Your FICO score is hugely important when financing a car, and a lot fewer applicants have been getting approved since the credit crunch. We enable you to find a lending company that has experience with bad credit auto financing. We’re very pleased to represent an unrivaled network of dealers and lenders who are prepared to approve you as a client, based on variables like your income, your location, and what you credit score is.
A vehicle finance expert will be there to walk you through the financing process, step-by-step. Feel free to submit your secure application.
Pompano Beach Car Lots That Approve Bad Credit
Have you thought about where to buy your new car? When you’ve got bad credit, you typically need to get your car from a dealership, not a private party, as the majority of lenders do not fund private party auto loans for people with credit problems. Good thing there are dealers that finance below-average credit. Since this is a high-risk loan, expect:
- Greater interest rates.
- Bigger down payments required.
- Tougher lending terms.
With that being said, they will arrange your financing through lenders that supply information to the credit agencies, giving you the ability to raise your credit score. We have many such dealerships in our network, and when you submit your application, we match you with one who wants to arrange your loan.
Can You Get Approved without a Down Payment?
Even if your credit is excellent, a lack of down payment can be an obstacle that’s tough to overcome. A down payment gives you several different benefits:
- Reduced risk of being underwater.
- Smaller loan amount, which means less paid in interest.
- Less risk for the lender, meaning a lesser interest rate.
Zero down car loans do exist, in Pompano Beach and elsewhere, but typically they trade in their existing vehicle to fulfill the lender’s down payment requirement.
Pompano Beach Buy Here Pay Here Dealerships
Buy here pay here car dealers ordinarily do business with people who’ve got serious credit problems like going bankrupt. Such dealers offer auto loans directly, unlike conventional dealers which outsource this, and they regard your income as a form of credit.
- Ridiculous Interest
- Huge Down Payments
- Overpriced Vehicles
- Uncompromising Repossession Tactics
Worst of all, these dealerships don’t work with the credit bureaus, so you could make all of your payments as agreed without helping your credit score.
Credit Improvement for Pompano Beach Borrowers
So long as you don’t miss payments, financing a vehicle can in fact help you improve your credit. By making payments on schedule, you prove to banks and lenders that they’ll likely make a profit lending to you, as there is little chance of you being delinquent on your payments.
Your score will not improve the second you pay the balance of your loan. Rather, its rises bit by bit as you continue paying your bills each month. You don’t want to underrate the benefits of a superior credit score. It makes life so much better and more affordable, and you just need to pay your bills on time on a monthly basis.