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Auto Loans in Cleveland (TN)

If you are shopping for a new car, it’s likely that you will need an auto loan. For years, we’ve been building relationships with lenders and dealers across the state of Tennessee, and we have lenders and dealers ready to finance your purchase. You will be led step by step through the process by a finance professional in your city.

Cleveland Car Dealerships for Bad Credit

For people with below-average credit, dealer financing is often the only option you have, since the majority of banks in Cleveland won’t be able to lend to you. There are dealers, however, that can get you the loan you need at an affordable rate. Since you’re a higher-risk applicant, expect:

  • Steeper APR rates.
  • More upfront cash required.
  • Tougher lending terms.

On the other hand, the experience is superior to that of a buy here pay here car lot, and your vehicle will in all probability cost you less in the long run. Here at Motive Auto Finance, we work with many such dealerships, and you can find one ready to work with your credit by applying online.

New or Used Vehicle

We’ve discovered that a good number of buyers aren’t aware loans are available for both new and used vehicles. More often than not, a pre-owned vehicle is the way to go. The interest rates on new cars are lower, but used vehicles are a lot less expensive.

New Car Used Car
Years Old 0 1
Price $17,350 $13,013
Down Payment $3,470 $1,301
Interest Rate 5.00% 7.50%
Length 5 years 4 years
Payment Amount $261.93 $283.17
Finance Charge $1,836 $1,881
Total Investment $19,186 $14,893

Buy Here Pay Here (BHPH) Dealers in Cleveland, TN

Buy Here Pay Here Car Dealerships Cleveland Tennessee
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Sometimes referred to as in house financing, your job is your credit, or tote the note car dealerships, these dealerships generally have a few fundamental features:

  • These dealerships offer car loans direct to the consumer.
  • They do not pull your credit.
  • They want you to make payments each week, often at the lot.

For consumers who have really bad credit, Cleveland in house financing dealerships tend to be the only real option, even though there are a number of drawbacks:

  • Excessive Loan Rates
  • In-Person Payments
  • High Risk of Repossession

Cars in Cleveland For Your Budget

It is important to choose a vehicle that won’t stress your budget. Try and avoid spending greater than 8% of your income each month on your new payment. As one example, residents of Cleveland make, on average, something like $1,735 a month, and 8% of this is $139.

Good Credit Okay Credit Poor Credit
Car Payment $139 $139 $139
Rate 3.50% 7.00% 11.00%
Months 60 60 60
Down Payment $1,907 $1,752 $1,596
Loan $7,630 $7,010 $6,384
Total Interest $698 $1,318 $1,944
Price with Interest $10,235 $10,080 $9,924
Vehicle Price $9,537 $8,762 $7,980

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