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Auto Loans in Chicago Heights (IL)

Hoping to buy a new or used car? If you are like the vast majority of Chicago Heights car shoppers, chances are you are going to need an auto loan. We enable you to apply for financing through our extensive network of dealers and lenders. It is tough to find a better way to obtain your auto loan.

Bad Credit Car Dealers in Chicago Heights, Illinois

Have you considered where you could buy your next car? If you have less-than-perfect credit, you typically need to get your car from a dealership, as opposed to an individual seller, since lenders hardly ever fund private party auto loans for people with credit that isn’t perfect. Good thing there are dealerships that cater to below-average credit. In any subprime financing arrangement, you can expect:

  • Interest rates that are more expensive.
  • Down payments that are bigger.
  • Loans that are modestly-sized.

On the plus side, the experience is far better than that of a buy here pay here dealer, and your vehicle will almost certainly cost you less in the end. Here at Motive Auto Finance, we work with many such dealerships, and you can get matched with one by applying online.

Best to Finance a Used Vehicle?

Most consumers can qualify to finance either a new or used car. You can finance new cars at more affordable interest rates, but you spend a lot more in terms of purchase price and down payment.

New Car Pre-owned Car
Years Old 0 1
Price $16,930 $12,698
Down Payment $3,386 $1,270
APR 5.00% 7.50%
Length 60 months 48 months
Payment Per Month $255.59 $276.31
Total Interest $1,792 $1,835
Amount Paid $18,722 $14,533

In House Financing Car Dealers in Chicago Heights, IL

Generally known as in house financing, your job is your credit, or we tote the note car dealerships, these establishments typically have a few key features:

  • These dealers grant car loans on location.
  • They rarely check your credit.
  • They require weekly or biweekly payments, often at the lot.

Often men and women with really horrible credit think that an in house financing car lot is the only establishment that will be willing to finance them, even though the cost of your vehicle will be inflated due to ridiculous loan rates. As if that weren’t enough, it’s likely that your FICO score will not go up as you pay off the loan. That is because these dealers have no relationship with Equifax, Experian, and Transunion.

What Car Should You Buy?

Be sure not to purchase a car that stretches your finances. The following table demonstrates how much car the average Chicago Heights consumer can afford based on a monthly income of $1,693, a payment of $135, and a finance term of 60 months.

Good Credit Fair Credit Bad Credit
Income Per Month $1,693 $1,693 $1,693
Payment Amount $135 $135 $135
APR 3.50% 7.00% 11.00%
Term 60 Months 60 Months 60 Months
Down Payment $1,861 $1,710 $1,557
Interest Paid $681 $1,286 $1,897
Total Paid $9,988 $9,836 $9,684
Purchase Price $9,306 $8,550 $7,787

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