Getting a car financed became a good deal trickier after the downturn, but we help people in Jonesboro get approved everyday. It’s crucial to find a bank or dealer that has experience financing consumers with less than perfect credit. We’re very proud to work with an unrivaled network of dealers and lenders who offer financing to a wide array of borrowers, not just those with credit scores greater than 725. What you need to do is apply online. You will be connected with a lending specialist to guide you from submission to acceptance.
Jonesboro Dealerships That Finance Bad Credit
Have you thought about where you could buy your next car? For those who have a low credit score, private party car loans are generally not an option. Rather, you’ll have to buy your vehicle through a local Jonesboro dealer. Thankfully there are dealerships that specialize in below-average credit. For the most part, these dealers offer:
- Interest rates that aren’t astronomical.
- Down payments based on the vehicle’s price.
- New vehicles, as well as used ones.
The dealer will assess your credit and income to establish which vehicles you’re qualified to finance. You’ll want to purchase a vehicle that won’t drain your savings, having a payment that’s equivalent to 10% of your income–any higher, and you may find it difficult to make your payments on time. For people who make $1,571 on a monthly basis, the average among Jonesboro residents, this translates to a payment of $157.
A vehicle finance professional is standing by, waiting to determine how much you’re eligible to borrow, and at what interest rate. If you’d like to speak to one, be sure you apply online.
Reduced Auto Loan Rates for Jonesboro Drivers
Getting an affordable interest rate on your loan may pay big dividends.
Have a look at how much more you’ll pay in interest with an APR of 11.00% in contrast to 3.50%.
|Good Credit||Decent Credit||Poor Credit|
|Rate||3.50% APR||7.00% APR||11.00% APR|
Don’t get down, however, as there are steps you can take to decrease your interest rate.
- Credit Score: Review your credit report and dispute any inaccuracies you find.
- Loan-to-Value Ratio (LTV): A substantial down payment will lower your loan-to-value ratio–the amount of your loan as compared to the price of the car or truck being bought–thereby lowering the interest rate you’re charged.
- Debt-to-Income Ratio: Do you have a great deal of other debt? Paying that down, to the extent you can, will lower your debt-to-income ratio, which should give you a less expensive rate of interest.
- Loan Length: The shorter your loan is, the cheaper the interest rate.
- Newer Vehicle: A lot higher rates are charged for used vehicles than new vehicles, though they cost significantly less to begin with.
Buy Here Pay Here Dealerships in Jonesboro, AR
In house financing, also known as buy here pay here financing, keeps growing, largely due to the fact that so many people’s credit scores were impacted by the housing market and slow economy. Dealers like these will finance practically anyone, no matter their credit, but there are negatives.
The fact is, you can expect inflated loan rates, big down payments, and high mileage vehicles that are steeply-priced. If raising your credit score is important to you, you should submit your application through us, since buy here pay here dealers won’t help you in increasing your credit.
Credit-Building for Jonesboro Residents
It’s true: a car loan can actually rebuild your credit. Credit improvement is gradual, but within 6-12 months, your FICO score should start to improve.
The results are gradual, building over time. It’s hard to gauge exactly how much your score will climb, but credit gurus have reported a 5-10% improvement each month.