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Auto Loans in Pontiac (MI)

At Motive Auto Finance, we understand the road blocks that come with buying a car, particularly if your credit has seen better days. It’s important that you work with a lender who serves consumers in your same credit tier. We work with an extensive network of lenders and dealers that cater to a wide assortment of credit scores, not just the uppermost levels.

Your auto finance agent will help you arrange your loan, and then you’ll head to the your dealer’s lot and choose your car. Go ahead and contact a local finance specialist.

Car Loan Pontiac MI

Bad Credit Car Dealerships in Pontiac, MI

If you have weak credit, dealer financing is generally the only option you have, because most all the banks will be hesitant to approve you. There are dealers, however, that can get you the loan you need at an excellent rate. In any sub-prime financing scenario, expect:

  • Steeper rates of interest.
  • More money owed upfront.
  • Stricter lending conditions.

On the other hand, keep in mind you’re getting not only a car, but also the opportunity to rebuild your credit. We have many such dealers in our network, and they want to get you behind the wheel of the car you deserve. Just go here to apply online.

Requisite Documentation for Pontiac Borrowers

In order to keep your time on the lot as short as possible, it’s necessary to supply the documentation required by your lender or dealer. At the least, you will need the following documents to complete your loan:

  • Personal Identification
  • Proof of Employment, Residence, and Insurance
  • Contact Details of Your Personal References

When you contact a vehicle lending consultant, they will tell you what documents to bring, and which to leave behind.

Buy Here Pay Here Dealerships in Pontiac, Michigan

Consumers resort to buy here pay here auto lots, thinking they can only get financed at such a place. Rarely is this the case. Yes, they don’t check your credit, so bad credit probably won’t be an impediment, but you really pay for this in the long run. You’ll find that preowned vehicles are the only thing for sale, and these are not no money down car loans. In most cases, the down payment is set at the vehicle’s wholesale value, and you could end up paying up to 20% APR. If boosting your credit score is important to you, and it should be, you should contact a vehicle finance specialist through us, since BHPH car lots will not help you increase your credit.

How Much You Should Spend on a Car

The car you should buy, in terms of price, depends on your income and interest rate. Only about 8% of your income each month ought to be allocated to this new payment. If you live in Pontiac and make $1,925 each month, this would be $154.

Excellent Credit Okay Credit Bad Credit
Monthly Income $1,925 $1,925 $1,925
Car Payment $154 $154 $154
Rate 3.50% 7.00% 11.00%
Term Length 60 Months 60 Months 60 Months
Down Payment $2,116 $1,944 $1,771
Note Size $8,465 $7,777 $7,083
Total Interest $775 $1,463 $2,157
Price with Interest $11,356 $11,184 $11,011
Car Price $10,582 $9,722 $8,854


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