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Auto Loans in Palm Bay (FL)

There are several different ways to secure an auto loan in Palm Bay, but we offer unparalleled convenience and support. Our network of lending specialists is first rate, which means we can help applicants of all credit tiers and income brackets. We assign you a lending expert who’ll guide you through the process.

Auto Loan Palm Bay FL

Palm Bay Car Dealerships for Bad Credit

Those car dealers that approve loans themselves are classified as in house financing car dealers, buy here pay here car lots, and/or tote the note dealers. Your best bet is to find a dealer that can get you approved through a trusted lender. In most cases they report your payments to Equifax, Experian, and Transunion, which is atypical of smaller pre-owned car lots that offer financing on-site. Contrary to buy here pay here dealers, these dealers offer:

  • Better APR rates.
  • More reasonable down payments.
  • Both used and new vehicles.

You may not be eligible to finance all the cars in the showroom. Here is an example based on an income of $1,794 per month, the average in Palm Bay:

  • Good Credit: $17,940 (Income x 10)
  • Prime Credit: $16,146 (Income x 9)
  • Sub-Prime Credit: $14,352 (Income x 8)
  • Bad Credit: $12,558 (Income x 7)
  • Really Poor Credit: $10,764 (Income x 6)

These sums are not absolute. You could be approved to finance a greater or lesser amount.

An experienced lending expert can help you determine how much you’re eligible to borrow, and at what APR. If you’d like to speak to one, make sure you apply online.

Documentation Details

When you go to choose your car, you’ll be asked to provide some required paperwork.

  • License or Permit: This helps lenders and dealers verify your identity.
  • Proof of Income: Paystubs enable the lender to verify the income you stated in your application.
  • Proof of Insurance: Not just liability, but collision is mandatory, but you can often wait to buy it at the dealership.
  • Proof of Residence: Where you live is extremely important for lenders because it makes it possible for them to send you bills and notifications by post, and it helps them in locating the vehicle in the unlikely event it must be repossessed.
  • References: Generally, you don’t need to provide these unless you have poor credit. If you do, personal references are employed by recovery agents if your vehicle has to be repossessed.

Don’t forget to ask your auto finance specialist what documentation is required for your specific bank or lender.

Palm Bay Buy Here Pay Here Financing

In house financing, otherwise referred to as buy here pay here financing, keeps growing, mainly because so many people’s credit scores took hits on account of the down economy. These types of dealers provide financing in-house, whereas conventional dealerships contract this, and they are more concerned with your job than your credit. Regrettably, you can expect inflated loan rates, massive down payments, and cars and trucks that cost too much given their condition. There is a reason that these car dealers have a lousy reputation. Let us put you in touch with a reputable dealer who can put you in the driver’s seat, even if you’ve had to file bankruptcy.

Getting the Perfect Loan

It is far too easy to purchase more car than is really required. Not more than 8% of your income each month ought to be devoted to your car payment. As an example, Palm Bay residents have an average income of $1,794 a month, and 8% of this is $144.

Great Credit Fair Credit Poor Credit
Income $1,794 $1,794 $1,794
Payment $144 $144 $144
APR 3.50% 7.00% 11.00%
Term 60 Months 60 Months 60 Months
Down Payment $1,972 $1,812 $1,650
Loan Amount $7,889 $7,248 $6,601
Total Interest $722 $1,363 $2,010
Total with Interest $10,584 $10,423 $10,261
Purchase Price $9,862 $9,060 $8,251

Used Cars in Palm Bay for Sale

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