Do you need to secure a loan with a low credit score? Despite the fact that lots of old-fashioned loan companies have been declining consumers with unfavorable credit ratings, we have relationships with dealers and auto loan companies who fund car loans for bad credit in Lorain on a regular basis.
All you need to do is complete your credit request. We will place your application with a car dealer or lender ready to pre-approve you for financing.
Bad Credit Car Dealers in Lorain, OH
Dealers able to assist consumers with sub-prime auto loans are commonly referred to as bad credit dealerships. Since this is a high-risk loan, you can expect:
- Rates of interest that are steeper.
- Down payments that are larger.
- Payment terms that are shorter.
However, the experience is superior to that of a buy here pay here car lot, and your vehicle will likely cost you less in the long run. At Motive Auto Finance, we work with many of these dealerships, and they want to get you approved for the car you want. Go here to submit your application.
New or Used: Have You Decided?
The majority of applicants can qualify to finance either a new or used car. In a lot of cases, a used car is the way to go. The APR rates on new cars are lower, true, but used vehicles will cost you a lot less.
|New Car||Used Car 1||Used Car 2||Used Car 3|
|Age||New||1 year old||2 years old||3 years old|
|Payment Per Month||$490.95||$524.63||$419.70||$349.75|
Buy Here Pay Here Auto Loans in Lorain, OH
Buy here pay here dealers hopes you think that nobody but them will approve you, but this is rarely the case. It’s true, they do not pull your credit, which means your credit problems probably won’t be an obstacle, but you end up paying more than you’d like for this. Issues include:
- Excessive Finance Fees
- Inflated Down Payments
- Overpriced Cars and Trucks
- Uncompromising Repossession Tactics
For this reason, these dealerships have a dirty reputation. We can match you with subprime finance specialist who can get you financed, even if you have bad credit.
How Much to Spend on a Car
It can be easy to purchase a higher priced vehicle than is prudent. Only about 8% of your monthly income should be spent on your new payment. For consumers in Lorain, with an average income of $3,252, this would be $260.
|Prime Credit||Decent Credit||Poor Credit|