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Auto Loans in East Saint Louis (IL)

Has a car dealership in East Saint Louis turned you down due to poor credit? Good credit may provide you with more options, but we can help you find the East Saint Louis car loan that suits your income and credit. When you apply, we can find you a lending consultant in East Saint Louis who’ll make every effort to find you the loan you need.

East Saint Louis Dealerships That Work with Bad Credit

If you have unfavorable credit ratings, the majority of banks aren’t going to offer you a loan. Thank goodness, there are dealerships that lend to credit-challenged shoppers. Whenever you have poor credit, you can expect:

  • More expensive rates of interest.
  • Substantial down payment requirements.
  • Less expensive assets (cars).

On the other hand, the rates and terms are much better than you would be offered at a used lot that does in-house financing with no credit checks. Here at Motive Auto Finance, we work with many of these dealerships, and they want to get you approved for the car you need. Go here to apply online.

East Saint Louis Car Loan Rates: How to keep Them Low

Locking down the best rate of interest possible–it’s very important.

Consider what you’ll end up paying in interest at a rate of 3.50% as opposed to 7.00% or 11.00%.

Good Credit Mid-Range Credit Poor Credit
Size of Loan $17,217 $17,217 $17,217
APR 3.50% APR 7.00% APR 11.00% APR
Monthly Payment $313 $341 $374
Interest Owed $1,575 $3,238 $5,243

Clearly, your interest rate is nothing short of critical, and you’ll be glad to know that it can be greatly reduced in many different ways.

  • Credit History: Be sure there are no inaccuracies damaging your credit. If you see one, make sure to file a dispute for it.
  • Down Payment: Putting more money down commonly contributes to less expensive interest rates, given that less of the vehicle is being financed.
  • Debt to Income (DTI): Lending companies give preference to borrowers who’ve got minimal other debt, so paying down as much as possible makes sense.
  • Loan Length: If you choose to pay down your loan in less time, your interest rate will be lower.
  • Type of Vehicle: It is significantly less expensive to finance a new or close to new car–with regards to annual percentage rate, at least.

East Saint Louis Buy Here Pay Here Dealers

Buy here pay here dealers typically do business with people who have truly serious credit problems such as repossession and bankruptcy. It’s true, they don’t perform credit checks, which means bad credit ought not be an obstacle to getting approved, but you will really pay for this down the road. You will find that higher-mileage autos are the only thing for sale, and these aren’t zero down car deals. Usually, the down payment is equivalent to what the dealer paid for the vehicle in the first place, and you could wind up paying in the neighborhood of 20% APR. Is improving your credit a concern for you? If so, you are better off applying through us, since BHPH dealerships can’t help you raise your credit.

Rejuvenating Your Credit in East Saint Louis

There are three primary credit reporting agencies: Transunion, Equifax, and Experian. Most auto lenders report your payments to these reporting agencies, making it possible to boost your credit score. Getting and repaying a loan, on time and as agreed, exhibits that you are a dependable borrower, resulting in lower interest rates and more advantageous terms in the long run. Of course, credit score increases are progress, gaining traction over time. Most lenders enable you to establish an automated monthly payment, so the payment is deducted directly from your bank.

New And Used Cars for Sale in East Saint Louis

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