If your credit isn’t ideal, getting the loan you need can be the greatest barrier when shopping for a car, especially since the recession hit. We enable you to find a lender or dealer that won’t just accept your credit, but allow you to restore it. Through the years, we’ve established an unrivaled network of dealers and lenders that are willing to consider your application, even if you’ve been turned away by other lenders. A vehicle finance specialist will guide you through the purchasing process, helping you obtain the funds you need at a rate you can afford. Visit here to apply online.
Naperville Car Dealerships for Bad Credit
Have you thought about where you could buy your new car or truck? With a bad credit score, you typically need to get your car from a dealership, instead of a private seller, as lenders almost never fund private party loans for people who’ve sub-standard credit. Thank heavens there are dealerships that cater to below-average credit. As with any bad credit loan, expect:
- Interest rates that are more costly.
- Down payments that are bigger.
- Loans that are smaller.
With that being said, it’s far better than not having a new car at all, and these dealers can help you improve your credit simply by making your payments on time. At Motive Auto Finance, we work with many such dealerships, and you can get matched with one by applying online.
Documentation You Need
So they can defend against fraud, banks and lenders have to confirm your application details. As a rule, you will need the following documents to complete your loan:
- Driver’s License
- Proof of Employmentand Residence
- List of Your Personal References
When you talk with your qualified finance consultant, they will tell you which documents are required and which aren’t.
Buy Here Pay Here (BHPH) Car Lots in Naperville, IL
Commonly known as buy here pay here, tote the note, or your job is your credit car dealerships, these businesses generally have a few key features. They…
- Furnish car loans on site.
- Do not check your credit.
- Require weekly or biweekly payments, often at the lot.
Countless consumers with very bad credit feel like a buy here pay here car lot is the only place that will be willing to finance them. But keep in mind, the interest rates are more expensive than a loan from the bank. Also, they don’t often report payments to the credit agencies, meaning the consumer’s credit score will not get better even if they pay off the loan as agreed.
Credit Union Financing
In many cases, a credit union will be more receptive to lower credit scores than a bank, while still providing the benefits of non-dealer financing. DuPage CU is one of the credit unions local to the area, originally founded by a group of teachers in Wheaton, and they offer discounts on GM vehicles for members through certain area dealers.
Budgeting Guidelines for Naperville Consumers
Take 10% of what you make per month. You’ll want to spend no more than this on your car payment each month. At the same time, opt for a 60-month repayment term at most. This translates into a vehicle which costs roughly 50% of what you make on an annual basis. with an income of $59,921 annually, the average in Naperville, you would buy a car that costs $29,958. All in all, the less you can spend on a solid car or truck, the better.