A lot of prospective borrowers in Brighton and across Colorado are fearful of being turned down for a car loan due to credit problems. The main thing is finding a lender willing to approve your credit. We make it easy to submit your application via our secure platform. It’s difficult to find an easier way to get your auto loan.
Brighton Car Lots for Bad Credit
Nowadays, there are dealerships with finance departments that cater to people with poor credit. By and large, these dealers offer:
- Interest rates that aren’t astronomical.
- Down payments that won’t leave you broke.
- Vehicles that are more reliable.
The exact models you’re eligible for will be decided by your income and credit history. You’ll want to purchase a highly affordable, fuel-efficient vehicle that has payments amounting to 10% of your income–no more. For people making $1,817 per month, the average in Brighton, this translates to a payment of $182.
An experienced lending consultant will determine how much you’re qualified to borrow, and at what APR. If you want to talk with one, be sure you apply online.
Better Auto Loan Rates for Brighton Drivers
If you want to save on your next vehicle, take steps to reduce your rate of interest. This could lead to a lot of money saved by the time you’ve repaid your loan. Case in point: a 60 month auto loan of $16,353 would cost you $1,496 at 3.50% APR, $3,076 at 7.00% APR, and $4,980 at 11.00% APR.
First of all, uncovering and contesting any errors on your credit report can give your credit a boost, and we all know that better scores equal more attractive rates. Have you got a lot of credit card debt? Paying some of it down could decrease your debt-to-income ratio your rate of interest as well. You may want to opt for a shorter-term loan. Your monthly payments will be higher, but lenders charge less for shorter loans. Last but not least, remember that a larger down payment will reduce your loan-to-value ratio, otherwise known as your LTV–yet a final way to reduce your rate.
Buy Here Pay Here Car Dealers in Brighton, CO
Dealerships in Brighton that approve auto loans on-site have certain things in common:
- They offer auto loans direct to the consumer.
- They rarely check your credit.
- They want you to pay them every week, often at the lot.
For folks who’ve got really bad credit, Brighton buy here pay here dealers are sometimes the only real way to go, despite the fact that the cost of your car or truck will be inflated on account of exorbitant rates of interest. As if that weren’t enough, it’s likely that your FICO rating won’t get better as you pay down the loan. That’s because these dealers have no relationship with the credit bureaus.
Will Financing Rebuild Your Credit?
If you need more incentive to finance a car, here you go: a car loan not only helps you buy the car you want, it can improve your credit rating. To elevate your credit, make sure you make your payments on schedule, each and every month.
Your score doesn’t rise the instant you pay the balance of your loan. Rather, its rises slowly but surely as you keep making payments time after time. Most dealers and lenders help you establish an automatic payment each month, so the money is taken directly from your bank account.