Lenders always pull your credit when deciding whether or not to finance you, and a bad score could lead to:
- Credit rejection.
- High APR.
We enable you to find a lender or dealer that really wants your business. We’re proud to be your key to an unmatched network of lenders and dealers who will consider your application, even if you have a credit score that could be a lot better.
An auto finance agent will be there to lead you through the approval process, helping you get the funds you need at a rate that won’t break the bank. Feel free to contact a local finance specialist.
Alhambra Dealerships That Accept Bad Credit
Given the rise in bad credit after the market downturn, a greater number of dealerships now have finance departments that specialize in subprime auto lending. In contrast to buy here pay here dealers, these types of dealers offer:
- Reasonable interest rates.
- Realistic down payments.
- Both used and new vehicles.
You may not meet the criteria to finance the newest, hottest car in the showroom. With credit problems, you can finance six to eight times your monthly income. For the Alhambra resident who makes $1,105 a month, this is $6,630 to $8,840. That said, it’s better to borrow a smaller amount, restricting your monthly payment to 10% of your income–$111, in this situation.
Apply online to find out your options.
New or Pre-owned Car
Used and new cars each have distinct benefits. Because new cars depreciate so fast, used cars are often a better deal.
|New Car||Pre-owned Car|
|Age||New||1 Year Old|
|Term||5 years||4 years|
Alhambra Buy Here Pay Here Car Lots
People in the BHPH industry wants you to assume that there is no option but them. However, this generally isn’t the case. Nearly all dealer finance isn’t direct to the consumer, as dealerships work with off-site banks and lenders to fund the loans. On the other hand, buy here pay here dealers provide loans independently. Negatives include exorbitant annual percentage rates that border on the state’s legal limit, in addition to high rates of default And if that weren’t enough of an issue, these dealerships don’t report back to the credit bureaus, and that means you could make every single payment as agreed without boosting your credit score.
Will a Car Loan Rebuild Your Credit?
Want to rebuild your credit? Then avoid tote the note dealers. Our dealers and lenders can help you rebuild your credit. In total, financing a car can favorably impact two major credit scoring variables:
- Payment History (35% of score).
- Credit Types Utilized (10% of score).
Your score will not go up the second you pay the balance of your loan. Rather, it will increase gradually as you keep on paying your bills on schedule. Don’t underestimate the advantages of a better FICO score. The positive effects are wide ranging, and you just need to pay your lender on time on a monthly basis.