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Auto Loans in Saint Charles (IL)

Have you been turned down for an auto loan as a result of credit troubles? We help you to find a lender who doesn’t turned down every applicant with sub-standard credit. The fact is, this is typical of a lot of banks and credit unions. We’re very proud to offer access to an unrivaled network of lenders and dealers that can get you behind the wheel of a new vehicle, regardless of what your credit score is.

An auto finance agent will help you line up the car loan you need, so all you’ll have to do is visit the dealership and get the car you want. Feel free to submit your loan application and discuss your options with a expert.

Auto Loans Saint Charles IL

Bad Credit Car Dealerships in Saint Charles, Illinois

Make sure you avoid buy here pay here dealers, working instead with big franchise dealerships that arrange loans through the conventional channels: banks, credit unions, and finance companies. Such lenders are monitored by federal and state authorities, in contrast to BHPH dealers. Whenever you have less-than-perfect credit, certain things are to be expected:

  • Interest rates that are more expensive.
  • Down payments that are bigger.
  • Loans that are smaller.

With that being said, keep in mind you are getting not just a car, but also the opportunity to rebuild your credit. At Motive Auto Finance, we work with many such dealerships, and when you submit your application, we work hard to connect you with one who wants to approve your credit.

Documentation Details

Whenever you purchase a car, certain paperwork has to be supplied, and if you’ve got a bad credit score, more than normal may be requested. Requested documentation is likely to include:

  • ID: Driver’s License, Passport, or Social Security Card
  • Proof of Income, Residence, and Insurance
  • Personal References

We might have overlooked something, so be sure to check the requirements with your lender or dealer.

Buy Here Pay Here Car Lots in Saint Charles, Illinois

When you’ve got serious credit problems stemming from issues like bankruptcy or debt settlement, a buy here pay here dealer could possibly seem like a good plan. They seldom pull your credit, which means bad credit shouldn’t be a hindrance to getting approved, but you will wind up paying a lot for this.

Drawbacks include:

  • Exorbitant Interest rates
  • Massive Down Payments
  • Overpriced Vehicles
  • Ignition Interlocks

There’s more: these car lots almost never report to the credit reporting agencies, which means you could make all of your payments as agreed without increasing your credit score.

Can This Strengthen Your FICO Score?

So long as you don’t miss payments, a vehicle loan can actually build up your credit score. In total, getting a car financed can positively impact two fundamental credit scoring components:

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

You really can’t get behind on your payments, since this will surely have a drastic consequence: a decreased credit score. To make sure you don’t miss a payment, consider electronic solutions such as automated payments.

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