more substantial down payments, and shorter lending terms. But keep in mind, remember you’ll be getting not only a car, but also the chance to raise your credit score. Here at Motive Auto Finance, we work with many such dealerships, and you can get pre-approved by applying online.

Is it Best to Purchase a Pre-owned Vehicle?

The majority of buyers are able to finance a new or used vehicle. Given that new cars depreciate so rapidly, you may be happier with a used vehicle.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price tag $13,950 $10,463 $8,370 $6,975
Down Payment $2,790 $1,046 $837 $698
Loan Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Monthly Payment $210.60 $227.67 $182.14 $151.78
Interest $1,476 $1,512 $1,210 $1,008
Total Paid $15,426 $11,975 $9,580 $7,983

Buy Here Pay Here Dealers in Aurora, IL

Buy here pay here dealers would like you to think that they are your only option, but this typically isn’t the way it is. Normally, dealer finance is indirect, as car dealers go through a network of lenders to finance the loans, but buy here pay here dealers are the actual source of the loans. Alas, you can expect excessive interest rates, large down payments, and vehicles that are too expensive for their mileage and condition. There’s a good reason why these car dealers don’t have a very good track record. We can match you with dealer finance specialist who can get you financed, even if your credit is really bad.

Will This Help Your Credit?

If your credit isn’t the best, you may be worried that a car loan will only decrease your score yet further. In fact, financing a car just might help you re-establish your credit. Applying for and repaying an installment loan, on time and as contracted, exhibits that you are a good person to invest in, resulting in lower interest rates and more beneficial terms when you need them.

Conversely, you can further damage your credit if you fall behind on your payments. Some banks and lenders enable you to set up a scheduled monthly payment, so the payment is subtracted right from your bank account.

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