Your FICO score is hugely important when buying a car, and rates of acceptance have suffered since the recession. We allow you to find a lender that doesn’t turn away every applicant with poor credit. The fact is, this isn’t unheard of among many banks and credit unions. We’re proud to have access to an extensive network of dealers and lenders that are dedicated to financing your purchase, even if your credit score leaves something to be desired. Just submit your loan application, and we’ll match you with a dealer or lender willing to lend you the funds you need.
Bad Credit Car Dealerships in Irvine, California
Have you thought about where you could buy your new car? With weak credit, you typically need to buy from a dealer, rather than a private seller, as lenders hardly ever provide private party loans for people who’ve credit that isn’t perfect. Thankfully there are dealers that work with adverse credit. For the most part, these dealers offer:
- Interest rates that are affordable.
- Down payments that are fair.
- Vehicles that have less mileage.
The dealer will evaluate your credit and income to determine which models you’ll be able to finance. In order to forestall loan delinquency or repossession, buy an easily affordable, reliable vehicle that has payments amounting to 10% of your income–no more. If you make $3,169 monthly, this comes to a payment of $317. Apply online to see your options.
Documentation You Need
When you finance a vehicle from a dealership, certain paperwork has to be supplied, and when you’ve got a bad credit score, more than normal may be required. You have to have your driving license. It’s necessary for test-drives, and it is used to verify your identity. Your income is crucial, so it’s hardly surprising that you’ll be required to provide recent paystubs. Insurance is next. Full coverage will be required on your financed vehicle, though you can typically get this through your dealer. Address verification is a further requirement, and an easy one: all you have to do is bring a recent document with your address on it. Bills and leases work well. We might have overlooked something, so you’ll want to check what’s needed with your finance consultant.
Irvine Buy Here Pay Here Financing
The buy here pay here industry would love you to believe that they are the only ones that will finance you, but this is very rarely the way it is. It’s true, they rarely pull your credit, which means bad credit shouldn’t be an impediment to getting approved, but it’s quite possible you will pay more than you should for this privilege. Regrettably, you can expect inflated interest rates, massive down payments, and cars and trucks that are too expensive for their mileage and condition. If raising your credit score is important to you, and it should be, you are better off applying through us, as BHPH dealers can’t help you improve your credit.
Credit Recovery for Irvine Consumers
If your credit isn’t perfect, you may be scared that a car loan will make it worse, but that is seldom the way it works out. Financing a car is a good way to restore your credit. The main factor is your payment history, a primary part of the Fair Isaac scoring matrix, and financing a car means 3 to 7 years of payments.
Your score doesn’t increase the moment you pay the balance of your loan. Rather, it will climb slowly and gradually as you continue paying your bills month after month. Of course, the benefits to an increased score are considerable, including much lower rates of interest and insurance costs, along with superior employment opportunities.