Has a dealership in San Jose turned you down due to poor credit? No problem. We believe that way too many people have been rejected for auto financing, regardless of whether they’re struggling with poor credit.
Day after day, we help people get a car financed even with:
- Poor Credit
- Minimal Credit
- Unsettled Bills
That’s our mission. Want to get going? Please click here to apply online.
Bad Credit Car Dealerships in San Jose, California
Be sure to stay clear of buy here pay here lots, choosing instead to buy from bigger, better-respected dealerships that meet the needs of people who have damaged credit and offer a far better lending experience. In any subprime financing arrangement, expect:
- Rates of interest that are more expensive.
- Down payments that are more substantial.
- Loans that are more modest in size.
But keep in mind, the experience is far better than that of a buy here pay here dealer, and your vehicle will cost you less in the long run. Here at Motive Auto Finance, we work with many of these dealerships, and they want to get you approved for the car you want. Go here to apply online.
Documentation That’s Required
The documentation you must provide when getting approved for a car loan varies, but there are a few things that will be mandatory regardless of where you go. Typically, your lender or dealer will request the following:
- Driver’s License
- Proof of Income, Residence, and Insurance
- Personal References
If this looks like a headache, don’t fret: it’s pretty simple–a finance consultant will guide you step by step through process.
San Jose Buy Here Pay Here Car Lots
Have you considered financing a car through a BHPH dealer on account of bad credit? Typically, there are more attractive options. These types of car lots offer car loans on the lot, whereas the vast majority of dealers farm this out to separate lenders, and they typically don’t reject anybody. Problems with sort of financing include inflated rates that border on the state’s maximums, along with extremely high rates of default Worst of all, these dealerships seldom work with the credit bureaus, and that means you could make all of your payments on time without making improvements to your credit score.
Financing Guidelines for San Jose Borrowers
Here’s a good guideline: not more than 10% of your monthly income should be dedicated to your car payment. At the same time, choose a 60-month repayment at the very most. This means a car that costs around half of what you make per year. In San Jose, where the average income is $34,751 annually, this would be $17,376 to devote to a vehicle. A new car or truck is an asset that depreciates, which means it’s best to invest no more than you absolutely have to, in order to bring home a solid car.