Obtaining an auto loan was easy before the credit crunch, but banks have tightened up their approval criteria since then. We allow you to find a dealer or lender that has experience with bad credit auto financing. We’ve spent years building an unparalleled network of lenders and dealers that are helping people repair their credit by making monthly payments on a car. Your vehicle finance manager will help you set up the auto loan you need. All you’ll have to do is head to the your dealer’s lot and select the car you want. Go here to apply for your loan.
Livonia Car Dealers That Approve Bad Credit
Many dealers that provide in house financing, generally known as buy here pay here dealers, do not require credit checks. However, odds are they won’t be helping you rebuild your credit. Your best choice is to find a dealership that can offer you a bad credit Livonia auto loan through an authorized lender. As with all subprime loans, you can expect:
- Rates of interest that are steeper.
- Down payments that are more substantial.
- Loans that are modestly-sized.
With that being said, the rates and terms are more favorable than you would be given at a buy here pay here lot. Here at Motive Auto Finance, we work with many of these dealerships, and you can get paired with one by applying online.
New vs. Used Vehicles
Used and new vehicles each offer their own advantages. More often than not, a used car is a better deal. The rates of interest on new cars are low, but pre-owned vehicles are a lot less expensive.
|New Car||Used Car|
|Duration||60 months||48 months|
Buy Here Pay Here Car Lots in Livonia, MI
Maybe you’ve thought of getting approved through a buy here pay here car dealer in Livonia? These kinds of Livonia bad credit car dealerships provide auto loans in-house, often without checking the applicant’s credit. Since they don’t depend on a traditional bank or finance company to approve the credit-seekers, they can help a wider variety of borrowers.
If you have horrible credit, Livonia in house financing dealerships are sometimes the only option. However, there are a couple of disadvantages:
- High Financing Fees
- Large Down Payments
- High Risk of Repossession
Managing the Cost for Your New Car
Try not to buy a car that strains your budget. If possible, spend, at the most, approximately 8% of your income each month on your new payment. If you live in Livonia and earn $3,170 on a monthly basis, this would be $254.
|Exceptional Credit||Decent Credit||Poor Credit|
|Price with Interest||$18,701||$18,418||$18,132|