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Auto Loans in Springfield (VA)

Back many years ago, you needed to go from one Springfield lender to the next, hoping to find one who will work with your credit. At Motive Auto Finance, we have made it much easier to secure the auto loan you need. Instead of waiting until you’re in the dealer’s financing office, we allow you to apply for financing in advance. Normally, we’re able to match applicants with a willing dealer or lender within seconds of application.

Springfield Car Dealerships That Finance Bad Credit

Most traditional lenders like banks decline applications from individuals with poor credit. Thankfully, there are dealerships and specialty lenders that will cater to credit-challenged consumers. In comparison with a buy here pay here dealer, such dealerships typically offer:

  • Less owed at purchase, in terms of money down.
  • More affordable APRs.
  • Option to boost your credit score.

The types of vehicles you’re eligible for will be decided by your monthly income and credit history. You’ll want to look for a vehicle that won’t strain your finances, having a payment that’s equivalent to 10% of your income. If you make $2,859 a month, this equals out to a payment of $286.

An experienced lending specialist is standing by, waiting to determine how much you can borrow, and at what rate of interest. If you’d like to speak to one, make sure you apply online.

Trimming Your Springfield Interest Rates

Lots of shoppers concentrate on paying the smallest amount possible for their new car or truck, but for people who have poor credit, interest rate is equally as crucial. To illustrate, an auto loan of $25,731, repaid in 5 years, would cost you vastly differing amounts depending on your rate of interest:

Loan Amount Interest Rate Interest Owed
$25,731 3.50% APR $2,355
$25,731 7.00% APR $4,839
$25,731 11.00% APR $7,836

So as to keep your interest rate affordable, make sure you check your credit report for any mistakes. If you find anything that’s out of date, you’ll want to file a dispute with the credit agency reporting the error. This is a fast and easy way to raise your credit score. Second of all, by paying off any existing debt you will secure a better interest rate. Opting for a shorter-term loan will also keep your rate more manageable, and it will also minimize negative equity. Finally, a solid down payment will lower your loan-to-value ratio–yet another way to reduce your rate.

Buy Here Pay Here Car Lots in Springfield, VA

Consumers in Springfield head for buy here pay here dealers, thinking they will only be able to finance a car at a place like this. Not so. A lot of dealer finance is sourced elsewhere, as dealerships work with off-site banks and lenders to offer the loans. On the other hand, buy here pay here dealers don’t. They are both the lender and the dealer This is the origin of the expression buy here pay here. Drawbacks include:

  • Exorbitant Interest rates
  • Massive Down Payments
  • Overpriced Vehicles
  • GPS Tracking Units

There’s a reason that these car dealers don’t have a great track record. Let us put you in touch with a reputable dealer who can get you in the car you need, not matter your credit.

Recommendations for Financing

In regards to setting your monthly payment, it shouldn’t be above 10% of what you make per month. In addition, you don’t want to finance for more than 5 years. This translates into a car or truck that costs approximately 50% of your annual income. with an income of $34,305 annually, the average in Springfield, you would buy a $17,154 car. Broadly speaking, the less you’re able to invest while still acquiring a dependable car or truck, the better.

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