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Auto Loans in Lakewood (WA)

If you need an auto loan in Lakewood, you have come to the right team. Our experience in the industry is unrivaled, and we have finance professionals hoping to fund your loan. You will be led step by step through the lending process by a finance specialist in your area.

Auto Loans Lakewood WA

Bad Credit Car Dealers in Lakewood, WA

If you’ve got a bad credit score, most banks aren’t going to offer you a loan. Luckily, there are dealerships and finance companies that do business with people from the lower credit tiers. As with all subprime loans, you can expect:

  • Rates of interest that are higher.
  • Down payments that are larger.
  • Loans that are more modest in size.

However, they will get you approved for financing through banks and finance companies that supply information to the credit agencies, offering you the ability to restore your credit. Here at Motive Auto Finance, we work with many of these dealerships, and they want to get you the car you want. Go here to apply online.

Can You Finance a Car without a Down Payment?

A down payment, as you probably know, is the money you pay upfront, often in cash, when you obtain any financed vehicle. If you are unable to supply a down payment, a used car might be a better option. Glance at the table below.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Lost Value 0% 25% 40% 50%
Cost $16,270 $12,203 $9,762 $8,135
Percentage 20% 10% 10% 10%
Down Payment $3,254 $1,220 $976 $814

Even though there are no money down car loans in Lakewood, we typically endorse down payments.

Lakewood Buy Here Pay Here Dealerships

For people who have dealt with bankruptcy or repossession, a buy here pay here dealer could very well sound like a good idea. Sure, they don’t pull your credit, so bad credit probably won’t be an impediment to approval, but it’s likely that you will be charged excessively for this service. Regrettably, you can expect inflated rates of interest, big down payments, and older vehicles that are steeply-priced. For this reason, these dealers don’t have an outstanding reputation. Let us put you in touch with a reputable dealer who can put you in the driver’s seat, even if you’ve been through bankruptcy.

Choosing a Vehicle

The dealership is likely to be jam packed with vehicles that you are able to buy, but which wouldn’t be a good idea. This chart shows how much the Lakewood consumer ought to spend based on a monthly income of $1,627, a car payment that amounts to 8% of this income ($130), and a term of 60 months.

Exceptional Credit Decent Credit Poor Credit
Payment Amount $130 $130 $130
Rate 3.50% 7.00% 11.00%
Years 5 5 5
Down Payment $1,789 $1,643 $1,497
Borrowed Funds $7,155 $6,573 $5,986
Interest Paid $655 $1,236 $1,823
Total with Interest $9,598 $9,453 $9,306
Vehicle Price $8,944 $8,217 $7,483


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