Getting a car financed was easier before the downturn, but approval requirements have become more stringent since that time. We help you find a lending company that can offer you the funds you need at a rate that won’t break the bank. We’ve spent years forming an extensive network of dealers and finance companies who will consider your application, even if your credit is a bit inadequate. Go ahead and apply online, and we will match you with a company who can say yes to your credit.
Bad Credit Car Dealers in Reseda, CA
If you have unfavorable credit ratings, dealer financing is usually your best option, considering that most banks won’t be willing to accept your application. There are dealers, however, that can get you the loan you need at at a rate that’s competitive, given your income and other factors. Whenever you have less-than-perfect credit, expect steeper rates of interest, heftier down payments, and smaller loans. But keep in mind, it’s much better than any alternative, and if you make your payments on time and in full, you can strengthen your credit score as you pay off your loan. At Motive Auto Finance, we work with many such dealerships, and they want to get you the car you want. Go here to apply online.
Can You Get a Car Loan with No Down Payment?
A down payment, as you know, is the amount you owe upfront for any financed vehicle. A down payment reduces your loan-to-value ratio (LTV)–the size of the loan in relation to the vehicle’s book value–thereby resulting in a lower interest rate, together with less paid in total interest.
Folks in Reseda are sometimes able to buy cars with no money down, but more often they trade in their used car or truck to fulfill any down payment requirement.
Reseda Buy Here Pay Here Car Lots
Buy here pay here car dealers primarily finance people with significant credit problems like:
- Chapter 7 or 13 Bankruptcy
- Asset Repossession
- Debt Settlement
- Tax Liens
Dealers like these will approve just about anybody, no matter their credit, but there are issues.
Problems with sort of financing include ridiculous loan rates that frequently match California’s maximums, not to mention severe agreements which permit quick repossession if you are late with your payments If boosting your credit score is important to you, and it should be, you are better off applying through us, as buy here pay here dealerships won’t help you boost your credit.
Will This Restore Your Credit?
There are three main credit bureaus:
More than likely, your auto lender will report your payments to these bureaus, giving you the opportunity to boost your credit. Having said that, this benefit isn’t immediate. You’ve got to pay off the loan as scheduled, making every month’s payment on the dot.
Never miss a payment, because this can have a dramatic consequence: a reduced credit score. Most banks and lenders let you set up an automatic monthly payment, so the funds are taken from your bank account.