If you are looking to buy a new car, you probably will need a car loan. We have access to a vast network of dealers and lenders, and we have some of the best approval rates in the market. Experience the convenience of working with a dedicated lending professional to answer the questions you have and arrange your loan.
Bad Credit Car Dealerships in Saint Augustine, FL
Some car lots that offer loans without third parties, referred to as buy here pay here dealers, won’t check your credit. However, chances are they will not help you rebuild your credit. Odds are you’ll have a better experience with car dealership that can offer you a bad credit auto loan in Saint Augustine through a reputable lender. As a rule they work with Transunion, Equifax, Experian – a rarity among small car lots that offer financing in-house. As with any subprime loan, there are certain things to be expected increased interest rates and higher down payments, not to mention smaller loans. With that being said, keep in mind you are getting not just a car, but also the chance to improve your credit score. We work with many such dealerships, and you can get pre-approved by applying online.
Saint Augustine Auto Finance Rates: Reducing Them
Getting approved with the most affordable rate of interest possible is key.
Check out how much less you’ll pay in interest with an APR of 3.50% versus 7.00% or 11.00% APR.
|Good Credit||Decent Credit||Bad Credit|
|APR||3.50% APR||7.00% APR||11.00% APR|
As you can see, securing the cheapest rate possible is absolutely critical. Now let’s look at what can be done.
- Credit History: Pull your credit report and file a dispute for any errors you find.
- Down Payment: Provide a down payment of 20% on your purchase. This will minimize lending risk, bringing about a decreased rate of interest.
- Debt to Income (DTI): Creditors always prefer applicants who’ve got minimal pre-existing debt, so paying off as much as you can is smart.
- Loan Length: Longer loans have less expensive payments, but shorter ones offer lower interest rates.
- Vehicle Condition: Used vehicles are more expensive to finance, since they are more likely to have maintenance issues, etc.
Buy Here Pay Here Auto Loans in Saint Augustine, Florida
Buy here pay here dealers primarily deal with people with severe credit problems like going bankrupt. These types of dealers offer financing on the lot, unlike regular dealers which make use of banks and lending companies, and they will typically finance anyone. Most often, higher-mileage vehicles are the only thing available, and these Saint Augustine dealers may require you to have an ignition interlock mounted in your vehicle. Repossession is common, and the APRs are just plain exorbitant. Because of this, these retailers don’t have an outstanding track record. We can match you with subprime finance professional who can get you in the driver’s seat of a great car or truck, even if your credit is terrible.
Rebuilding Your Credit in Saint Augustine
Nearly all lenders report consumer data to the leading credit bureaus, which provides you the chance to re-establish your credit. Payment history is an essential factor in the FICO scoring model. Of course, financing a car provides 3 to 7 years of payments.
Missed payments, however, can decrease your credit score, and in a big way! In order to ensure you don’t miss any of your payments, consider an automated email reminder or automatic deductions from your payment account.