Obtaining an auto loan was no big issue before the recession, but approval requirements have tightened since that time. It’s important that you find a lender who doesn’t just reject every applicant who has below-average credit. Regrettably, this isn’t uncommon among a lot of banks and credit unions. We have built an unparalleled network of lenders and dealers who will consider your application, even if you have a credit score that could be a lot stronger. Your vehicle finance agent will help you arrange the car loan you need, and then you’ll go to the dealership and get the car you want. Go ahead and apply for your loan.
Bad Credit Car Dealerships in Hamden, Connecticut
Have you considered where to buy your new car or truck? If you’ve got adverse credit, private party car loans are typically not available. Odds are you’ll have to buy from a local dealer. Good thing there are dealerships that specialize in poor credit. As with all subprime loans, certain things are to be expected higher interest rates and bigger down payments, together with more exacting repayment conditions. But keep in mind, don’t forget that you’ll be getting not just a car, but also the opportunity to build up your credit. We work with many such dealerships, and when you submit your application, we work hard to match you with one who wants to get you the loan you need.
No Money Down Cars in Hamden?
Not many of us like to spend a big hunk of cash at any one time, but in some cases it’s necessary to offer money down on the vehicle you want to finance, especially if you’ve got a bad credit score. Keep in mind that a pre-owned car, apart from being more affordable, calls for a lower down payment.
|New Car||1 Year Old Car||2 Year Old Car||3 Year Old Car|
|Percentage of Initial Value||100%||75%||60%||50%|
Keep in mind that your trade-in can be put toward your down payment. In that way, you can, effectively, finance a car without putting down anything out of pocket.
Buy Here Pay Here Car Lots in Hamden, CT
Car lots in Hamden that advertise buy here pay here financing have a few things in common. They…
- Grant auto loans on site.
- Don’t check your credit.
- Want you to make your car payments each week, often in person.
If you’ve got really bad credit, Hamden buy here pay here car lots are sometimes the only real option. But the truth is, the loan rates are much higher than you’d expect from a regular lender. Additionally, they don’t often report payments to the credit reporting agencies, meaning your credit score won’t go up even if they pay off the loan on time.
Creating a Budget for Your New Car
It’s crucial to decide on a vehicle that fits your budget. This chart demonstrates how much car the average Hamden consumer can afford based on an income of $3,996 a month, a car payment that amounts to 8% of this income, and a repayment period of 60 months–the maximum length recommended.
|Excellent Credit||Decent Credit||Poor Credit|
|Term Length||5 Years||5 Years||5 Years|