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Auto Loans in State College (PA)

Do you need to finance a car in State College with bad credit scores or no down payment? We understand the challenges that State College consumers with bad credit struggle with. Each day, we help men and women in State College finance a car despite challenges like:

  • Very Bad Credit
  • No Credit
  • Bankruptcies

That’s simply what we do. Ready to get moving? Follow this link to submit your application.

State College Car Dealerships for Bad Credit

You’ll want to avoid buy here pay here car lots, which have been denounced repeatedly for shady lending tactics. There are larger, more well-respected dealerships that cater to people with credit problems and offer a better financing experience. Just like any bad credit loan, expect increased rates of interest, more substantial down payments, and smaller loans. Having said that, it’s much better than being turned away by a bank, and if you make your payments on schedule, you can strengthen your credit score by the time your vehicle is paid off. Here at Motive Auto Finance, we work with many such dealerships, and you can find one willing to fund your loan by applying online.

Documentation That’s Needed

You will be asked to take some documents with you in order to secure your loan.

  • Driver’s License: This allows the lender to double-check that the name listed you your application is correct.
  • Proof of Income: A pair of previous months’ paystubs are typically sufficient.
  • Proof of Insurance: Liability insurance will not be satisfactory. Lenders require that you have comprehensive coverage, and if you don’t, many will obtain a policy themselves and roll the cost into your monthly payment.
  • Proof of Residence: An electric bill or copy of your lease serves as verification of where you live.
  • Personal References: These enable lenders to check the data supplied in your application.

If this sounds like a hassle, don’t fret: it’s really easy.

State College Buy Here Pay Here Dealers

People in the BHPH industry hopes you assume that they’re the only ones that will finance you. However, this is hardly ever the way it is. Most of the time, dealer financing is indirect, as dealerships go through banks and lenders with whom they have relationships to deliver the loans, but BHPH dealers don’t. They provide car loans themselves.

Disadvantages include:

  • Outrageous Finance Fees
  • Extortionate Down Payments
  • Steeply-Priced Vehicles
  • Location Tracking Units

For this reason, these car dealers don’t have a great reputation. Let us match you with subprime finance professional who can get you approved, even if your credit is awful.

Choosing a New Car

Dealer lots in State College are loaded with cars and trucks that you are able to purchase, but which wouldn’t be advisable. Don’t spend much more than 8% of your income each month on your car payment. If you live in State College and make $1,140 each month, this would be $91.

Excellent Credit Decent Credit Poor Credit
Income $1,140 $1,140 $1,140
Payment Amount $91 $91 $91
Interest Rate 3.50% 7.00% 11.00%
Money Down $1,253 $1,151 $1,049
Amount Borrowed $5,013 $4,606 $4,195
Interest Paid $459 $866 $1,277
Total with Interest $6,725 $6,623 $6,521
Sticker Price $6,267 $5,757 $5,243

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