Here at Motive Auto Finance, we understand the difficulties you face when you need to finance a car with credit problems. It’s a good idea to find a lender or dealer who has experience financing consumers with sub-standard credit. We work with an unrivaled network of dealers and lenders that are willing to approve you as a client, based on variables like your income, where you live, and your credit profile. All you have to do is apply online, and you could be behind the wheel of your new car within hours.
Bad Credit Car Dealerships in Glendale Heights, IL
If you are trying to find an auto dealer that offers loans to people who have low credit scores, welcome to Motive Auto Finance: we can help. Just like any bad credit loan, expect steeper interest rates and bigger down payments, together with shorter length loans. But keep in mind, the rates and terms are more favorable than you would get at a used lot that does in-house financing with no credit checks. At Motive Auto Finance, we work with many such dealerships, and they want to get you in the driver’s seat of the car you want. Just go here to apply online.
Requisite Documentation for Glendale Heights Auto Loans
As you may have guessed, you’ll need to take certain documentation with you to the dealer.
- Driver’s License: This enables the lender to verify that the name on your application is correct.
- Proof of Income: Paycheck stubs are essential, because they serve to verify your claimed income.
- Proof of Insurance: You’ll be able to buy the coverage you need at the dealership, so you do not really need this beforehand.
- Proof of Residence: An energy bill, or even a copy of your lease, verifies your current address.
- References: These are a further layer of verification, only a necessity if you suffer from poor credit.
You’ll definitely want to ask your auto lending expert what documentation is needed by the lender who is going to fund your loan.
Buy Here Pay Here (BHPH) Dealerships in Glendale Heights, IL
Sometimes referred to as buy here pay here, tote the note, or your job is your credit car dealerships, these establishments ordinarily have a few primary features:
- They grant car loans without 3rd party funding.
- They rarely pull your credit.
- They require weekly or biweekly payments, often in person.
Sometimes folks with very bad credit assume that an in house financing car lot is the only real place that will be willing to finance them. But the truth is, there are a variety of disadvantages:
- High Loan Rates
- In-Person Payments
- Inability to Improve Credit Score
Can This Boost Your FICO Rating?
If you work with a lender that has relationships with the major credit bureaus, a vehicle loan may actually help you improve your credit. An auto loan:
- Provides you with the ability to spruce up your payment history (35% of your score).
- Enhances your credit mix, or the types of credit in your profile (10% of your score).
Don’t get behind on your payments, since this can have the exact opposite effect: a weakened credit score. Of course, the benefits of an improved score are enormous:
- Lower finance and insurance rates.
- Reduced down payments.
- Better chances of credit acceptance.