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Auto Loans in Peoria (IL)

Getting a car financed got much harder after the credit crunch, but we help people in Peoria get approved everyday. It’s essential to find a lender or dealer that won’t just approve your loan, but offer you a competitive rate. We work with an extensive network of dealers and lenders that are willing to accept you as a client, even if you are a first-time car-shopper.

Simply submit your credit application, and we will do our best to find you a dealer or lender in Peoria able to approve you for the funds you need.

Car Loan Peoria IL

Bad Credit Car Dealers in Peoria, IL

Have you given thought to where to buy your next car? If you have poor credit, you’ll probably have to get your car from a dealer, not an individual seller, as most lenders do not fund private party car loans for people with sub-standard credit. Thank heavens there are dealers that work with below-average credit. Whenever you have credit problems, there are certain things to be expected elevated rates of interest, bigger down payments, and more stringent lending requirements. On the plus side, they will get you approved for financing through lenders that supply information to the credit agencies, providing you with the ability to raise your credit score. There are a great number of dealers in our network, and when you submit your application, we can connect you with one who wants to get you the loan you need.

Should You Purchase a New Vehicle?

The majority of shoppers are able to finance a new or used vehicle. Because new cars drop in value so quickly, you may be better off with a pre-owned vehicle.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Vehicle Price $8,800 $6,600 $5,280 $4,400
Down Payment $1,760 $660 $528 $440
Interest Rate 5.00% 7.50% 7.50% 7.50%
Term 60 months 48 months 48 months 48 months
Payment $132.85 $143.62 $114.90 $95.75
Interest $931 $954 $763 $636
Total Outlay $9,731 $7,554 $6,043 $5,036

Tote The Note Car Dealers in Peoria, IL

Peoria Buy Here Pay Here

Commonly known as buy here pay here, tote the note, or your job is your credit car dealers, these dealerships ordinarily have a few chief features:

  • They supply auto loans directly.
  • They do not require credit checks.
  • They want you to pay them every week, often at the lot.

Often men and women with really horrible credit feel like a buy here pay here car lot is the only place that will be willing to accept their credit, despite the fact that the rates of interest are more expensive than a loan from the bank. Additionally, they hardly ever report payments to the credit agencies, meaning your credit rating will not go up as a result of the loan.

What Car to Buy?

Wondering how much you should shell out for a car? Try and avoid spending much more than 8% of your income each month on your new payment. For consumers in Peoria, having an average income of $880, this would be $70.

Prime Credit Decent Credit Poor Credit
Payment $70 $70 $70
Loan Rate 3.50% 7.00% 11.00%
Money Down $967 $889 $809
Borrowed Funds $3,870 $3,555 $3,238
Interest Paid $354 $669 $986
Total with Interest $5,191 $5,113 $5,033
Vehicle Price $4,837 $4,444 $4,047

New and Used Cars from Peoria Dealers


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