Looking to purchase a new or used car or truck? If you are like most consumers in East Haven, it’s likely that you need an auto loan. Our industry relationships are unparalleled, and we have lenders and dealers standing by, awaiting your application. We match you with a financing specialist who can help you arrange the auto loan needed for the vehicle you desire.
Bad Credit Car Dealerships in East Haven, CT
If you are searching for a car dealer in East Haven that will take poor credit, you’re in luck. When compared with a buy here pay here dealer, such dealers typically offer:
- Less owed upfront, as a down payment.
- More affordable APRs.
- Opportunity to raise your credit score.
The dealer will look at your credit and income to determine which cars you’ll be able to finance. In order to reduce the risk of loan default or repossession, look for a vehicle that won’t drain your savings, having a payment of about 10% of your income. For people bringing in $3,192 per month, the average in East Haven, this equals out to a payment of $319.
A finance specialist can help you determine how much you’re eligible to borrow, and at what rate of interest. Go here to submit your application.
Documentation You Need
You may be asked to bring certain paperwork with you when you go to buy your vehicle. Lenders ordinarily require that you furnish:
- Driving License
- Proof of Employment, Residence, and Insurance
- List of Three Personal References
These are standard requirements. However, these vary from one lender to the next. Contact an auto lending specialist, site help you get the loan you need.
East Haven Buy Here Pay Here Financing
Buy here pay here car dealers normally work with people with truly serious credit problems such as bankruptcy and repossession. For the most part, dealer financing is outsourced, as car dealers go through off-site banks and lenders to offer the loans. By contrast, BHPH dealers don’t. They are the actual loan originator. Drawbacks include excessively high rates and down payments, not to mention steeply-priced vehicles and weekly payments Is boosting your credit a concern for you? Then you should contact an automotive finance specialist through us, seeing as buy here pay here car lots can’t help you increase your credit.
Credit Improvement for East Haven Residents
It may sound like a financial myth, but it isn’t: a car loan not only helps you purchase the car you’d like, it can raise your credit rating. By making payments in a timely manner, you prove to lenders that you’ll be someone they can trust with their money.
You really can’t get behind on your payments, because this will surely have the opposite consequence: a decreased FICO score. It’s not easy to gauge just how much your score will increase, but month-to-month boosts of 5-10% have been observed.