Cars cost a lot nowadays, but if you handle the auto lending process properly, you can save a bundle in the end. As opposed to waiting until you’re in the dealership’s finance office, we enable you to arrange a car loan in advance. In most cases, we’re able to match car shoppers with the right lender or dealer even if their credit has been damaged by bankruptcy or repossession.
Bad Credit Car Dealers in Lakewood, CA
For people with bad credit, dealer financing is typically your best bet, considering that most all the banks won’t be willing to lend to you. There are dealers, however, with lending specialists who can help you get financed. Compared to a BHPH car lot, such dealers can offer more affordable rates and improved terms. The dealer will evaluate your credit and income to see which models you’re qualified to finance. In order to avoid loan default or repossession, opt for a reasonably priced, efficient vehicle with payments of just 10% of your income. If you make $2,851 per month, this comes to a payment of $285.
Apply online to have a finance professional confirm how much car you can afford.
Verification Guidelines for Lakewood Auto Loans
Most likely you’ll be required to bring certain documentation with you to the dealer. Dealers and lenders in Lakewood and ordinarily require that you furnish:
- Driving License
- Proof of Employment
- Proof of Insurance coverage
- Proof of Residence
- Contact Details for Your Personal References
When you chat with your qualified finance expert, they will tell you exactly which documents to bring, and which are unnecessary.
Buy Here Pay Here Financing in Lakewood, CA
Many people turn to buy here pay here dealers, believing that they will only be able to finance a car without a credit check. Rarely is this the case. Such car lots grant auto loans on the lot, in contrast to conventional dealerships which farm this out to one of their affiliated lenders, and they regard your income as a form of credit. Regrettably, you should expect excessive interest rates, big down payments, and cars and trucks that cost too much given their mileage. If improving your credit score is important to you, you are better off applying through us, seeing as buy here pay here car lots won’t help you increase your credit.
Rebuilding Your Credit in Lakewood
There are a trio of primary credit bureaus: Transunion, Equifax, and Experian. In all likelihood, your bank or finance company will report your payments to these bureaus, giving you the chance you need to rebuild your credit. To raise your credit, be sure to make your payments when they’re due, each and every time. Your score doesn’t go up the instant you pay off your loan. Rather, it will climb steadily as you keep paying your bills on schedule. Of course, the benefits to an increased score are tremendous, including decreased APRs and insurance premiums, as well as increased credit limits.