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Auto Loans in Paducah (KY)

If you’re thinking of getting an auto loan in Paducah, we offer exceptional speed and service. We make it easy to apply for financing through our nationwide network of dealers and lenders. We will match you with a lending expert who can help you line up the loan necessary for the vehicle you want.

Auto Loan Paducah KY

Paducah Car Lots That Approve Bad Credit

It’s best to try to avoid buy here pay here car dealers, financing instead through bigger dealerships that arrange loans through banks and credit unions. In any non-prime financing arrangement, expect:

  • Rates of interest that are higher.
  • Down payments that are more substantial.
  • Loans that are modestly-sized.

However, they will get you approved through lenders that report back to the credit bureaus, thereby enabling you to repair your credit. At Motive Auto Finance, we work with many such dealerships, and they want to get you the car you need. Go here to submit your application.

Can You Get Approved without a Down Payment?

Even if you’ve got a favorable credit record, having no money down can keep you from financing your car. A down payment offers a multitude of benefits:

  • Reduced negative equity.
  • Lesser loan amount, which means you’ll pay less in interest.
  • Lower loan-to-value ratio, resulting in a more affordable annual percentage rate.

Don’t forget that the trade allowance from your used car or truck can be put toward your down payment, allowing you to finance a car without putting down anything out of pocket.

Paducah Buy Here Pay Here Car Lots

Buy here pay here car dealers ordinarily finance people who have severe credit problems like:

  • Filing bankruptcy
  • Foreclosure
  • Auto Repossession
  • IRS Liens
  • Judgments

A lot of dealer financing is sourced elsewhere, in that dealers work with various lenders to provide the loans. On the other hand, BHPH dealers serve as both dealer and lender. You will see that preowned autos are the only ones you can buy, and dealers may make you pay weekly, at the dealership. Repossession is common, and the finance fees are borderline predatory. There’s a good reason that these dealerships have a lousy track record. Let us place you with a reputable dealer who can get your loan funded, even if your credit is dreadful.

Budgeting Recommendations for Paducah Car-Shoppers

It’s best to invest, at most, 10% of your monthly income for your new car payment. In addition, you don’t want to get a loan for more than 60 months. This will equal out to a car costing roughly 50% of your yearly income. If you make $22,352 per annum, the average in Paducah, this would be a car costing $11,178. Please remember, this is the maximum amount you should spend. Scores of industry experts recommend allocating just 10-30% of your income for a new car or truck.

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