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Auto Loans in Connecticut (CT)

Before the web, financing a car with bad credit in Connecticut was a major inconvenience – until we emerged as a market-leader and made it easy to find bad credit car dealerships in Connecticut. A good credit record may give you more options, but we help you, our customer, find the Connecticut bad credit car loan that will fit your credit and income. In less than a minute, we can find you a lending company who can approve your loan, no matter your credit.

Bad Credit Car Dealers in Connecticut

Have you given thought to where to buy your next car? When you have below-average credit, private party auto loans are typically not an option. Odds are you’ll need to buy your vehicle through a dealership. Thankfully there are dealerships that cater to poor credit. When compared with a buy here pay here car lot, such dealers provide:

  • Lower interest rates.
  • More manageable down payments.
  • More advantageous repayment terms.
  • Tighter regulation.
  • Potential to restore your credit.

Your income and credit determines how much car you can afford. Here we have an example based on the average per-capita income in Connecticut, $4,836 per month:

  • Exceptional Credit: $48,358 (Income x 10)
  • Prime Credit: $43,522 (Income x 9)
  • Subprime Credit: $38,686 (Income x 8)
  • Poor Credit: $33,850 (Income x 7)
  • Terrible Credit: $29,015 (Income x 6)

These sums are not set in stone. You might not be able to finance this much, based on your existing debts and the details of your credit record. An automobile lending expert will determine how much you can borrow, and at what rate. Go here to apply online.

Necessary Documentation for Your Connecticut Auto Loan

Whenever you purchase a car, certain documentation has to be supplied, and if you have poor credit, added documentation could very well be needed.

  • License: If you don’t have a license, it’s likely that most lenders will not fund your loan.
  • Proof of Income: Paycheck stubs are always required, because they function to confirm your income.
  • Proof of Insurance: Your lender will expect you to have comprehensive coverage as long as you are still paying off your vehicle, in order to guarantee you can pay down the loan if there’s an accident and it’s totaled.
  • Proof of Residence: In case you go delinquent and the vehicle has to be tracked down by recovery agents, lenders want to be certain they have your most recent address.
  • Personal References: Typically required when you have less-than-perfect credit. They allow the lender to verify your information.

These are standard requirements. However, this varies from lender to lender. Contact a vehicle lending expert, and they will help you determine what documentation you’ll need.

Buy Here Pay Here Dealerships in CT

Maybe you’ve thought about getting your vehicle through a buy here pay here dealership in Connecticut? Such Connecticut bad credit car dealers don’t rely on banks or outside lenders for financing, so they’re able to help a wide array of applicants.

Many folks with really terrible credit assume that an in house financing car lot is the only establishment that will approve their credit. However, the interest rates are more expensive than you’d be given by a traditional lender. On top of that, they rarely report payments to the credit reporting agencies. This means the consumer’s credit rating won’t improve even if they pay off the loan as scheduled.

Financing Recommendations for Connecticut Borrowers

If you’d like to make a good financial move, just 8-10% of your income should be allocated to your monthly payment. If you don’t want to be car poor, paying exorbitant finance fees, go with a loan of just 60 months or less. This translates into a car costing around 50% of your yearly income. Here in Connecticut, where the average income is $58,029 per annum, the average consumer would buy a car costing about $29,015. Typically, the less you can spend on a reliable vehicle, the better.