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Auto Loans in Beloit (WI)

Subprime credit can make it tough to finance a car, but we’ve simplified the process like nobody else. We allow you to find a lender or dealer who caters to people with your type of credit, whatever it may be. We have spent years forming an extensive network of lenders and dealers that can take your application digitally, lending you any number of advantages:

  • Rapid funding.
  • Increased negotiating leverage.
  • Increased self-assurance in the dealer showroom.

All you need to do is submit your credit application, and you could have the loan you need within hours, if not minutes.

Auto Loan Beloit WI

Bad Credit Car Dealers in Beloit, WI

There are dealerships in Beloit and across Wisconsin that check out your employment status rather than your credit. They often market themselves as your job is your credit car lots, and they don’t use your credit as a deciding factor for financing approval. However, most likely they will not be helping you boost your credit score. Your best choice is to find a dealership that can find you financing through a third party lender. In most cases they are a safer option, abiding by stricter regulatory guidelines than smaller car lots with on-site financing. As with all subprime loans, you can expect:

  • Interest rates that are steeper.
  • Down payments that are larger.
  • Loans that are modestly-sized.

However, remember that you’re getting not only a car, but also the chance to increase your credit score. At Motive Auto Finance, we work with many of these dealerships, and when you apply online, we match you with one who wants to get you the loan you need.

How to Minimize Your Beloit Rates of Interest

Rate of interest is crucialin determining your monthly payment, not to mention the amount you will end up paying for your vehicle. For instance, an auto loan of $14,796, with a repayment period of 60 months, would cost you vastly varying amounts depending on your interest rate:

Loan Amount Rate of Interest Interest Paid
$14,796 3.50% APR $1,354
$14,796 7.00% APR $2,783
$14,796 11.00% APR $4,506

So that you can keep your interest rate low, be sure you inspect your credit report for any inaccuracies. If you find anything that’s out of date, be sure you contact the credit bureau in question. This is a quick and easy way to boost your credit score. Additionally, by paying off any existing debt you will secure a better rate of interest. You can finance a car at a lower rate for 3-4 years than for 5 years or longer, and shorter loans have less risk of negative equity. As a final point, how much of a down payment can you offer? The higher your down payment, the more affordable your rate of interest.

Beloit Buy Here Pay Here Dealers

People in Beloit and throughout Wisconsin resort to buy here pay here dealers, believing they will only be able to get approved with no credit check. Not true. These dealers will approve practically anybody, regardless of their credit, but you will find downsides.

The fact is, you can expect exorbitant interest rates, big down payments, and older vehicles that are too expensive in light of the shape they’re in. And if that weren’t enough of an issue, these car lots seldom report to the credit agencies, and that means you could make every single payment as agreed without a lift in your credit score.

How Much You Ought to Spend

The car you should buy, in terms of price, will be based largely on your income and APR. This chart displays how much the Beloit consumer ought to spend based on an income of $1,644 per month, a car payment that amounts to 8% of this income ($132), and a term of 60 months.

Great Credit Decent Credit Subprime Credit
Income Per Month $1,644 $1,644 $1,644
Monthly Installment $132 $132 $132
Loan Rate 3.50% 7.00% 11.00%
Years 5 5 5
Money Down $1,807 $1,661 $1,512
Total Interest $662 $1,249 $1,842
Total with Interest $9,699 $9,552 $9,403
Purchase Price $9,037 $8,303 $7,561


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