Getting approved for a car loan was easy before the recession, but those times are over. We enable you to find a dealer or lender that finances cars at fair rates of interest, even for consumers with imperfect credit. We’re very pleased to have access to a wide-ranging network of dealers and lenders who cater to a varied assortment of credit scores, not just the uppermost echelons.
An auto finance manager will help you arrange your finance package, and then you’ll head to the dealer lot and choose your car. Feel free to submit your finance application and discuss your options with a professional.
Bad Credit Car Dealerships in Bridgeport, CT
Have you given thought to where you could buy your new car? When you have credit problems, private party car loans are usually not available. Odds are you’ll have to buy your vehicle through a dealership. Good thing there are dealerships that finance below-average credit. As with any subprime loan, expect increased interest rates and bigger down payments, plus more stringent lending conditions. Having said that, the rates and terms are far superior to what you would get at a used lot that does in-house financing with no credit checks. We have many such dealers in our network, and they want to get you in the car you want. Go here to apply online.
Can You Finance a Car with Zero Down?
Even if your credit is good, having no money down can keep you from financing your car. When financing a car, you want to pay it off more quickly than it depreciates. If the your new car is worth less than you owe, then you have negative equity. A down payment works against depreciation, which is particularly important if you’ve been asked to pay a high rate of interest. You may be able to finance a car in Bridgeport without a cash down payment, especially if you have above-average credit. Submit your application to talk to a qualified lending agent and go over your options.
Buy Here Pay Here Dealers in Bridgeport, Connecticut
In house financing, also referred to as buy here pay here financing, keeps growing, mainly because so many consumers’ credit ratings took hits on account of the credit crunch and housing bubble. A lot of dealer financing is sourced elsewhere, in that dealers go through banks and lenders with whom they have relationships to deliver the loans. By contrast, buy here pay here dealers function as both lender and dealer. Cons include outrageous interest charges that nuzzle up to the state’s legal limit, not to mention large down payments and hardline contracts that allow for quick repossession if a payment is missed Worse, these car lots don’t report back to the credit agencies, so you could make every single payment in a timely manner without raising your FICO score.
Rules of Thumb for Financing
If you want a car that fits your finances, not more than 10% of your income should be devoted to your car payment. On top of this, it’s not smart to get a loan for over 5 years. If you follow these suggestions, you will end up financing a car or truck costing roughly half of your yearly income. If you earn $33,355 per annum, the average for residents of Bridgeport, you would buy a car that costs $16,680. Generally speaking, the less you’re able to spend on a dependable car, the better.