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Auto Loans in Plainfield (NJ)

For consumers suffering from poor credit scores, getting financed is the biggest barrier to getting a new car or truck, even if it is pre-owned. Given how many banks and finance companies in Plainfield are neglecting people that have bad credit, it could take a long time to find a lender without the help of an expert. Luckily, we’ve developed a proprietary platform for loan approval designed especially for applicants who have subprime credit.

Inside of a minute, we can find you a lending consultant in Plainfield.

Bad Credit Car Dealerships in Plainfield, NJ

Car dealers that specialize in sub-prime financing are usually referred to as bad credit dealerships. As with all subprime loans, certain things are to be expected more expensive rates of interest, larger down payments, and smaller loans. On the plus side, the rates and terms are far better than you would be given at a used lot that does in-house financing with no credit checks. We work with many such dealerships, and when you apply online, we work hard to connect you with one who wants to approve your credit.

Should You Buy a New Vehicle or a Used One?

Both new and pre-owned vehicles can be financed through Motive Auto Finance. A brand new vehicle loses 20% of its value during the first year of ownership, and after three years, 50%. For that reason, you can usually get more car when you buy used.

New Car Used Car
Age New 1 Year Old
Price $26,220 $19,665
Down Payment $5,244 $1,967
Interest Rate 5.00% 7.50%
Duration 5 years 4 years
Monthly Payment $395.84 $427.93
Interest Paid $2,775 $2,842
Amount Paid $28,995 $22,507

Buy Here Pay Here (BHPH) Dealerships in Plainfield, NJ

Commonly called buy here pay here, tote the note, or your job is your credit car dealers, these dealerships typically have a few fundamental features:

  • They finance car loans on-site.
  • They don’t require credit checks.
  • They want you to pay them every week, often in person.

Sometimes men and women with really horrible credit feel that an in house financing car lot is the only real place that will approve their credit. But the truth is, New Jersey bad credit car loans from credit unions and banks typically involve more affordable rates.

How Much You Should Spend on a Car

Wouldn’t you like to know how much you ought to spend on a car? Not more than 8% of your monthly income ought to be devoted to this new payment. To illustrate, Plainfield residents make, on average, roughly $2,622 each month, and 8% of this is $210.

Great Credit Okay Credit Poor Credit
Income $2,622 $2,622 $2,622
Monthly Payment $210 $210 $210
Interest Rate 3.50% 7.00% 11.00%
Down Payment $2,883 $2,648 $2,412
Borrowed Funds $11,531 $10,593 $9,647
Interest Paid $1,055 $1,992 $2,938
Price with Interest $15,468 $15,234 $14,997
Purchase Price $14,413 $13,242 $12,059


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