Financing a car became far more challenging following the economic crisis, but it isn’t impossible. We help you to find a bank or dealer that really wants your business. We have spent years building an unparalleled network of lenders and dealers that want to finance your purchase, whether it’s a new car you’re looking for or a used one.
Your auto finance manager will serve as your guide, leading you from one step to the next through the process. Go here to submit your secure application.
Bad Credit Car Dealers in Opa Locka, Florida
There are dealerships in Opa Locka and across Florida that check your income rather than your credit. They often market themselves as no credit check dealers, because they do not require credit checks. That sounds great, but most likely they don’t report to the credit reporting agencies, which means they will not help you rebuild your credit. Your best option is to find a car dealership that arranges financing for people in Opa Locka with bad credit through a legitimate lender. As with any bad credit loan, certain things are to be expected:
- Interest rates that are more expensive.
- Down payments that are larger.
- Loans that are smaller.
On the plus side, keep in mind that you are getting not only a car, but also the opportunity to boost your credit score. Here at Motive Auto Finance, we work with many such dealerships, and when you apply online, we pair you with one who wants to put you in the driver’s seat.
Purchasing a Car in Opa Locka with No Down Payment
Want to purchase a new car, but you haven’t got the money saved for a down payment? When buying a pre-owned car or truck, a lower down payment is needed when compared with the purchase price of your vehicle. Consider the data below.
|New Car||Used Car 1||Used Car 2||Used Car 3|
|Age||New||1 year old||2 years old||3 years old|
|Percentage of New Value||100%||75%||60%||50%|
Having said that, we are well aware that saving this much cash isn’t so easy. Quite often, people go ahead and sell their used vehicle via the local classifieds, then use the proceeds as a down payment.
Opa Locka Buy Here Pay Here Dealerships
For people who have experienced bankruptcy or repossession, a buy here pay here dealer may seem like a smart move. Dealers like these will approve pretty much anybody, no matter their credit, but there are drawbacks.
Cons include outrageous annual percentage rates, money due at signing, and vehicle prices, and it’s likely you’ll get a vehicle that wound up being repossessed more than once If improving your credit score is important to you, and it should be, you are better off applying through us, since BHPH dealerships won’t aid you in improving your credit.
Rules of Thumb for Financing
Here’s a solid guideline: not more than 10% of your monthly income should be set aside for your monthly payment. On top of this, you don’t want to get a loan for longer than 60 months. With a 10% payment and 5-year term, you will be getting a vehicle that costs roughly half of your yearly income. In Opa Locka, where the average income is $35,075 per annum, the average consumer would purchase a car that costs approximately $17,538. Typically, the less you’re able to spend on a solid car, the better.