A bad credit report makes it more challenging to get a new car, but it is possible to get financed. We feel that a good deal more people have earned auto financing, despite their FICO scores.
To get started, all you’ve got to do is submit your application online. We will connect you with an auto loan provider or car dealership who can pre-approve you for financing.
Bad Credit Car Dealerships in Milford, CT
When you have credit problems, dealer financing is typically the only option you have, since the majority of banks won’t be willing to accept your application. Then again, there are dealers who want to get you approved for financing. Since you’re a higher-risk applicant, expect elevated interest rates, bigger down payments, and more exacting lending conditions. With that being said, it’s much better than being unable to buy a car, and if you make your payments on schedule, you can strengthen your credit score by the time your vehicle is paid off. We work with many of these dealerships, and when you apply online, we work hard to match you with one who wants to approve your credit.
Verification Guidelines for Milford Residents
As you may have guessed, you’ll be required to take certain paperwork with you in order to secure your loan. At the very least, your dealer or lender will want to see the following:
- Driving License
- Proof of Employment
- Proof of Insurance
- Proof of Residence
- List of Three Personal References
You might want to ask your auto lending consultant what documentation is necessary for your particular lender or dealer.
Buy Here Pay Here Dealers in Milford, CT
The buy here pay here industry hopes you think that you can’t get approved anywhere else, but this is hardly ever the way it is. Such dealerships grant funding on site, whereas traditional dealers utilize third-party lenders, and they typically don’t conduct credit checks. Problems with sort of financing include outrageous interest charges, money down, and vehicle prices, and chances are you’ll get a vehicle that has already been repossessed multiple times If boosting your credit score is important to you, and it ought to be, you should contact a finance specialist through us, since BHPH dealerships can’t help you restore your credit.
How Much to Spend
The optimal car, price-wise, will be based largely on your income and APR. This is a solid rule of thumb: spend not more than 8% of your monthly earnings on your loan payment. If you’re a resident of Milford and make $2,549 a month, this would be $204.
|Exceptional Credit||Okay Credit||Subprime Credit|
|Total with Interest||$15,038||$14,810||$14,580|