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Auto Loans in Belleville (IL)

Delinquent payments and past due bills can really hurt your credit score. We have a huge selection of dealers and loan companies in our network who offer auto loans with bad credit in Belleville. In less than a minute, we can put you in touch with an auto lending company who wants to approve your loan, in spite of your credit.

Belleville Car Dealers for Bad Credit

Have you given thought to where you could buy your next car? If you have credit problems, private party car loans are generally out of the question. Instead you’ll need to purchase from a local Belleville dealership. Thank heavens there are dealerships that specialize in less-than-perfect credit. As with any bad credit loan, you can expect steeper interest rates and bigger down payments, together with smaller loans. With that being said, they will get you financed through banks and finance companies that report back to the credit agencies, giving you the ability to rebuild your credit. At Motive Auto Finance, we work with many such dealerships, and you can get pre-approved by applying online.

Picking a Vehicle: New vs Pre-owned

New car? Used car? Both have benefits. New cars and trucks have more affordable rates of interest. Having said that, they are priced considerably higher than their late-model brethren, and you’ll be charged a more substantial down payment.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price $31,980 $23,985 $19,188 $15,990
Down Payment $6,396 $2,399 $1,919 $1,599
APR 5.00% 7.50% 7.50% 7.50%
Term 60 months 48 months 48 months 48 months
Payment $482.80 $521.94 $417.55 $347.96
Interest Paid $3,384 $3,467 $2,773 $2,311
Amount Paid $35,364 $27,452 $21,961 $18,301

Belleville Buy Here Pay Here Dealerships

The buy here pay here industry continues to grow, mainly because so many people’s credit scores suffered on account of the economic crisis. Dealers like these will approve pretty much anyone, regardless of their credit, but there are drawbacks. You will see that preowned autos are the only ones available, and these Belleville dealers may require you to make payments weekly, in cash. Repossession frequently occurs, and the rates of interest are just plain exorbitant. And if that weren’t enough, these dealers very rarely report to the credit bureaus, and that means you could make every single payment as agreed without making improvements to your FICO score.

Securing the Ideally-Sized Loan

Dealerships in Belleville are brimming with cars and trucks that you are capable of purchasing, but which are really too expensive. Have a look at these estimates, which indicate how much the Belleville consumer ought to spend based on a monthly income of $3,198, a car payment equal to 8% of this income, and a term of 60 months.

Great Credit Fair Credit Poor Credit
Income Per Month $3,198 $3,198 $3,198
Monthly Payment $256 $256 $256
Loan Rate 3.50% 7.00% 11.00%
Down Payment $3,516 $3,230 $2,942
Total Interest $1,287 $2,430 $3,584
Total Paid $18,866 $18,581 $18,292
Sticker Price $17,579 $16,151 $14,709

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