More and more buyers in Colorado Springs are getting their financing approved before visiting the dealer, because it addresses most of the typical hurdles from the car-shopping experience. We help shoppers in Colorado Springs and across Colorado who wish to get approval online for financing. We put you in touch with a finance expert who will work tirelessly to get you in the car you want.
Bad Credit Car Dealerships in Colorado Springs, Colorado
Dealers that have departments dedicated to sub-prime financing are frequently referred to as bad credit car dealers. As with all subprime loans, expect elevated rates of interest and higher down payments, along with shorter length loans. On the plus side, the rates and terms are far better than you would get at one of Colorado Springs’s buy here pay here car lots. At Motive Auto Finance, we work with many such dealerships, and they want to get you the car you need. Go here to apply online.
Validation Requirements for Colorado Springs Borrowers
The documentation required to finance a car varies, but there are several things that will be expected at lenders and dealers in Colorado Springs.
- License: You could supply an alternative type of identification, but the majority of dealers and lenders will be hesitant to fund your loan if you haven’t got a license.
- Proof of Income: If you are a 1099 worker who doesn’t have pay stubs, supplying tax returns from the last couple of years will do the trick.
- Proof of Insurance: Liability insurance will not be sufficient. Lenders require you to have comprehensive coverage, and if you refuse to do so, they will obtain a policy themselves and roll the added cost into your monthly payment.
- Proof of Residence: Your place of residence is important to lenders because it makes it possible for them to send you bills and updates in the mail, and it helps them in finding the vehicle if they need to repossess it.
- List of Three References: Commonly required in case you have poor credit. They allow the lender to verify your information.
It is important to ask your auto finance professional what documentation is required by your specific dealer or lender.
Buy Here Pay Here Car Lots in Colorado Springs, CO
Generally known as buy here pay here, tote the note, or your job is your credit car dealerships, these dealerships generally have a few key features:
- These dealerships offer auto loans in-house.
- They do not check your credit.
- They want you to make payments each week, often at the lot.
A lot of consumers with really terrible credit feel like an in house financing car lot is the only real place that will approve their credit, despite the fact that the cost of your vehicle will be inflated due to exorbitant rates. And if that weren’t enough, it is likely that your credit score won’t improve as you repay what you owe. This is because these dealers rarely report back to the credit reporting agencies.
Repairing Your Credit in Colorado Springs
Nearly all lending companies work with the primary credit bureaus–Equifax, Transunion, and Experian–which gives you the chance to rebuild your credit. Credit improvement isn’t instant, but within 6-12 months, you ought to find your credit score start improving. Meanwhile, it’s possible to damage your credit by missing payments, or making them past the due date. It’s easy to undervalue the advantages of a better FICO score. It can help you save tens of thousands of dollars down the road, and all you’ve got to do is pay your lender on time each month.