Getting approved for a car loan became a good deal more difficult after the economic crisis, but we can help. We help you to find a lending company who appreciates the opportunity to fund your loan, no matter your credit. We’ve spent years building an extensive network of dealers and lenders who are dedicated to financing your purchase, whether it’s a new car you want or a used one. A vehicle finance specialist will help you set up your finance package, so all you’ll have to do is head to the dealership and pick out your car. Go here to apply online.
Bad Credit Car Dealerships in Marrero, Louisiana
Given the prevalence of bad credit in the wake of the economic crisis, more and more dealerships now have finance departments that specialize in financing people with poor credit. Since you’re a higher-risk borrower, certain things are to be expected steeper rates of interest and bigger down payments, along with shorter length loans. But keep in mind, the rates and terms are far better than you would be given at one of Marrero’s buy here pay here dealers. At Motive Auto Finance, we work with many of these dealerships, and you can get pre-approved by applying online.
Will You Need a Down Payment?
A down payment might be an inconvenience, but for people with below-average credit, it’s often a requirement. A down payment offers several different advantages:
- Reduces the time you’ll be underwater.
- Less amount borrowed, which means less paid in interest.
- Lower loan-to-value ratio (LTV), meaning a reduced rate of interest.
Remember that the trade allowance from your old vehicle can be put toward your down payment, so you can effectively finance a car without putting down any of your cold hard cash.
Buy Here Pay Here Car Lots in Marrero, LA
If you have overwhelming credit problems on account of bankruptcy or repossession, a buy here pay here dealer might possibly appear to be a good plan. For the most part, dealer financing is indirect, as dealers work with a network of lenders to finance the loans, but buy here pay here dealers don’t. They become both lender and dealer Hence the name buy here pay here.
The fact is, you can look forward to high interest rates, large down payments, and vehicles that are too expensive for how much mileage and wear they have been through. This is why these dealers don’t have the best track record. We can place you in the hands of a reputable dealer who can put you in the driver’s seat, even if you’ve had to file bankruptcy.
Financing Recommendations for Marrero Consumers
When you finance a car, a maximum 10% of your monthly income should be set aside for your monthly payment. At the same time, you don’t want to finance for more than 5 years. With a 10% monthly installment and 60 month term, you will be buying a car which costs approximately 50% of your yearly income. Here in Marrero, where the average income is $18,758 per annum, the average consumer would purchase a vehicle costing about $9,378. New cars are not good investments, in light of how rapidly they start depreciating the second they leave the showroom floor, so you’ll want to shell out as little as you can and still get a car that suits your family’s needs.