Financing a car was easy prior to the recession, but those days are gone. We allow you to find a dealer or lender who really wants to fund your loan. We’ve established a wide-ranging network of dealers and lenders who want to fund your purchase, even if your credit score is low. Don’t delay: submit your online application, and we will do our very best to connect you with a company able to approve you for financing.
Lighthouse Point Car Dealerships for Bad Credit
Have you considered where to buy your next car? When you’ve got weak credit, you typically need to get your car from a dealership, instead of a private party, as lenders hardly ever approve private party loans for people with sub-standard credit. Fortunately, there are dealers that work with bad credit. Unlike buy here pay here dealers, these types of dealerships offer:
- Interest rates that are fair.
- Down payments that don’t break the bank.
- Vehicles that have fewer maintenance issues.
Your income and credit dictates which cars you’re eligible to finance. Normally, when you’ve got a low credit score, the most you can borrow is 6 to 8 times the amount you make on a monthly basis. For the Lighthouse Point resident who makes $1,514 per month, this is $9,084 to $12,112. That said, only 8% of your income ($121, in our example) should be spent on your car payment, which will put a cap on the amount you can spend. Submit an application to have a finance specialist confirm how much you can borrow.
Buying a Car in Lighthouse Point with No Down Payment
A down payment might be an inconvenience, but if you’ve got a bad credit score, it might be a requirement. Banks and finance companies want you to provide money upfront, since doing so will lessen risk of the loan. For you, that means a decreased interest rate and improved terms. We could possibly help you finance a car in Lighthouse Point without a down payment, but typically a down payment is a wise choice.
Lighthouse Point Buy Here Pay Here Financing
The buy here pay here industry would like you to assume that no one but them will approve you, but this is seldom the way it is. Dealers like these will finance just about anyone, no matter their credit, but you will find disadvantages.
Alas, you should be prepared for high rates of interest, massive down payments, and cars and trucks that cost too much given their mileage and condition. If maximizing your credit score is important to you, you should apply online through us, as buy here pay here dealerships won’t aid you in raising your credit.
Rebuilding Your Credit in Lighthouse Point
Apart from providing you with the funds you’ll need, a car loan can actually help you boost your credit. The crucial element is payment history, a primary component of the FICO scoring formula, and a car loan provides 36-84 months of payments. Your score won’t rise the moment you pay back your loan. Rather, its increases little-by-little as you continue paying your bills month after month. Of course, the advantages of a better score are enormous:
- Cheaper loan and insurance rates.
- Far better employment opportunities.
- Faster credit approval.