Financing a car became much more complicated after the economic crisis, but we can help. It’s advisable to find a bank or dealer that won’t just accept your credit, but give you the chance to improve it. We’re very proud to be your avenue to a wide-ranging network of dealers and finance companies that can get you in the driver’s seat of the car or truck you want, even if your credit isn’t as good as it used to be. A vehicle finance manager will help you:
- Compare loans.
- Choose your bank or finance company.
- Buy your new or pre-owned car.
Feel free to apply online.
San Fernando Car Lots for Bad Credit
If you’re searching for a dealer in San Fernando that offers loans to people with bad credit, your search is over. Compared to a BHPH dealer, such dealerships offer:
- Lower interest rates.
- More manageable down payments.
- Better lending terms.
- Chance to re-establish your credit.
The types of vehicles you can buy will be based on your income and credit. As a way to reduce the risk of loan default or repossession, choose a low cost, reliable vehicle with payments that amount to just 10% of your income, if not less. For people making $2,632 per month, the average among San Fernando residents, this translates to a payment of $263.
An automobile finance specialist is standing by, waiting to determine how much you can borrow, and at what interest rate. To begin, just apply online.
Will You Need a Down Payment?
Even if you have a favorable credit record, a down payment–or the lack of one–can be a hindrance. A down payment will reduce your loan-to-value ratio (LTV) by minimizing the amount financed versus the cost of the vehicle. The result is:
- Lesser annual percentage rate.
- Less total interest owed.
- Less of a problem with being upside down.
The good news is, your trade-in can be used as your down payment, so you can effectively finance a car without a down payment.
San Fernando Buy Here Pay Here Car Lots
People in the buy here pay here industry hopes you think that you don’t have any option but them, but this is very rarely the way it is. Yes, they don’t pull your credit, meaning your credit problems ought not be an obstacle, but chances are you’ll pay too much for this privilege.
You will discover that used cars and trucks are the only thing available, and these are not no down payment car deals. Usually, the down payment matches the vehicle’s wholesale value, and you could wind up paying thousands in interest through exorbitant rates. Worst of all, these dealers don’t report back to the credit agencies, and that means you could make each and every payment punctually without a boost to your credit score.
What Car to Buy?
The lot is likely to be loaded with cars and trucks that you can finance, but which you probably shouldn’t. Check out these scenarios, which display how much the San Fernando consumer ought to spend based on an income of $2,632 each month, a payment of $211, and a repayment term of 60 months.
|Good Credit||Decent Credit||Bad Credit|
|Income Per Month||$2,632||$2,632||$2,632|
|Term Length||5 Years||5 Years||5 Years|