Your credit score is a primary factor when buying a car, and fewer applicants have been securing loans thanks to economic downturn. We allow you to find a lending company that will not only lend you the funds you need, but do it an affordable rate. We’ve spent years forming an extensive network of dealers and finance companies who help people on every end of the credit spectrum, not just the highest levels.
Go ahead and apply online, and we will find you a lender or dealer in Goleta able to offer you the loan you need.
Goleta Car Lots That Take Bad Credit
Car dealers that approve financing themselves are known as in house financing car dealers, buy here pay here car lots, and/or tote the note dealerships. Your best bet is to find a dealership that grants bad credit auto loans in Goleta, California through a trusted lender. In any bad credit lending arrangement, you can expect more expensive rates of interest and larger down payments, combined with stricter lending requirements. On the other hand, remember you’ll be getting not just a car, but also the opportunity to improve your credit. We have many of these dealerships in our network, and when you submit your application, we work hard to pair you with one who wants to arrange your loan.
Documentation That’s Required
If you’d like to simplify the process as much as possible, it is essential that you bring along all the documentation that’s required.
- Driver’s License: This helps lenders and dealers check your identity.
- Proof of Income: Two of your most recent paycheck stubs are generally enough.
- Proof of Insurance: Liability insurance isn’t sufficient. Lenders require that you buy and maintain full coverage, and if you neglect to do so, many will buy the policy and simply include the cost in your monthly payment.
- Proof of Residence: You can provide this through a copy of your lease or a bill, which shows that where you live is the same as the one on your application.
- List of Three References: These enable lenders to check the information provided in your application.
When you head over to the bank or dealer, make sure you have the documentation you need.
Buy Here Pay Here Dealers in Goleta, CA
Dealerships in Goleta that advertise buy here pay here financing are distinct from traditional dealerships in a few key ways:
- They supply auto loans on location.
- They don’t check your credit.
- They demand weekly or biweekly payments, often in person.
Sometimes people with really bad credit feel that a buy here pay here car lot is the only establishment that will finance them, even though there are quite a few disadvantages:
- High Financing Fees
- High Down Payments
- Lack of Ability to Improve Credit Score
Cars in Goleta That Suit Your Budget
Wondering how much you ought to spend on a car? This table shows how much the Goleta consumer ought to spend based on an income of $1,922 each month, a payment of $154, and a repayment term of 5 years–the maximum length you should consider.
|Great Credit||Fair Credit||Bad Credit|
|Term Length||5 Years||5 Years||5 Years|