Getting approved for a car loan was simple prior to the downturn, but lending standards have become more stringent since that time. It’s advisable to work with a dealer or lender who will not only lend you the funds you need, but do so at a competitive rate. We have spent years building an unparalleled network of dealers and lenders that meet the needs of borrowers on the entire credit spectrum, not just the highest echelons.
A vehicle finance manager will be right there to guide you, helping you line up your loan before you ever step foot on the lot. Feel free to contact a dedicated finance specialist.
Cape Coral Car Lots for Bad Credit
Have you given thought to where to buy your next car? With less-than-perfect credit, you typically need to buy from a dealership, instead of a private seller, since lenders rarely provide private party loans for people who’ve credit problems. Thankfully there are dealerships that work with poor credit. In any non-prime financing scenario, there are certain things to be expected more expensive rates of interest and higher down payments, along with smaller loans. But keep in mind, keep in mind you are getting not only a car, but also the opportunity to improve your credit score. Here at Motive Auto Finance, we work with many of these dealerships, and they want to get you the car you want. Just go here to apply online.
Have You Got a Down Payment?
Do you have money saved for a down payment? If not, it might be tougher to get financed, though it isn’t impossible. Offering up a down payment lowers the risk of the loan, as a smaller percentage of the vehicle is actually financed. Additionally, a down payment helps you reduce negative equity. No down payment car deals are out there, in Cape Coral and other places, but it’s more common that they trade in an existing vehicle in order to satisfy the lender’s down payment criteria.
Buy Here Pay Here (BHPH) Dealerships in Cape Coral, FL
Car lots in Cape Coral that approve auto loans on-the-lot have a few commonalities. They…
- Supply auto loans directly.
- Don’t check your credit.
- Require weekly or twice-monthly payments, often at the lot.
Countless men and women with really bad credit assume that an in house financing car lot is the only place that will accept their credit. But keep in mind, Florida subprime auto loans from credit unions and banks typically come with more affordable rates.
Recommendations for Buying a Car in Cape Coral
Here’s a great guideline: no greater than 10% of your monthly income should be dedicated to your car payment. To prevent equity issues and excessively high finance fees, agree to a loan of not more than 5 years. This will get you a vehicle that costs around half of your yearly income. Here in Cape Coral, where the average income is $33,310 annually, the average consumer would buy a vehicle which costs $16,656. Automobiles drop in value quickly, meaning it’s best to fork out as little as you can and still bring home a car that won’t leave you stranded.