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Auto Loans in Dundalk (MD)

At Motive Auto Finance, we understand the challenges you face when you need to finance a car with credit problems. We allow you to find a lender who really wants to offer you the loan you need at a good rate. Over the years, we’ve established a wide-ranging network of dealers and finance companies that fund loans for all kinds of borrowers, not just those with perfect credit scores. A vehicle finance manager will serve as your guide, leading you step to step through the car-buying process. Feel free to submit your credit application and discuss your options with a specialist.

Dundalk Dealerships That Finance Bad Credit

Dealerships that work with credit-challenged consumers are known as bad credit car dealerships. As with any subprime loan, certain things are to be expected:

  • Increased APR rates.
  • Significant down payments.
  • Tighter lending terms.

On the other hand, the experience is far superior to that of a buy here pay here dealer, and your vehicle will cost you less in the end. At Motive Auto Finance, we work with many such dealerships, and you can get matched with one by applying online.

Affordable APR Rates for Dundalk Drivers

Securing a more affordable interest rate from your lender can result in a lot of money saved. As an example, a 60 month car loan of $29,898 would cost you $2,736 at 3.50% APR, $5,623 at 7.00% APR, and $9,105 at 11.00% APR.

The good news is, there are steps you can take to cut down on the rate of interest on your loan.

  • Credit History: Be sure there aren’t any mistakes pushing down your credit score. If you come across one, contest it.
  • Loan-to-Value Ratio: Putting more money down ordinarily leads to a lower rate of interest, since fewer funds have to be borrowed.
  • Debt-to-Income Ratio: Have you got a significant amount of credit card debt? Reducing your balances will trim your DTI, which should result in a cheaper interest rate.
  • Repayment Period: Longer loans are regarded as higher risk investments. All things considered, a shorter loan typically comes with a lower rate of interest.
  • Vehicle Type: Used vehicles are more expensive to finance, simply because they’re more likely to have maintenance issues.

Dundalk Buy Here Pay Here Financing

People in the buy here pay here industry would love you to assume that they’re the only ones that will finance you. However, this is hardly ever the case. These car lots grant auto loans on the lot, while the vast majority of dealerships work with banks and loan companies, and they are more focused on your income than your credit. Disadvantages include ridiculous finance fees, money due at signing, and vehicle prices, and you’ll probably get a vehicle that has already been repossessed from a previous owner There’s a reason why these dealers don’t have an outstanding track record. We want to place you with a reputable dealer who can get you in the driver’s seat of a really good vehicle, even if your credit is horrible.

Picking a Vehicle

The dealership might well be jam packed with cars and trucks that you are capable of purchasing, but which will set you back more than you need to spend. Check out the examples below, showing how much car the average Dundalk consumer can afford based on a monthly income of $3,322, a car payment that’s 8% of this income ($266), and a term length of 5 years.

Excellent Credit Fair Credit Poor Credit
Car Payment $266 $266 $266
Interest Rate 3.50% 7.00% 11.00%
Years 5 5 5
Down Payment $3,652 $3,355 $3,056
Interest Paid $1,337 $2,524 $3,722
Total Investment $19,598 $19,301 $19,001
Purchase Price $18,261 $16,777 $15,279

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