Getting approved for an auto loan was easy prior to the credit crunch, but that’s no longer the case. It’s critical to work with a bank or dealer who has your best interests in mind. Through the years, we’ve developed an unrivaled network of lenders and dealers that meet the needs of people on every end of the credit spectrum, not just the highest tiers. Simply complete your loan application, and we’ll find you a lender or dealer able to accept your credit.
Waterbury Car Dealers for Bad Credit
Have you thought about where to buy your new car? If you’ve got problematic credit, private party auto loans are generally out of the question. Chances are you’ll need to make your purchase at a local Waterbury dealer. Good thing there are dealerships that work with less-than-perfect credit. As with any bad credit loan, expect:
- Much higher APR rates.
- More upfront cash required.
- Tighter lending terms.
On the plus side, it’s much better than being turned down by the big banks, and if you make your payments on time and in full, you can strengthen your credit score in the process of repaying your loan. We work with many such dealerships, and they want to get you the car you need. Just go here to apply online.
Documentation You Need
Whenever you buy a vehicle from a dealership, certain paperwork has to be provided, and if you’ve got below-average credit, added documentation may well be needed.
- Driver’s License: You could present an alternative form of ID, but a lot of dealers and lenders are reluctant to finance consumers with no license.
- Proof of Income: Pay stubs allow your lender to confirm the income you claimed in your application.
- Proof of Insurance: Your lender will expect you to carry full coverage on your financed vehicle, ensuring you can repay the loan in the event of an accident that totals it.
- Proof of Residence: An energy bill confirms where you live.
- References: These are yet another means of verification, and only a requirement for those who have poor credit.
Before you drop by the bank or dealer, make sure you have all of the documentation that’s required.
Buy Here Pay Here (BHPH) Dealerships in Waterbury, CT
Car lots in Waterbury that offer in house financing are distinct from traditional dealerships in a few significant ways:
- These dealers furnish auto loans without third party approval.
- They rarely require credit checks.
- They want you to pay them 2-4 times per month, often in person.
If you have horrible credit, Waterbury buy here pay here car lots are sometimes the only option. But the truth is, the cost of your vehicle will be inflated on account of exorbitant rates. And if that weren’t enough, it is unlikely that your FICO rating will get better as you pay off the borrowed funds. That is because these dealers have no relationship with the credit agencies.
Can This Improve Your Credit?
Want to re-establish your credit? Then don’t buy from buy here pay here dealers. Our dealers and lenders can help you with your credit. Applying for and paying down a loan, on time and as agreed, confirms that you’re a great person to lend to, meaning lower interest rates and more advantageous terms down the road.
The benefits are progress, not immediate, developing over time. It is not easy to anticipate exactly how much your score is going to go up, but increases of 5-10% have been reported.