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Auto Loans in West Mifflin (PA)

Across the nation, lending institutions haven’t been granting car loans like they once did, and West Mifflin is not any different. No one knows bad credit financing like we do. Here’s how it works:

  • Step 1: Our web application takes less than one minute to submit.
  • Step 2: Our system utilizes a network of scores of lenders to place your application.
  • Step 3: Authorization typically takes less than 2 days.

Bad Credit Car Dealers West Mifflin Pennsylvania

West Mifflin Car Dealers for Bad Credit

Given the prevalence of bad credit across the country, a greater number of dealerships now have finance departments dedicated to subprime auto lending. Since this is a high-risk loan, you can expect increased interest rates and higher down payments, together with shorter lending terms. Having said that, keep in mind that you are getting a car, sure, but also the opportunity to restore your credit. Here at Motive Auto Finance, we work with many such dealerships, and they want to get you the car you need. Go here to apply online.

West Mifflin Auto Loan Rates: Reducing Them

A lot of shoppers focus on the out the door cost of the vehicle they’re looking at, but for those who have less-than-perfect credit, interest rate is as vital. As an example, an auto loan of $20,682, financed for 5 years, would cost the following in interest:

  • 3.50% APR: $1,893 in interest.
  • 7.00% APR: $3,890 in interest.
  • 11.00% APR: $6,299 in interest.

Up to 80% of consumers in Pennsylvania are thought to have mistakes on their credit report. You would be best to check yours. Eliminating these lead to a more favorable credit score and a cheaper interest rate. In addition, by paying off any existing debt you will obtain a better interest rate. Make certain you opt for a loan that won’t take 5-6 years to repay. Your monthly payments will be greater, but lenders charge less for shorter loans. Lastly, remember that a solid down payment will reduce your loan-to-value ratio, often known as your LTV–yet another way to reduce your rate.

Buy Here Pay Here Car Lots in West Mifflin, PA

If you’ve got major credit problems stemming from bankruptcy or debt settlement, a buy here pay here dealer could very well sound like a smart move. These car lots offer auto loans on site, while a lot of dealerships make use of banks and finance companies, and they are more focused on your income than your credit.

Alas, you can look forward to excessive interest rates, huge down payments, and older vehicles that are overpriced. There’s a good reason that these dealerships have a lousy track record. We can match you with subprime finance professional who can get your loan funded, not matter your credit.

Credit-Building for West Mifflin Consumers

It’s not a myth: a vehicle loan may actually build up your credit score. If you pay your lender as agreed each and every month, you will end up establishing a favorable history of debt payment, which accounts for 35% of your FICO score.

Your score doesn’t skyrocket the instant you pay the balance of your loan. Rather, it will go up steadily as you keep making payments time after time. Of course, the benefits of a better score are tremendous, including much lower rates of interest and insurance costs, as well as more opportunities for refinancing current loans.

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