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Auto Loans in New Haven (CT)

If you are searching for a new car, you probably will need a car loan to complete your purchase. We serve buyers in New Haven and throughout the state of Connecticut who would like to get approved online for financing. We assign you a credit expert whose goal it is to get you approved for the car you want.

New Haven Car Dealers That Accept Bad Credit

If you’ve got a low credit score, the vast majority of banks won’t work with you. Luckily, there are dealerships and finance companies that accept applicants from this demographic. Whenever you have bad credit, you can expect:

  • More expensive interest rates.
  • Much larger down payments.
  • Less significant loans.

On the other hand, it’s a lot better than not having a new car at all, and these dealers can help you rebuild your credit through timely repayments. There are many such dealerships in our network, and they want to get you in the driver’s seat of the car you need. Go here to submit your application.

Is a Brand New Vehicle Best?

Have you thought about whether you’re going to buy a new or used car? Given that new cars lose value so quickly, you may be happier with a used vehicle.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Vehicle Price $14,350 $10,763 $8,610 $7,175
Down Payment $2,870 $1,076 $861 $718
Interest Rate 5.00% 7.50% 7.50% 7.50%
Length 60 months 48 months 48 months 48 months
Monthly Installment $216.64 $234.20 $187.36 $156.14
Interest Paid $1,519 $1,555 $1,244 $1,037
Amount Paid $15,869 $12,318 $9,854 $8,212

New Haven Buy Here Pay Here Dealerships

When you have experienced bankruptcy or repossession, buy here pay here financing might seem like a good option. Most dealer finance is sourced elsewhere, in that car dealers work with banks and lenders with whom they have relationships to supply the loans. In contrast, buy here pay here dealers don’t. They act as both the lender and the dealer This is where we get the term buy here pay here. Customarily, used autos are the only thing you can buy, and these are not zero down cars. In most cases, the down payment is what the dealer paid for the vehicle at auction, and you could end up paying up to 20% APR. There’s a reason that these car dealers have a dirty track record. We can connect you with subprime finance professional who can put you in the driver’s seat, even if your credit is awful.

Will Financing Improve Your Credit?

It’s the truth: an auto loan can actually lead to a higher credit score. Be that as it may, positive results aren’t guaranteed. You’ve got to pay off the loan as scheduled, making every payment on the dot.

Missed payments, by contrast, can decrease your credit score, and quickly! A lot of banks and finance companies enable you to establish a scheduled monthly payment, so the money is subtracted right from your payment account.

Used Cars in New Haven for Sale

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