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Auto Loans in Mount Prospect (IL)

Low credit rankings. They are no fun. Good credit may grant you more options, but we can help you find the car loan in Mount Prospect that fits your budget.

All you need to do is complete this simple form, and we will place you with a dealer or lender adviser who’ll make every effort to get you the best car loan.

Mount Prospect Car Lots That Work with Bad Credit

When you have a low credit score, dealer financing is typically the only option you have, as most banks in the area won’t be able to accept your application. There are dealers, however, with finance professionals dedicated to helping you secure financing. In comparison with a BHPH dealer, such dealers typically offer:

  • Less owed on the lot, as a down payment.
  • Cheaper interest rates.
  • Option to re-establish your credit.

The actual cars and trucks you can finance will be determined by your income and credit. It’s best to find a budget friendly, reliable vehicle with payments that amount to just 10% of your income–at maximum. For people bringing in $4,805 on a monthly basis, the average in Mount Prospect, this would be a payment of $481.

An experienced lending consultant can help you determine how much you’re qualified to borrow, and at what rate of interest. In order to talk to one, be sure to submit your application.

Should You Buy a New Vehicle or a Pre-owned One?

Used and new vehicles each offer their own benefits. Brand new cars come with more affordable rates of interest. Having said that, they are priced considerably higher than their pre-owned equivalents, not to mention that 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
Vehicle Price $48,050 $36,038 $28,830 $24,025
Down Payment $9,610 $3,604 $2,883 $2,403
APR 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Payment Per Month $725.41 $784.21 $627.37 $522.81
Finance Charge $5,085 $5,208 $4,167 $3,472
Total Investment $53,135 $41,246 $32,997 $27,497

Mount Prospect Buy Here Pay Here Financing

Buy here pay here dealerships would like you to believe that nobody but them will approve you, but this is hardly ever the case. A lot of dealer finance is outsourced, as dealerships work with a network of lenders to finance the loans, but buy here pay here dealers engage in direct lending. They make approval decisions on location, usually with no credit check.

Issues include:

  • Outrageous APR Rates
  • Extortionate Down Payments
  • Overpriced Vehicles
  • Uncompromising Repossession Practices

That isn’t all: these car lots don’t work with the credit reporting agencies, and that means you could make each and every payment month after month without helping your credit score.

Re-establishing Your Credit in Mount Prospect

If you need one more reason to finance a car, here it is: a car loan not only helps you buy the car you need, it can improve your credit score. Having said that, the results aren’t instant. You’ve got to pay off the loan as scheduled, making every payment on time. Don’t miss a payment, because this will have a drastic impact: a decreased credit score. More and more banks and lenders help you establish an automated monthly payment, so the funds are deducted right from your checking account.

Used Cars in Mount Prospect, IL for Sale

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