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Auto Loans in Evansville (IN)

There are several different ways of getting a car loan in Evansville, but few firms have brought financing approval online like us. We have an extensive network of dealers and lenders, and that means we can help applicants get pre-approved for a car loan, even if their credit isn’t perfect. It’s difficult to envision a better way to line up the financing required for your new car.

Evansville Dealerships That Finance Bad Credit

If you are looking for a car dealer in Evansville that is receptive to people with low credit scores, we can help. In any subprime financing arrangement, certain things are to be expected elevated rates of interest, bigger down payments, and stricter lending requirements. However, the experience is far preferable to that of a buy here pay here dealer, and your vehicle will almost certainly cost you less in both upfront costs and interest. At Motive Auto Finance, we work with many such dealerships, and when you submit your application, we can pair you with one who wants to put you in the driver’s seat.

No Down Payment Auto Loans in Evansville?

It’s often necessary to make a down payment on the vehicle you want to finance, especially if you have less-than-perfect credit. A down payment will bring down your loan-to-value ratio by minimizing the size of the loan relative to the cost of the vehicle. As a result, you can expect a lower rate of interest and less paid in total interest.

That being said, we recognize that setting aside 10-20% of a new car is a little overwhelming. Of course, you can sell your existing vehicle by putting up an ad in your local paper, then use the cash as a down payment. Otherwise, you could trade it in at the dealership.

Evansville Buy Here Pay Here Dealerships

People today in Evansville turn to buy here pay here auto lots, assuming they will only be able to finance a car without a credit check. Rarely is this the case. These dealers will approve just about anybody, no matter their credit, but you will find problems with sort of financing.

You will discover that used vehicles are the only models available, and dealers may require you to make payments weekly, at the dealership. Rates of repossession are high, much like the interest rates. This is why these car dealers don’t have a great reputation. We want to put you in touch with subprime finance specialist who can get you the funds you need, regardless of your credit.

Securing the Right-Sized Loan

Be careful not to buy a car or truck costs too much. You really want to spend, at the most, just 8% of your monthly income on a car payment. For a resident of Evansville making $837 each month, the city average, this would be $67.

Prime Credit Fair Credit Bad Credit
Income Per Month $837 $837 $837
Monthly Payment $67 $67 $67
Rate 3.50% 7.00% 11.00%
Years 5 5 5
Money Down $920 $845 $770
Borrowed Funds $3,681 $3,382 $3,080
Total Interest $337 $636 $938
Price with Interest $4,938 $4,863 $4,788
Vehicle Price $4,601 $4,227 $3,850

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