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Auto Loans in Palatine (IL)

With years of industry experience, we understand the stumbling-blocks that come with the auto lending process, particularly if you have bad credit. It’s crucial that you find a lender or dealer who appreciates the opportunity to finance your credit, whatever your credit. We’ve spent years building a vast network of dealers and lenders that have the ability to finance consumers with all sorts of credit profiles, even people who’ve faced issues such as:

  • Poor credit.
  • Low income.
  • Repossession.

Just complete your online application, and we’ll pair you with a dealer or lender in Palatine able to fund your loan.

Palatine Car Dealerships for Bad Credit

Dealerships that welcome credit-challenged customers are often referred to as bad credit car dealers. Compared with a buy here pay here dealer, such dealerships typically offer:

  • Reduced rates of interest and down payments.
  • Less chance of falling victim to unethical lending.
  • Potential to increase your credit score.

The dealer will consider your credit and income to establish which cars you can afford to finance. As a way to forestall late payments or repossession, choose an easily affordable, efficient vehicle with payments that amount to just 10% of your income. For people who make $1,504 a month, the average among Palatine residents, this would be a payment of $150.

Apply online to talk to an auto finance professional about your options.

Should You Buy a New or Used Vehicle?

We’ve seen that quite a lot of buyers don’t know that new cars aren’t the only thing that can be financed. You can finance a pre-owned car as well.. In a lot of cases, a used vehicle is a better deal. The interest rates for new cars are low, but pre-owned cars are a lot less expensive.

New Car Used Car
Years Old 0 1
Price $15,040 $11,280
Down Payment $3,008 $1,128
Interest Rate 5.00% 7.50%
Duration 5 years 4 years
Payment Per Month $227.06 $245.46
Finance Charge $1,592 $1,630
Amount Paid $16,632 $12,910

In House Financing Dealerships in Palatine, IL

Car dealers in Palatine that offer in-house financing have certain things in common:

  • These dealers furnish car loans on site.
  • They do not require credit checks.
  • They want you to make payments 2-4 times per month, often in person.

Many men and women with really terrible credit think that a buy here pay here car lot is the only real place that will be willing to finance them. Unfortunately, the interest rates are more expensive than you’d get from a dealership that offers indirect lending. Furthermore they rarely report payments to the credit bureaus, meaning your credit rating won’t go up as a result of the loan.

Repairing Your Credit in Palatine

There are three principal credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Most likely, your lender will report your payments to these agencies, making it possible to raise your credit score. A car loan can positively impact two major credit score factors:

  1. Payment History (35% of score).
  2. Types of Credit Used (10% of score).

On the reverse side, you can wreck your credit by letting your payments become overdue. Many lenders enable you to establish an automatic monthly payment, so the money is subtracted directly from your bank.

Used Cars in Palatine, IL for Sale

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