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Auto Loans in Harvey (IL)

If your credit isn’t the best, getting the loan you need is often the most significant hurdle to purchasing a new car, but we can help. It’s smart to work with a lending company who is able to cater to your credit and income. We have spent years developing a wide-ranging network of lenders and dealers that can offer auto loans to applicants with credit histories of all sorts. Go ahead and apply online, and we will do our very best to find you a dealer or lender willing to approve your credit.

Car Loans Harvey IL

Harvey Car Dealers That Approve Bad Credit

For anyone who is looking for a dealer that takes low credit scores, we can help. In most cases, these dealerships offer:

  • Interest rates that are fair.
  • Down payments that are reasonable given the vehicle’s worth.
  • Vehicles that are more dependable.

The dealer will consider your credit and income to determine which cars you can finance. It is far better purchase a budget friendly, dependable vehicle with payments that amount to just 10% of your income–no more. If you make $1,436 per month, this translates to a payment of $144.

An automobile lending expert is standing by, waiting to determine how much you can borrow, and at what rate of interest. To begin, just submit your application.

Is a Brand New Vehicle the Way to Go?

The majority of consumers can finance a new or used car, but which is the best option? Brand new cars have much lower interest rates. Then again, they cost a lot more than their pre-owned counterparts, and they require bigger down payments.

New Car Used Car
Years Old 0 1
Price $14,360 $10,770
Down Payment $2,872 $1,077
APR 5.00% 7.50%
Length 60 months 48 months
Monthly Payment $216.79 $234.37
Interest Paid $1,520 $1,557
Total Paid $15,880 $12,327

Harvey Buy Here Pay Here Dealers

People in the BHPH industry would love you to think that no place but them will approve you, yet this is hardly ever the case. These dealers will finance virtually anybody, no matter their credit, but you will find downsides.

More often than not, used autos are the only ones available, and these are not no money down car deals. In most cases, the down payment is not much less than what you would pay for the vehicle on the private market, and interest rates of greater than 20% APR are common. Worse, these car lots rarely report back to the credit bureaus, which means you could make every single payment on time with no boost to your FICO score.

Creating a Budget for Your Vehicle

It is essential that you pick a car or truck that is realistic relative to your APR and income. The following chart reveals how much car the average Harvey consumer can afford based on a monthly income of $1,436, a payment of $115, and a term of 5 years–the maximum length that’s advisable.

Great Credit Okay Credit Subprime Credit
Monthly Payment $115 $115 $115
Loan Rate 3.50% 7.00% 11.00%
Down Payment $1,579 $1,450 $1,321
Amount Borrowed $6,315 $5,802 $5,284
Interest Paid $578 $1,091 $1,609
Total Paid $8,472 $8,343 $8,214
Vehicle Price $7,894 $7,252 $6,605

Cars in Harvey

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