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Auto Loans in Provo (UT)

Here at Motive Auto Finance, we’re proud to help people in Provo get a car loan, even with difficulties such as poor credit, no credit, and no down payment. Rather than waiting until you are in negotiations at the dealership, we allow you to get approved for financing ahead of time. It’s tough to find a better way to arrange the financing required for your new car.

Bad Credit Car Dealerships in Provo, UT

Don’t allow credit to prevent you from buying your next car. We work with dealers all across Utah who are willing to compete for your business. Contrary to buy here pay here dealers, these dealerships offer:

  • Interest rates that are fair.
  • Down payments that are fair.
  • Vehicles that have fewer maintenance issues.

The dealer will assess your credit and income to decide which cars you’re qualified to finance. As a way to steer clear of loan default or repossession, opt for a vehicle that won’t strain your finances, having a payment of about 10% of your income. For people making $1,426 on a monthly basis, the average in Provo, this is a payment of $143.

An auto finance professional can help you determine how much you’re eligible to borrow, and at what APR. Go here to submit your application.

Provo Auto Finance Rates: How to keep Them Low

Lots of car-buyers are focused on paying the smallest amount they can for their new car, but for people who have bad credit, rate of interest is as critical–perhaps more so.

Consider how much more you will pay in interest at an APR of 11.00% in comparison to 3.50%.

Good Credit Average Credit Sub-prime Credit
Amount Borrowed $12,834 $12,834 $12,834
Rate 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $233 $254 $279
Total Interest $1,174 $2,414 $3,909

As you can see, your interest rate is crucial, and you’ll be glad to know that it can be minimized in a range of ways.

  • Credit Score: Check the latest copy of your credit report through a trusted provider, then take action to remedy any mistake that show up.
  • Down Payment: A larger amount of money down commonly results in a lower rate of interest, given that fewer funds have to be borrowed.
  • Debt-to-Income Ratio: Less debt will often mean a reduced rate of interest. Pay down what you can.
  • Repayment Period: The shorter your loan is, the cheaper the interest rate.
  • Vehicle Condition: Lenders charge steeper rates for pre-owned vehicles than new vehicles, though they don’t cost as much to start with.

Buy Here Pay Here Auto Loans in Provo, UT

The buy here pay here industry has expanded in recent years, largely because so many consumers’ credit scores suffered on account of the down economy. These dealers will approve pretty much anybody, regardless of their credit, but you will find disadvantages.

Regrettably, you can expect excessive loan rates, huge down payments, and high mileage vehicles that are overpriced. Is elevating your credit a concern for you? Then you should contact a vehicle finance professional through us, seeing as buy here pay here dealerships won’t help you strengthen your credit.

Improving Your Credit in Provo

Ordinarily established banks and finance companies report your payments to the big three credit agencies, giving you the opportunity to build up your credit. An auto loan can positively impact two fundamental credit components:

  1. Payment History (35% of score).
  2. Credit Mix (10% of score).

On the other hand, you can hurt your credit worse if you don’t keep up with your payments. Lots of banks and lenders enable you to establish a scheduled payment each month, so the money is taken from your checking account.

Cars in Provo, UT

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