Interested in a new or used vehicle? Then you probably need an auto loan to afford the car you want. Rather than waiting until you’re in a high-pressure situation at the dealership, we allow you to get approved for financing in advance. You will enjoy the convenience of having a committed finance consultant who can address your questions and set up your loan.
Kingman Dealerships That Approve Bad Credit
When you’ve got below-average credit, dealer financing is likely your best bet, considering that most banks won’t be able to lend to you. There are dealers, however, that can get you the loan you need at a fair rate. In contrast to buy here pay here dealers, these dealers offer:
- Interest rates that aren’t extortionate.
- Down payments that are realistic.
- Vehicles that have fewer maintenance issues.
You may not meet the criteria to finance the higher-priced cars in the showroom. With a low credit score, the most you can borrow is 6 to 8 times the amount you earn on a monthly basis. For the Kingman resident who makes $991 each month, this is $5,946 to $7,928. At the same time, only 8% of your income ($79, in our example) should be devoted to your car payment, which will very likely make for a smaller loan. Apply online to learn how much you can borrow.
No Down Payment Cars in Kingman?
Do you have a down payment saved for your new car? If not, it might be tougher to get the loan you need, but it’s not hopeless. A down payment will reduce your loan-to-value ratio–the size of the loan in relation to the cost of the vehicle–thereby leading to a decreased annual percentage rate, together with less paid in total interest.
It isn’t impossible to buy a car in Kingman without any cash down, particularly if you are willing to trade in your used car or truck. Contact an auto finance consultant and see whether you’re eligible.
Buy Here Pay Here Car Lots in Kingman, AZ
People in the buy here pay here industry hopes you think that they are your only option. However, this usually isn’t the case. Most dealer finance isn’t direct to the consumer, as dealers go through off-site banks and lenders to provide the loans. By contrast, buy here pay here dealers don’t. They serve as both lender and dealer. Cons include:
- Outrageous Finance Fees
- Exorbitant Down Payments
- Overpriced Autos
- Location Monitoring Units
And if that weren’t a problem, these dealers don’t work with the credit agencies, and that means you could make all of your payments on a monthly basis without raising your FICO score.
Recommendations for Buying a Car in Kingman
Divide the amount you get paid on a monthly basis, before taxes, by 10. Make sure you spend this much, at most, on your monthly payment. Simultaneously, it’s not smart to finance for over 60 months. If you follow these suggestions, you will end up financing a car which costs around half of what you earn on a yearly basis, before taxes. If you earn $11,892 per annum, the average for residents of Kingman, you would buy a $5,946 vehicle. Overall, the less you’re able to spend while still acquiring a dependable vehicle, the better.