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Auto Loans in Davenport (IA)

A few years back, you had no choice but to go from one Davenport lender to the next, looking for one who will approve your application. Here at Motive Auto Finance, we have made it much easier to secure the auto loan you need. For years, we’ve been cultivating a network of dealers and lenders across the nation, and we are experts in getting you approved by the lender that suits you best. It is hard to find a better way to secure your auto loan.

Auto Loan Davenport IA

Bad Credit Car Dealerships in Davenport, IA

Weak credit scores have been a growing issue in Iowa, mainly due to the market downturn, and a lot more dealerships now have finance departments devoted to subprime auto loans. In any subprime lending arrangement, you can expect:

  • Elevated interest rates.
  • More money owed upfront.
  • More economical cars.

Having said that, remember that you are getting not only a car, but also the chance to raise your credit score. There are many of these dealers in our network, and they want to get you in the car you deserve. Go here to submit your application.

Davenport Car Loan Rates: Reducing Them

Getting an affordable rate of interest from your lender can lead to a lot of money saved.

Check out how much more you will pay in interest with an interest rate of 11.00% as opposed to 3.50%.

Good Credit Mid-Range Credit Sub-prime Credit
Loan $16,407 $16,407 $16,407
Rate 3.50% APR 7.00% APR 11.00% APR
Monthly Installment $298 $325 $357
Interest Paid $1,501 $3,086 $4,997

The good news is, there are some effective ways you can decrease the amount you wind up owing in interest.

  • Credit History: Boost your credit score by forcing credit bureaus to rectify any and every inaccuracy on your credit history.
  • Down Payment: A larger amount of money down commonly translates into cheaper loan rates, given that less of the vehicle is being financed.
  • Debt-to-Income Ratio (DTI): Do you have a lot of existing debt? Paying some of it down will lessen your DTI, which ought to result in a lower APR.
  • 36-60 Month Loan: Longer loans are regarded as higher risk investments. All things considered, a shorter loan typically comes with a lower rate of interest.
  • Vehicle Age: It is significantly less expensive to finance a newer vehicle–provided that you don’t pay more in terms of purchase price.

Buy Here Pay Here Financing in Davenport, Iowa

When you have major credit problems on account of bankruptcy or debt settlement, a buy here pay here dealer might sound like the only option. They don’t require credit checks, so bad credit shouldn’t be a hindrance to approval, but you will end up paying more than you’d like for this. The fact is, you should be prepared for exorbitant interest rates, large down payments, and older vehicles that are steeply-priced. This is why these retailers have a sullied reputation. We can place you with a reputable dealer who can get your loan funded, even if your credit is awful.

Financing Guidelines for Davenport Borrowers

In general, you should allocate not more than 10% of your monthly income for your loan payment. In addition, it’s not smart to get a loan for over 5 years. If you follow these guidelines, you will end up financing a car costing approximately half of your yearly income. For instance, if you make $21,877 per year, the average for residents of Davenport, this would equate to a $10,938 car. Typically, the less you’re able to spend on a trustworthy car, the better.

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