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Auto Loans in Tinley Park (IL)

A bad credit report can keep you from bringing home a new car, but we can help. With a large selection of car financing companies rejecting people who’ve got low credit ratings, it could take some time to find a lender willing to accept you for financing. The good thing is, we’ve developed an innovative system for loan approval.

Here’s how the process works:

  • Step 1: You can submit your application in less than 60 seconds..
  • Step 2: Our program leverages hundreds of lenders to place your application.
  • Step 3: Acceptance generally takes no more than two days.

Bad Credit Car Dealerships Tinley Park Illinois

Bad Credit Car Dealers in Tinley Park, IL

When you have credit problems, most consumer banking institutions aren’t going to lend to you. However, there are dealerships that accept applicants in this demographic. Since this is a high-risk loan, you can expect more expensive interest rates, bigger down payments, and tighter repayment terms. On the plus side, bear in mind you are getting a car, sure, but also the chance to re-establish your credit. At Motive Auto Finance, we work with many of these dealerships, and they want to get you approved for the car you want. Go here to submit your application.

New or Pre-owned: What’s Best?

Have you decided whether you’re going to buy a new or used car? New cars and trucks come with much lower interest rates. Having said that, they are priced much higher than their preowned peers, and additionally the down payments they require are much larger.

New Car Used Car
Years Old 0 1
Price $33,120 $24,840
Down Payment $6,624 $2,484
APR 5.00% 7.50%
Years 5 4
Payment $500.01 $540.54
Finance Charge $3,505 $3,590
Amount Paid $36,625 $28,430

Buy Here Pay Here (BHPH) Car Dealers in Tinley Park, IL

Commonly called in house financing, your job is your credit, or tote the note car dealers, these businesses generally have a few primary features:

  • They grant auto loans on location.
  • They do not perform credit checks.
  • They want you to pay them each week, often in person.

For people with terrible credit, Tinley Park buy here pay here dealers in many cases are the only real option, even though the annual percentage rates are more expensive than a bank loan. In addition, they don’t often report payments to the credit reporting agencies. This means the consumer’s credit rating won’t increase even if they pay off the loan as agreed.

Choosing a Vehicle

More often than not, you can finance a higher priced vehicle than you can really afford. Never spend more than 8% of your income each month on your loan payment. If you’re a resident of Tinley Park and earn $3,312 per month, this would be $265.

Exceptional Credit Decent Credit Subprime Credit
Payment Amount $265 $265 $265
Loan Rate 3.50% 7.00% 11.00%
Months 60 60 60
Down Payment $3,641 $3,345 $3,047
Amount Borrowed $14,565 $13,381 $12,186
Interest Paid $1,333 $2,517 $3,711
Total with Interest $19,539 $19,243 $18,944
Sticker Price $18,206 $16,726 $15,233

Used Cars for Sale in Tinley Park, IL

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