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Auto Loans in Kent (WA)

Bad credit scores. They’re a huge hassle for Kent residents. Despite the fact that a great many old-fashioned auto lending institutions have been rejecting consumers who’ve got poor credit, we have an abundance of car dealers and automobile lenders in our network who grant car loans for people with bad credit in Kent every day. To get started, all you’ve got to do is submit your application online, and we will place you with a car loan company or car lot ready to pre-approve you for a car loan.

Bad Credit Car Dealerships in Kent, WA

Car dealers with teams dedicated to supporting credit-challenged customers are typically known as bad credit car dealerships. Any time you have adverse credit, there are certain things to be expected elevated rates of interest and bigger down payments, plus smaller loans. With that being said, they will get you approved through lenders that report back to the credit agencies, giving you the ability to increase your credit score. Here at Motive Auto Finance, we work with many of these dealerships, and when you submit your application, we work hard to pair you with one who wants to approve your credit.

Should You Buy Your Vehicle New or Used?

Used or new? It pays to do your homework. Brand new vehicles have much lower rates of interest. However, they are priced significantly higher than their pre-owned equivalents, and additionally they require bigger down payments.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price $18,930 $14,198 $11,358 $9,465
Down Payment $3,786 $1,420 $1,136 $947
APR 5.00% 7.50% 7.50% 7.50%
Term 60 months 48 months 48 months 48 months
Monthly Payment $285.79 $308.95 $247.16 $205.97
Finance Fees $2,003 $2,052 $1,642 $1,368
Total Paid $20,933 $16,249 $13,000 $10,833

Buy Here Pay Here Dealers in Kent, WA

If you have major credit problems stemming from issues like bankruptcy or repossession, buy here pay here financing could possibly sound like a good option. Most of the time, dealer finance is sourced elsewhere, in that car dealers work with off-site banks and lenders to fund the loans. On the other hand, BHPH dealers make credit decisions on-site, often without a credit check. You will see that preowned autos are the only thing you can buy, and these Kent dealers may expect you to have an ignition interlock placed in your vehicle. The numbers of vehicles being repossessed are astronomical, as are the interest rates. And if that weren’t a problem, these dealerships very rarely report to the credit bureaus, so you could make every single payment as agreed without any boost to your FICO score.

Choosing a New Car

Much of the time, you’ll be able to finance a more expensive vehicle than you really should. A maximum of 8% of your monthly income ought to be devoted to your car payment. If you live in Kent and earn $1,893 per month, this would be $151.

Excellent Credit Fair Credit Subprime Credit
Income Per Month $1,893 $1,893 $1,893
Monthly Installment $151 $151 $151
Rate 3.50% 7.00% 11.00%
Money Down $2,081 $1,912 $1,741
Interest Paid $762 $1,438 $2,121
Price with Interest $11,168 $10,998 $10,828
Purchase Price $10,406 $9,560 $8,706

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