Have you been declined for auto financing in West Haven due to bad credit? Don’t worry. A good credit score may give you reduced interest rates, but we can help you get approved for the car loan you need at a competitive rate.
Advantages for West Haven Drivers
- Leading-Edge Credit Approval Program
- Nationwide Lending Network
- In-Depth Applicant Education
Bad Credit Car Dealerships in West Haven, Connecticut
For people with low credit scores, dealer financing is probably your best and only option, seeing as most banks won’t be able to lend to you. There are dealers, however, that can get you the loan you need at a reasonable rate. In contrast to buy here pay here dealers, these dealerships offer:
- Interest rates that aren’t exorbitant.
- Down payments that are affordable.
- New vehicles, not just used ones.
You may not meet the criteria to finance all the cars on the lot. Below is an example based on the average per-person income in West Haven, $3,533 per month:
- Excellent Credit: $35,330 (Income x 10)
- Average Credit: $31,797 (Income x 9)
- Mediocre Credit: $28,264 (Income x 8)
- Damaged Credit: $24,731 (Income x 7)
- Really Poor Credit: $21,198 (Income x 6)
Keep in mind, these are just approximations. You may not be eligible to finance this much, especially if you don’t have the best record with past automobile loans and leases.
A lending specialist will determine how much you can borrow, and at what interest rate. To get going, simply submit your application.
How to Minimize Your West Haven Rates of Interest
Paying a reduced rate of interest may pay off in a big way. Think about this: a 60 month auto loan of $31,797 would cost you $2,910 in interest at 3.50% APR, $5,980 at 7.00% APR, and $9,684 at 11.00% APR.
First off, searching for and resolving any errors on your credit report can improve your credit score, and we all know that higher scores translate into reduced rates. Also, it’s smart to pay down any debts possible, as lenders prefer applicants without a lot of existing debt. It’s possible to finance a car at a lower rate for 3-4 years than for 5 years or longer, and you aren’t as likely to end up upside down on a shorter loan. Down payments are also important. The less The smaller the percentage of your car or truck that has to be financed, the better your rate of interest will be.
Buy Here Pay Here Dealers in West Haven, CT
Dealerships in West Haven that approve auto loans on-site have a few common characteristics. They…
- Finance car loans on location.
- Rarely require credit checks.
- Require weekly or twice-monthly payments, often in person.
Many folks with really terrible credit believe that a buy here pay here car lot is the only real establishment that will be willing to accept their credit, even though the interest rates are a lot higher than a bank loan. Also, they hardly ever report payments to the credit bureaus, which means your FICO score won’t get better as a result of the loan.
Guidelines for Buying a Car in West Haven
Your car payment, how much should you spend? Determine what’s 10% of your monthly income, which is the maximum you should allocate for this. Be careful, though, that you don’t go for overly lengthy financing, which can lead to:
- Larger finance charges.
- Higher rate of interest.
- More months spent upside down.
Rather, you want to repay your loan with the shortest term as you’re able. This will result in a car or truck costing about half of your annual income. For West Haven residents, having incomes of $42,393 per annum, the city average, this is a vehicle that costs $21,198. Please remember, this is at the upper end of what you should budget. Various advisors advise forking over even less, just 10-30% of your income for any car you buy.