Across California, lending institutions haven’t been financing car loans like they did before the economic downturn, and Fullerton is no exception. We feel that car loans should not be so tough for people in Fullerton, California, even if they’ve got a low credit score.
After you submit your application, we can connect you with a financing consultant who’ll work hard to find you the car loan you need.
Bad Credit Car Dealerships in Fullerton, California
These days, many dealerships have finance departments devoted to subprime auto loans. As with all subprime loans, expect more expensive rates of interest and higher down payments, as well as tighter lending conditions. On the other hand, they will get your loan funded through banks and finance companies that submit information to the credit agencies, giving you the ability to strengthen your credit score. We have many of these dealerships in our network, and they want to get you in the car you need. Go here to submit your application.
Validation Requirements for Fullerton Residents
Most likely you’ll be asked to take specific documentation with you to confirm your identity and the like. Lenders have to know you can legally drive the car or truck in question, which means your driving license is important to have. Lenders usually want to see a minimum of two recently dated paystubs, but more could be requested if your credit is a problem. Lenders will never finance an uninsured vehicle, so proof of insurance is required. A copy of your lease contract or a previous month’s utility bill will confirm your address, so lenders will know where the vehicle will be. We may have overlooked something, so make sure you verify what’s needed with your finance consultant.
Buy Here Pay Here Dealerships in Fullerton, California
Maybe you’ve considered financing a car through a BHPH dealer because of bad credit? Typically, there are better options. These dealers will finance almost anybody, regardless of their credit, but there are problems with sort of financing. Sadly, you can look forward to excessive interest rates, expensive down payments, and cars and trucks that are too expensive for the kind of shape they’re in. Worse, these car lots almost never work with the credit agencies, which means you could make each and every payment month after month without making improvements to your FICO score.
Financing Guidelines for Fullerton Borrowers
In most cases, you should allocate not more than 10% of your monthly income for the payment on your new car. At the same time, select a 5-year loan at the very most. With a 10% monthly installment and 5-year term, you will be purchasing a vehicle costing around half of what you earn per year, before taxes. If you earn $25,834 per annum, the average for residents of Fullerton, you would buy a car that costs $12,918. Take note, this is the upper limit of what you ought to spend. Many authorities suggest devoting even less, just 10-30% of your income for a car.