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Auto Loans in West Bloomfield (MI)

All over the country, banks haven’t been approving car loans like they did a decade ago, and West Bloomfield is not any different. While a great many conventional car banks are neglecting applicants who’ve got bad credit, we have partnered with dealers and automobile finance companies who offer auto loans for people with bad credit in West Bloomfield. Each day, we help people get a car financed despite:

  • Very Bad Credit
  • Zero Credit
  • Bankruptcies
  • Foreclosure
  • Delinquent Bills

That’s what we do. Want to get moving? Simply click here to apply online.

Bad Credit Car Dealers in West Bloomfield, MI

Car dealers that have departments dedicated to sub-prime financing are frequently known as bad credit car dealerships. Whenever you have less-than-perfect credit, there are certain things to be expected:

  • Increased APR rates.
  • More money owed upfront.
  • Less significant loans.

On the plus side, the experience is far superior to that of a buy here pay here car lot, and your vehicle will likely cost you less in the end. Here at Motive Auto Finance, we work with many of these dealerships, and they want to get you the car you want. Just go here to apply online.

Affordable APR Rates for West Bloomfield Drivers

In order to save on your car or truck, do something to minimize your rate of interest. This could lead to big savings.

Check out how much less you’ll owe in interest at an APR of 3.50% as compared with 7.00% or 11.00%.

Good Credit Decent Credit Poor Credit
Size of Loan $52,848 $52,848 $52,848
APR 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $961 $1,046 $1,149
Interest Owed $4,836 $9,939 $16,095

Fortunately, there are steps you can take to limit your rate of interest.

  • Credit History: Ensure there are no errors on your credit report. If you find one, go ahead and challenge it.
  • Down Payment: Bigger down payments will commonly bring about a lower rate of interest, since the loan isn’t as large as compared to the vehice’s price.
  • Debt-to-Income (DTI): Have a lot of credit card debt? Reducing your balances will trim your DTI and elevate your credit score, both of which will mean a cheaper APR.
  • 36-60 Month Loan: Long-term loans have reduced monthly installments, but shorter ones have better interest rates.
  • Age of Vehicle: Used vehicles are more expensive to finance, since they are more susceptible to maintenance issues and such.

West Bloomfield Buy Here Pay Here Dealers

Perhaps you have thought about heading to a buy here pay here dealer for a car that could be financed? Ordinarily, there are better options. As a rule, dealer finance is outsourced, in that dealerships go through banks and lenders with whom they have relationships to supply the loans. By contrast, buy here pay here dealers engage in direct lending. They provide financing themselves. Regrettably, you should expect high annual percentage rates, expensive down payments, and high mileage vehicles that are too expensive in light of their condition. If raising your credit score is important to you, and why wouldn’t it be, you are better off applying through us, since BHPH dealers won’t help you restore your credit.

Guidelines for Financing

Your car payment, where to begin? Determine what’s 10% of your monthly income–the maximum you should budget for this. On top of this, aim to pay off this vehicle in not more than 5 years. This translates into a vehicle costing roughly 50% of what you get paid on a yearly basis (pre-tax). Here in West Bloomfield, where the average income is $70,463 a year, the average consumer would finance a vehicle costing $35,232. In the end, the less you’re able to invest while still obtaining a solid car or truck, the better.

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