Here at Motive Auto Finance, we help people in Pottstown get the auto loans they need, even with complications such as poor credit, lack of credit, and no money to put down. We’ve spent years cultivating relationships with lenders and dealers across the United States, and we have one of the highest approval rates in the industry. We put you in touch with a finance specialist whose goal it is to get you approved for the car loan you need.
Pottstown Car Lots for Bad Credit
Bad credit doesn’t have to prevent you from buying your new car. We have access to dealerships in Pottstown that won’t deny you an auto loan, just because your credit isn’t ideal. As with all subprime loans, you can expect more expensive rates of interest, heftier down payments, and smaller loans. With that being said, the rates and terms are a lot better than you would get at a buy here pay here dealer. There are a great number of dealers in our network, and when you submit your application, we work hard to match you with one who wants to arrange your loan.
Can You Get a Car Loan with Zero Down?
Have you got money saved for a down payment? More often than not, one is required. A down payment lessens your loan-to-value ratio (LTV), which is the amount financed in relation to the cost of the vehicle. This results in a reduced annual percentage rate, as well as less interest paid overall.
Zero down car and truck loans are out there, but typically they trade in their used vehicle in order to meet the lender’s down payment requirement.
Buy Here Pay Here Car Lots in Pottstown, Pennsylvania
If you have substantial credit problems stemming from issues like bankruptcy or debt settlement, buy here pay here financing may seem like a good option. These types of dealerships grant funding directly, unlike conventional dealerships which make use of banks and loan companies, and they typically don’t check your credit.
Drawbacks include outrageous rates that are right up there with Pennsylvania’s usury laws, along with huge down payments and hardline contracts that allow for rapid repossession if you fall behind on your payments Is raising your credit one of your goals? If so, you should apply online through us, seeing as buy here pay here dealerships won’t assist you in raising your credit.
Will This Improve Your Credit Score?
The majority of respected auto finance companies work with the primary credit agencies–Equifax, Transunion, and Experian–which gives you the opportunity to restore your credit. To help increase your credit, be sure you make your payments when they’re due, each and every month. Payments made late, by contrast, can hurt your credit score, and quickly! It’s impossible to know precisely how much your score is going to climb, but some experts have noted a 5-10% improvement each month.