Auto loans for bad credit in Bessemer, AL – it’s our specialty. Nobody appreciates the frustration of getting a car financed with poor credit like us.
The only thing you have to do is submit your application online, and we will place your application with an auto dealer or lender ready to pre-approve you for an auto loan.
Bessemer Car Dealerships for Bad Credit
Bad credit doesn’t have to stop you from buying your new car. We work with dealers all across Alabama that want to get you the loan you need, regardless of your credit history. As with all subprime loans, expect steeper interest rates and larger down payments, as well as stricter repayment conditions. But keep in mind, the experience is better than that of a buy here pay here dealer, and your vehicle will in all probability cost you less in the long run. Here at Motive Auto Finance, we work with many of these dealerships, and they want to get you behind the wheel of the car you need. Just go here to submit your application.
Documentation Guidelines for Your Bessemer Auto Loan
Be aware that the greater your credit score, the less paper work you’ll have. Lenders want to know you’re able to drive the vehicle in question, so it’s imperative that you have your driver’s license. Income is really a crucial part of getting approved for a loan, so it’s wonder that you’ll have to supply pay stubs. Insurance verification is yet another necessity. The Alabama minimums won’t work. You’ll need a full coverage insurance policy, which includes both collision and comprehensive coverage, on your vehicle. Address verification is a further requirement, but an easy one: just bring a document like a lease or bill that has your address printed on it. References are often required of consumers who’ve got less-than-perfect credit.
Before you head over to the bank or dealer, make sure you have the required documentation.
Buy Here Pay Here Dealers in Bessemer, AL
When you have severe credit problems stemming from issues like bankruptcy or debt settlement, a buy here pay here dealer may sound like a good idea. These dealers approve financing on site, whereas conventional dealerships make use of banks and other lenders, and they regard your income as a form of credit. Downsides include:
- Exorbitant Finance Fees
- Extortionate Down Payments
- Overpriced Cars and Trucks
- Ignition Kill-Switches
Because of this, these dealerships don’t have a great reputation. We can place you in the hands of subprime finance specialist who can get you the funds you need, even if you’ve experienced bankruptcy.
Budgeting Recommendations for Bessemer Residents
When you buy a car, not more than 10% of your monthly income should be set aside for your monthly payment. On top of that, aim to pay off this vehicle in not more than 5 years. If you follow these guidelines, you will wind up purchasing a vehicle costing roughly half of your yearly income. In Bessemer, where the average income is $25,400 annually, this would be $12,702 to invest in a car. Generally, the less you can spend on a solid car or truck, the better.