Get an Auto Loan Quote

Auto Loans in Royal Oak (MI)

Bankruptcy, repossession, and foreclosure–the rates of which have been on the rise–can do a number on your credit score. Favorable credit may grant you more options, but we help you, the borrower, find the bad credit car loan you need.

In under one minute, we can set you up with a car loan provider in Royal Oak who would like to get you behind the wheel of a new car or truck, in spite of your credit.

Royal Oak Car Dealerships for Bad Credit

If you have damaged credit, dealer financing is often the way to go, seeing as the vast majority of banks in your area won’t be willing to approve you. There are dealers, however, with lending professionals ready and willing to help you secure financing. In any bad credit financing scenario, certain things are to be expected more expensive rates of interest, more substantial down payments, and smaller loans. But keep in mind, the experience is far better than that of a buy here pay here dealer, and your vehicle will cost you less in the long run. We work with many of these dealerships, and when you apply online, we connect you with one who wants to get you the loan you need.

New Versus Pre-owned Cars

We’ve found that quite a lot of consumers in Royal Oak don’t know that both new and used cars can be financed. It’s possible to finance a new car for longer, and at a lower interest rate, but you pay a good deal more when it comes to purchase price and down payment.

New Car Used Car 1 Used Car 2 Used Car 3
Years Old 0 1 2 3
Price $29,030 $21,773 $17,418 $14,515
Down Payment $5,806 $2,177 $1,742 $1,452
APR 5.00% 7.50% 7.50% 7.50%
Duration 5 years 4 years 4 years 4 years
Monthly Installment $438.27 $473.79 $379.03 $315.86
Finance Charge $3,072 $3,147 $2,517 $2,098
Total Outlay $32,102 $24,919 $19,935 $16,613

Royal Oak Buy Here Pay Here Dealerships

Buy here pay here car dealers typically do business with people with significant credit problems like:

  • Bankruptcy
  • Asset Repossession
  • Debt Settlement
  • Charge-offs

They won’t check your credit, which means bad credit probably won’t be an impediment to approval, but chances are high you’ll be charged excessively for this opportunity. Most often, preowned vehicles are the only models offered, and you may be required to have an ignition kill-switch mounted in your vehicle. Repossession rates are staggering, and so are the interest rates. There is a good reason why these retailers have a dirty track record. We want to match you with a reputable dealer who will work with you, even if your credit is dreadful.

Credit-Building for Royal Oak Borrowers

This might seem like a financial myth, but it isn’t: a car loan not only helps you afford the car you’d like, it can increase your credit rating. Payment history is a major part of the FICO scoring model, and a car loan means 36-72 months of payments.

The positive effects are slow and steady, building with time. Most banks and lenders let you set up an automatic monthly payment, so the funds are deducted directly from your checking account.

New And Used Cars for Sale in Royal Oak, MI

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