A bad credit report can keep you from getting behind the wheel of a new car, but we can help you get financed. Nobody specializes in bad credit financing like us.
The only thing you have to do is complete your credit request. We will place your application with a dealer or loan company willing to pre-approve you for a car loan with bad credit.
Bad Credit Car Dealerships in Bristol, CT
Assuming you have bad credit, dealer financing is probably your best bet, as most banks won’t be willing to accept your application. Then again, there are dealers who have finance professionals on the lot, waiting to work with you. Since this is a high-risk loan, expect increased rates of interest and larger down payments, together with shorter length loans. On the other hand, it’s better than any alternative, and these dealers can help you rebuild your credit through timely repayments. We have many such dealerships in our network, and they want to get you the car you need. Just go here to submit your application.
Can You Get Financed with No Down Payment?
Are you hoping to finance your car with no money down? Whenever getting a car loan, you don’t want to owe more than the value of the vehicle. If the your new car loses value more quickly than you pay it off, then you have negative equity. A down payment offsets depreciation.
Be that as it may, we know that saving 10-20% of the sticker price of a new car can be time consuming. A lot of people simply sell their used car or truck to a local buyer, then use the money as a down payment.
Buy Here Pay Here (BHPH) Car Lots in Bristol, CT
Have you considered getting a car loan at a buy here pay here dealership in Bristol? These types of Bristol in house financing car lots supply auto loans on-site, normally without a credit check. Because they don’t rely on a bank or finance company for financing, they’re able to assist a larger range of clientele. If you’ve got horrible credit, Bristol buy here pay here dealerships in many cases are the only real way to go. But keep in mind, Connecticut bad credit auto loans from credit unions and banks typically feature less expensive rates.
Can a Car Loan Improve Your Credit?
There are a trio of major credit agencies: Equifax, Experian, and Transunion. Most auto lending companies report your payments to these bureaus, giving you the chance you need to boost your credit. Increases in credit score are never instant, but within 6-12 months, you ought to find your credit score begin to improve. Try your best not to miss a payment, as this will surely have the opposite effect: a damaged FICO score. Most banks and lenders allow you to establish an automated payment each month, so the funds are subtracted straight from your bank account.