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Auto Loans in Waukegan (IL)

Getting approved for a car loan became far harder after the downturn, but it isn’t impossible. It’s best to work with a dealer or lender that can provide you with the loan you need at a rate that’s affordable. We’ve spent years forming an extensive network of dealers and lenders that can finance applicants with all sorts of credit histories, not just those with perfect credit.

Simply apply online, and we will do our best to find you a dealer or lender able to approve you for financing.

Bad Credit Car Dealerships in Waukegan, Illinois

Don’t allow credit to stand in the way of your new car. We have access to dealerships all across Illinois that won’t turn you down, just because your credit isn’t the best. In contrast to buy here pay here dealers, these dealerships offer:

  • More reasonable APR rates.
  • More affordable down payments.
  • Lower mileage vehicles.

The dealer will analyze your credit and income to establish which cars you qualify to finance. So as to reduce the risk of late payments or repossession, go with an economical, dependable vehicle that has payments amounting to 10% of your income–no more. For people bringing in $2,548 on a monthly basis, the average among Waukegan residents, this comes to a payment of $255.

A dedicated finance expert will determine how much you’re eligible to borrow, and at what rate. Just go here to apply online.

Better Auto Loan Rates for Waukegan Borrowers

Rate of interest is vitalin determining your monthly payment, as well as the total amount you end up investing in your vehicle.

Have a look at this chart that shows the impact of different rates of interest.

Good Credit Average Credit Poor Credit
Loan $22,932 $22,932 $22,932
Rate of Interest 3.50% APR 7.00% APR 11.00% APR
Monthly Payment $417 $454 $499
Interest Owed $2,098 $4,313 $6,984

As is obvious, obtaining the lowest rate you possibly can is absolutely critical. Let’s take a look at things you can do.

  • Credit Profile: Dispute any mistake you discover on your credit report which could increase the APR rate on your loan.
  • Down Payment: A larger amount of money down typically leads to a lower rate of interest, simply because only a percentage of the vehicle has to be financed.
  • Debt-to-Income: Less debt can translate into a more affordable interest rate, so pay down as much as you can.
  • Length of Loan: Lengthier loans offer smaller monthly installments, but shorter ones come with cheaper interest rates.
  • Vehicle Type: It is significantly cheaper to finance a vehicle that’s new–so long as you opt for one that’s higher in price.

Buy Here Pay Here Dealers in Waukegan, IL

In house financing, also known as buy here pay here financing, has boomed in recent years, largely due to the fact that so many people’s credit ratings took hits on account of the credit crunch and housing bubble. Dealers like these will finance virtually anyone, regardless of their credit, but you will find problems with sort of financing. Typically, used autos are the only thing you can buy, and these aren’t zero down car deals. In most cases, the down payment is as much as the vehicle’s value on the wholesale market. Interest rates that match the state’s maximum legal limit are not unheard of. If that weren’t enough, these car lots seldom report to the credit agencies, which means you could make every single payment on a monthly basis without raising your credit score.

Can a Car Loan Help You Restore Your Credit?

If you need one more reason to finance a car, here it is: a car loan not only helps you buy the car you need, it can supercharge your credit score. Increases in credit score are by no means instantaneous, but within a year or so, your credit score should start to increase. Missed payments, by contrast, can hurt your credit score, and fast! It’s not easy to gauge precisely how much your score will climb, but experts have reported a 5-10% improvement per month.

Used Cars for Sale in Waukegan

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