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Auto Loans in Lindenhurst (NY)

Here at Motive Auto Finance, we understand the difficulties associated with buying a car, especially if you have bad credit. We allow you to find a lender or dealer who appreciates your business, whatever your credit. We have developed an unrivaled network of dealers and finance companies who are prepared to accept you as a client, based on variables such as your income, your location, and what you credit rating is. A vehicle finance manager can help you:

  • Compare rates.
  • Decide on a lender.
  • Make an appointment to choose your vehicle.

Go ahead and apply online for financing.

Lindenhurst Dealerships That Accept Bad Credit

Car dealerships with departments specializing in sub-prime financing are referred to as bad credit dealerships. As opposed to buy here pay here dealers, these larger dealerships offer:

  • Reasonable rates of interest.
  • Manageable down payments.
  • New and pre-owned vehicles.

Your income and credit will determine how much car you can afford. Normally, if you’ve got credit problems, you can get approved for 6 to 8 times your monthly income. For residents of Lindenhurst earning $5,128 per month, this is $30,768 to $41,024. At the same time, it’s best to borrow less than you can, keeping your monthly payment to only 10% of your income–$513, in our example.

A dedicated lending consultant will determine how much you’re eligible to borrow, and at what interest rate. Go here to apply online.

New or Pre-owned: What’s Best?

Have you considered whether you want a used or new car? New vehicles come with cheaper rates of interest. Then again, they cost considerably more than their pre-owned equivalents, not to mention that the down payments they require are a lot bigger.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price tag $51,280 $38,460 $30,768 $25,640
Down Payment $10,256 $3,846 $3,077 $2,564
APR 5.00% 7.50% 7.50% 7.50%
Duration 60 months 48 months 48 months 48 months
Payment Per Month $774.17 $836.93 $669.54 $557.95
Finance Charge $5,426 $5,559 $4,447 $3,706
Total Outlay $56,706 $44,019 $35,215 $29,346

Buy Here Pay Here Financing in Lindenhurst, New York

Have you thought about going to a buy here pay here dealer for approval? Usually, there are considerably better options. Typically, dealer finance is outsourced, as dealers work with banks or credit unions to deliver the loans. In contrast, buy here pay here dealers provide auto loans themselves. You will find that higher-mileage autos are the only thing available, and these aren’t no down payment cars. In most cases, the down payment is close to what you would pay for the vehicle if you decided to buy it from a local person selling it, and you could end up paying up to 20% APR. As if that weren’t enough, these car lots rarely work with the credit reporting agencies, so you could make all of your payments punctually without boosting your FICO score.

Repairing Your Credit in Lindenhurst

Not only does an auto loan give you the funds you need to buy your car, it can help you get your credit back to normal. Credit improvements aren’t instant, but within a year or so, you ought to notice your credit score start to rise. Of course, the opposite is likewise a risk: you can worsen your credit if you don’t keep up with your payments. Of course, the advantages of an increased score are huge, including greatly reduced rates of interest and insurance rates, as well as more opportunities for refinancing current loans.

Used Cars for Sale in Lindenhurst, NY

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