Were you declined for a car loan in West Hartford because of bad credit? Fear not. Good credit may result in less expensive rates, but we help you, the applicant, find the West Hartford auto loan you need. This is how we help our consumers to overcome their credit scores and get car loan they need:
- Step 1: You can complete your application in under a minute..
- Step 2: Our system utilizes a network of innumerable issuers and dealerships to place your application.
- Step 3: Most consumers get approved the same day they apply.
West Hartford Car Dealers for Bad Credit
If you’ve got some credit problems, dealer financing is usually the way to go, seeing as the majority of banks will be hesitant to lend you the funds you need. Fortunately, there are dealers with finance professionals committed to helping you secure the funds you need. As opposed to buy here pay here dealers, these dealers offer:
- Lower rates of interest.
- Lower down payments.
- Both new and used vehicles.
Your credit and income will dictate how much car you can afford. Below is an example based on the average per-person income in West Hartford, $2,753 per month:
This is just an estimate. You might qualify to borrow more or less. Apply online to see how much car you can afford.
Zero Down Auto Loans in West Hartford?
Even if you’ve got good credit, a down payment–or the lack of one–can stand in the way of financing your car. A down payment provides a range of advantages:
- Less risk of negative equity.
- Less must be borrowed.
- Lower risk loan, leading to a lower interest rate.
No down payment car loans are out there, in West Hartford and other places, but typically they trade in their existing vehicle to meet any down payment standards.
West Hartford Buy Here Pay Here Car Lots
For people with dealt with bankruptcy or repossession, a buy here pay here dealer might appear to be a good plan. These types of dealerships provide auto loans directly, in contrast to traditional dealerships which farm this out to third-party lenders, and they regard your income as a form of credit. You will see that used cars and trucks are the only thing you can buy, and you may be required to pay weekly, in cash. Repossession is a common occurrence, and the interest rates are extremely high. If strengthening your credit score is important to you, you are better off applying through us, as buy here pay here car lots won’t assist you in improving your credit.
Financing Recommendations for West Hartford Borrowers
It’s best to commit just 10% of your monthly income for the payment on your new car. If you’d rather not be paying off a car that’s worth less than what you still owe, consider a repayment term of not more than 60 months. This means a car that costs approximately half of what you make on a yearly basis (pre-tax). In West Hartford, where the average income is $33,036 per year, this would be $16,518 to devote to a new car or truck. Keep in mind, this is the maximum amount you should budget. Many authorities suggest investing even less, just 10-30% of your income for a car.