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Auto Loans in Cranston (RI)

Are you ready to secure a loan with bad credit? We appreciate the challenges that Cranston car buyers with bad credit struggle with.

Here’s how we help our users to rise above their credit scores and secure car loan they need:

Bad Credit Approvals for Rhode Island Residents
  • Step 1: You apply online, which requires few fields, and you can complete it in less than two minutes.
  • Step 2: We harness hundreds of loan providers and dealers.
  • Step 3: Acceptance generally takes less than 48 hours.

Bad Credit Car Dealerships in Cranston, RI

If you’re trying to find an auto dealer in Cranston that will finance bad credit, welcome to Motive Auto Finance: we can help. As compared to a buy here pay here car lot, such dealerships typically offer:

  • Less owed upfront, as a down payment.
  • Less expensive interest rates.
  • Option to improve your credit score.

Your income and credit determines how much car you can afford. With poor credit, you can get approved for six to eight times your monthly income. For the Cranston consumer making $2,884 each month, this is $17,304 to $23,072. That said, a maximum of 10% of your income ($288) should be put toward your car payment, which will probably restrict how much you can spend.

An automobile lending consultant will determine how much you’re eligible to borrow, and at what rate of interest. If you want to talk with one, make sure you submit your application.

Choosing a Vehicle: New versus Used

New versus used? The choice is yours. Brand new vehicles come with much lower interest rates. However, they’re priced a lot higher than their preowned brethren, not to mention that the down payments required are a lot larger.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price tag $28,840 $21,630 $17,304 $14,420
Down Payment $5,768 $2,163 $1,730 $1,442
Loan Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Payment $435.40 $470.69 $376.55 $313.79
Interest $3,052 $3,126 $2,501 $2,084
Total Outlay $31,892 $24,756 $19,805 $16,504

Cranston Buy Here Pay Here Financing

People in the BHPH industry hopes you believe that they are your only option, but this typically isn’t the case. These types of dealers grant funding directly, as opposed to traditional dealers which utilize off site lenders, and they will typically finance anyone. More often than not, used autos are the only thing for sale, and these are not zero down cars. Normally, the down payment equals the vehicle’s wholesale value, and you could wind up paying at least 20% APR. That isn’t all: these dealerships seldom report back to the credit agencies, which means you could make each and every payment as agreed without a boost to your FICO score.

Securing the Right-Sized Loan

It’s imperative that you opt for a vehicle that won’t strain your budget. If at all possible, spend, at the most, roughly 8% of what you make each month on your new payment. For a resident of Cranston bringing in $2,884 a month, the city average, this would be $231.

Exceptional Credit Decent Credit Bad Credit
Income Per Month $2,884 $2,884 $2,884
Payment $231 $231 $231
Rate 3.50% 7.00% 11.00%
Term 5 Years 5 Years 5 Years
Money Down $3,171 $2,913 $2,653
Interest Paid $1,161 $2,191 $3,232
Total Paid $17,014 $16,756 $16,496
Vehicle Price $15,853 $14,565 $13,264

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