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Auto Loans in Westerville (OH)

Here at Motive Auto Finance, we understand the hurdles you face when you need to finance a car with bad credit. We help you to find a lender or dealer that appreciates the chance to approve you for financing, whatever your credit. Over the years, we’ve built an extensive network of lenders and dealers that will consider your application, even if you’ve got a credit score of 650 or less. A vehicle finance agent will be at your side, helping you compare interest rates and get your loan. Go here to apply online for financing.

Bad Credit Car Dealerships in Westerville, OH

Have you thought about where to buy your new car? If you’ve got problematic credit, private party car loans are generally not an option. Odds are you’ll need to make your purchase at a local dealer. Thankfully there are dealerships that work with bad credit. Typically, these types of dealers offer:

  • Interest rates that aren’t excessively high.
  • Down payments that are affordable.
  • New vehicles, instead of only used ones.

The cars and trucks you can finance will be determined by your income and credit history. In order to steer clear of loan default or repossession, find a vehicle that won’t break your budget, with a payment that equates to 10% of your income–no more. If you earn $4,320 monthly, this comes to a payment of $432.

Apply online to have a finance expert confirm how much car you can afford.

No Money Down Car Loans in Westerville?

A down payment, as you know, is the amount you have to pay upfront when you purchase your vehicle. When you get a car loan, you don’t want to owe more than the car is worth. When the vehicle isn’t worth as much as what’s owed on it, then you have negative equity. A down payment offsets depreciation. However, we recognize that setting aside such a significant chunk of cash is a challenge. However, you can simply sell your existing vehicle and put what you make toward your down payment, or for slightly less trade it in at the dealership.

Tote The Note Car Dealers in Westerville, OH

Referred to as buy here pay here, tote the note, or your job is your credit car lots, these dealerships generally have a few primary features:

  • They grant car loans direct to the consumer.
  • They do not require credit checks.
  • They want you to make payments each week, often at the lot.

If you’ve got terrible credit, Westerville buy here pay here car dealers are often the only real option. Unfortunately, Ohio bad credit car loans from credit unions and banks typically have lower rates.

Budgeting Guidelines for Westerville Residents

Divide the amount you make per month, prior to withholdings, by 10. You’ll want to spend no more than this on your monthly payment. Simultaneously, it’s best not to get a loan for more than 60 months. If you follow these guidelines, you will wind up financing a car or truck that costs approximately 50% of what you make on a yearly basis. For instance, if you make $51,845 a year, the average in Westerville, you would buy a car that costs $25,920. Ultimately, the less you’re able to spend to acquire a reliable car, the better.

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