Investing in a new car is a big commitment, so it’s extremely important to get the most competitive annual percentage rate you can. Rather than waiting until you’re in a high-pressure situation at the dealership, we allow you to arrange a car loan in advance. Let us match you with a financing professional who can help you get the loan needed for the car you want.
Denham Springs Car Dealers for Bad Credit
When you have unfavorable credit ratings, most consumer banking institutions won’t offer you a loan. However, there are dealers that do business with the sub-prime market. In any non-prime financing arrangement, certain things are to be expected more expensive rates of interest and higher down payments, along with stricter lending conditions. On the plus side, don’t forget that you’re getting a car, of course, but also the opportunity to re-establish your credit. At Motive Auto Finance, we work with many of these dealerships, and when you apply online, we can match you with one who wants to accept you for financing.
Reducing Your Denham Springs APR Rates
In order to minimize the overall cost of your car or truck, take steps to reduce your rate of interest. This could lead to big savings.
Consider how much more you’ll pay in interest at an APR of 11.00% in comparison to 3.50%.
|Good Credit||Fair Credit||Bad Credit|
|Size of Loan||$21,501||$21,501||$21,501|
|APR||3.50% APR||7.00% APR||11.00% APR|
Up to 80% of consumers in Louisiana now have items that are outdated or incorrect on their credit report. You’d be wise to check yours. Getting any such issues fixed could lead to an increased credit score and a less expensive interest rate. In addition, by paying off any existing debt you will lessen your debt-to-income ratio, helping you to obtain a more affordable rate of interest. Banks and finance companies charge less to finance cars for 36 or 48 months than for 60 months or more, and you aren’t as likely to wind up upside down on a shorter loan. Loan amount, as compared with the vehicle’s price, is yet another factor. A larger down payment will result in a better loan-to-value ratio, thereby minimizing your rate of interest.
Buy Here Pay Here Financing in Denham Springs, LA
If you have severe credit problems on account of bankruptcy or repossession, buy here pay here financing may well sound like a sensible approach. They seldom look at your credit, meaning your credit problems ought not be an obstacle to approval, but you will end up paying handsomely for this. Alas, you should be prepared for excessive interest rates, massive down payments, and older vehicles that are too expensive in light of their level of wear and tear. Is raising your credit one of your goals? Then you are better off applying through us, as buy here pay here dealerships won’t assist you in raising your credit.
Getting the Right-Sized Loan
It’s extremely important to choose a car or truck that won’t stress your finances on a monthly basis. The following chart displays how much car the average Denham Springs consumer can afford based on a monthly income of $2,389, a payment of $191, and a repayment term of 5 years.
|Good Credit||Decent Credit||Poor Credit|
|Total with Interest||$14,094||$13,880||$13,665|