Bad credit can make it tricky to finance a car, but not when you apply through us. We allow you to find a lender or dealer that will not only approve your loan, but offer you an affordable rate. We’ve spent years developing a wide-ranging network of lenders and dealers who will consider your application, even if you have a credit score in the low or mid 600’s.
What you need to do is submit your loan application. You will be matched with a lending expert from a dealer or lender local to you.
Bad Credit Car Dealers in Hayward, California
Dealers with special finance managers are commonly known as bad credit dealerships. In any non-prime financing scenario, you can expect increased interest rates, more substantial down payments, and shorter repayment periods. On the plus side, the experience is preferable to that of a buy here pay here car lot, and your vehicle will likely cost you less in the long run. We have many of these dealers in our network, and they want to get you approved for the car you want. Just go here to apply online.
Better Auto Finance Rates for Hayward Residents
Securing a cheaper interest rate can pay big dividends.
Believe it or not, a more affordable rate could save you hundreds, if not thousands in interest, as shown in the chart below.
|Good Credit||Average Credit||Subprime Credit|
|Rate||3.50% APR||7.00% APR||11.00% APR|
For starters, finding and resolving any errors on your credit report can improve your credit score, and we all know that better credit translates to more favorable rates. Have you got a lot of credit card debt? Paying some of it off could reduce your debt-to-income ratio and therefore your interest rate. Don’t resort to a long-term loan to keep your payments more manageable. Finance for 5 years or less, and you’ll be given a decreased interest rate. The amount being borrowed, as a percentage of the vehicle’s price, is an additional factor. A larger down payment will result in a more favorable ratio, thereby lowering your interest rate.
Hayward Buy Here Pay Here Financing
The BHPH industry continues to grow, largely due to the fact that so many consumers’ credit scores were impacted by the credit crunch and housing market. Normally, dealer finance is outsourced, in that dealerships go through a network of lenders to fund the loans, but BHPH dealers act as both the lender and the dealer. That’s how we get the expression buy here pay here.
- Extortionate APR Rates
- Inflated Down Payments
- Steeply-Priced Cars and Trucks
- Invasive Repossession Practices
There is a reason why these retailers don’t have the best reputation. We want to put you in touch with subprime finance professional who will work with you, even if you’ve experienced bankruptcy.
Budgeting Recommendations for Hayward Car-Shoppers
Divide your monthly income, before taxes, by 10. You’ll want to spend this much, at the most, on your car payment each month. To counteract equity issues and excessive finance fees, go with a repayment term of 5 years, at max. This means a car or truck costing approximately 50% of what you get paid on an annual basis. In Hayward, where the average income is $43,036 a year, this would be $21,516 to spend on a new car or truck. In the end, the less you can spend on a dependable car or truck, the better.