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Auto Loans in Cocoa (FL)

A low credit score can keep you from bringing home a new car, but there are ways to get financed. A good credit score may grant you more options, but we can help you find the Cocoa car loan that fits your income and credit.

All you need to do is complete this simple form. We will place you with a loan provider or car dealership who can pre-approve you for financing.

Cocoa Car Dealerships for Bad Credit

A lot of car dealerships that offer in house financing, also known as buy here pay here car lots, don’t require credit checks. However, most likely they won’t be helping you restore your credit. It’s better to find a dealer that arranges auto loans for people with bad credit through an established lender. As a general rule they are a safer option, being subject to more regulation than mom-and-pop car lots that offer financing without credit checks. Any time you have adverse credit, expect elevated rates of interest and larger down payments, along with smaller loans. With that being said, they will get your loan funded through banks and finance companies that report back to the credit reporting agencies, giving you the ability to rebuild your credit. There are a great number of dealerships in our network, and when you apply online, we can match you with one who wants to approve your credit.

No Money Down Cars in Cocoa?

A down payment may be a hassle, but if you’ve got weak credit, it might be necessary. When you get a car loan, you don’t want to owe more than the value of the vehicle. If the your car or truck depreciates more quickly than you can make payments, then you’re upside-down on it. A down payment works against depreciation. We could possibly help you finance a car in Cocoa with no money down, but typically a down payment is a smart idea.

Cocoa Buy Here Pay Here Dealerships

Buy here pay here dealers ordinarily work with people who’ve got significant credit problems like:

  • Filing bankruptcy
  • Foreclosure
  • Involuntary Repossession
  • Tax Liens

These types of dealerships provide credit lines on location, while traditional dealers work with banks and lending companies, and they finance just about anyone. Problems with sort of financing include:

  • Excessive APR Rates
  • Outrageous Down Payments
  • Steeply-Priced Vehicles
  • Ignition Interlocks

There is a reason why these dealers have a lousy track record. Let us place you in the hands of a reputable dealer who can put you in the driver’s seat, even if your credit is awful.

How Much You Ought to Spend on a Car

It is important to go with a car or truck that won’t overburden your budget. The following chart reveals how much the Cocoa consumer ought to spend based on a monthly income of $1,803, a car payment that’s 8% of this income, and a repayment period of 5 years.

Great Credit Okay Credit Subprime Credit
Income Per Month $1,803 $1,803 $1,803
Monthly Installment $144 $144 $144
APR 3.50% 7.00% 11.00%
Years 5 5 5
Money Down $1,982 $1,821 $1,659
Amount Borrowed $7,929 $7,284 $6,634
Total Interest $726 $1,370 $2,020
Total Investment $10,637 $10,476 $10,313
Car Price $9,911 $9,106 $8,293

Cars in Cocoa, FL


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