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Auto Loans in Media (PA)

If you’re looking to purchase a new car, it’s likely that you need an auto loan. Our market experience is unequalled, and we have specialists set and ready, expecting your application. Enjoy the convenience of working with a dedicated finance expert to address any questions you have and line up your loan.

Media Car Dealers for Bad Credit

If you’re trying to find a dealership that funds loans for individuals with low credit scores, your search is over. Whenever you have bad credit, expect:

  • Interest rates that are higher.
  • Down payments that are bigger.
  • Loans that are more modest in size.

On the plus side, don’t forget that you are getting a car, of course, but also the chance to improve your credit score. Here at Motive Auto Finance, we work with many such dealerships, and they want to get you in the driver’s seat of the car you want. Go here to apply online.

Reduced Auto Loan Rates for Media Drivers

Rate of interest is of supreme importance, as is repayment period, in determining the total amount you wind up putting into your vehicle. Let’s look at one example: a car loan of $24,390, repaid in 5 years, would cost the following in interest:

  • 3.50% APR: $2,232 in interest.
  • 7.00% APR: $4,587 in interest.
  • 11.00% APR: $7,428 in interest.

Obviously, it’s vitally important that you obtain the lowest rate your credit allows. Why don’t we look at a few techniques you have available.

  • Credit Profile: Ensure that there are no misreported debts bringing down your credit score. If you discover one, go ahead and challenge it.
  • Down Payment: Save up enough for 20% down on your new car or truck, which will decrease lending risk, bringing about a less expensive rate of interest.
  • Debt-to-Income Ratio: Less debt can mean a cheaper rate of interest, so it’s smart to pay off what you can.
  • Repayment Period: If you choose to pay off your loan in a shorter time frame, your interest rate will be lower.
  • New Vehicle: Lenders charge steeper rates for pre-owned vehicles, simply because they are more susceptible to maintenance issues.

Buy Here Pay Here Car Lots in Media, PA

Buy here pay here dealers wants you to believe that there is no alternative but them, yet this is hardly ever the case. These dealers will finance virtually anyone, regardless of their credit, but you will find drawbacks.

Negatives include:

  • Outrageous APR Rates
  • Massive Down Payments
  • Steeply-Priced Vehicles
  • Ignition Kill-Switches

Is improving your credit one of your goals? If so, you are better off applying through us, since BHPH car lots will not help you improve your credit.

Budgeting Recommendations for Media Residents

When you finance a car, not more than 10% of your monthly income should be set aside for your monthly payment. If you don’t want to be upside down on your vehicle, opt for a loan of no more than 60 months. With this payment and finance term, you will be purchasing a vehicle costing about 50% of what you make on a yearly basis. In Media, where the average income is $32,520 a year, this would be $16,260 to commit to a new car or truck. Generally, the less you can spend on a solid car, the better.

Cars in Media for Sale

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