If you need a car loan in Riverton, we can help. We’ve spent years cultivating a network of dealers and lenders across the United States, which means we can help applicants from every financial background. You will enjoy the convenience of having a devoted financing professional to address your questions and line up your loan.
Bad Credit Car Dealerships in Riverton, UT
If you’re searching for a dealership that will take low credit scores, we can help. In any non-prime financing arrangement, you can expect:
- Rates of interest that are more costly.
- Down payments that are more substantial.
- Loans that are more modest in size.
On the other hand, they will line up your financing through lenders that submit information to the credit reporting agenciesenabling you to re-establish your credit. Here at Motive Auto Finance, we work with many of these dealerships, and they want to get you approved for the car you deserve. Go here to submit your application.
Riverton Car Loan Rates: How to Minimize Them
If you’ve financed a car, then you know interest rate is just as important as price is, if you want to save some money in the long run.
Take a look at this chart showing the impact of different rates of interest.
|Good Credit||Average Credit||Poor Credit|
|APR||3.50% APR||7.00% APR||11.00% APR|
So as to keep your interest rate as low as possible, you’ll want to check your credit report for any mistakes. If you find an error, make sure to file a dispute with the credit agency where the mistake is being reported. This is a quick and easy way to boost your credit score. Do you have a whole lot of credit card debt? Paying some of it down could decrease your debt-to-income ratio your interest rate as well. Securing a shorter-term loan will also keep your rate more affordable, and it will also minimize negative equity. Last but not least, how much of a down payment can you come up with? Down payments reduce your loan-to-value ratio, and therefore the rate of interest you’re charged.
Buy Here Pay Here Car Lots in Riverton, UT
Have you wondered about getting approved through a buy here pay here car dealer in Riverton? These types of Riverton in house financing dealers provide financing on location, frequently with no a credit check. Seeing as they don’t rely on a standard bank or finance company for approval, they’re able to work with an extensive selection of applicants.
If you have terrible credit, Riverton buy here pay here dealerships are often the only real way to go. But bear in mind, the annual percentage rates are a lot higher than you’d get from a dealership that does indirect financing. On top of that, they don’t often report payments to the credit reporting agencies. This means your FICO score will not get better even if they pay off the loan on time.
How Much to Spend
You should pick a vehicle that is realistic relative to your APR and income. Take a look at the scenarios that follow, showing how much the Riverton consumer ought to spend based on an income of $3,850 each month, a payment of $308, and a term of 60 months.
|Exceptional Credit||Decent Credit||Poor Credit|
|Income Per Month||$3,850||$3,850||$3,850|
|Term Length||5 Years||5 Years||5 Years|
|Price with Interest||$22,713||$22,369||$22,021|