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Auto Loans in Spring Hill (FL)

Has your credit been declined on account of issues like unpaid debts or collections? It’s best to work with a lender that will not only approve your loan, but offer you a fair rate. We’ve built an extensive network of dealers and finance companies who can finance individuals with all kinds of credit histories, even those who have:

  • Bad credit.
  • No credit.
  • Zero down payment.

Simply apply online, and you will be a few short steps away from a new car.

Bad Credit Car Dealers in Spring Hill, FL

When you’ve got unfavorable credit ratings, the large majority of consumer banking institutions aren’t going to grant you a loan. Thank goodness, there are dealers and specialty lenders that will do business with consumers from this demographic. Since you’re a higher-risk applicant, you can expect:

  • Rates of interest that are steeper.
  • Down payments that are larger.
  • Repayment periods that are shorter.

On the plus side, the rates and terms are more favorable than you would be given at one of Spring Hill’s buy here pay here car lots. There are many such dealerships in our network, and you can find one willing to fund your loan by submitting your application.

New vs. Pre-owned Cars

Used and new vehicles each have their own merits. New cars have cheaper interest rates. That said, they cost considerably more than their used brethren, and you’ll be charged a larger down payment.

New Car Pre-owned Car
Years Old 0 1
Price $21,100 $15,825
Down Payment $4,220 $1,583
APR 5.00% 7.50%
Months 60 48
Payment Amount $318.55 $344.37
Finance Charge $2,233 $2,287
Total Expenditure $23,333 $18,112

Spring Hill Buy Here Pay Here Car Lots

Considering financing a car through a BHPH dealer because of bad credit? Typically, there are better options. It’s true, they don’t carry out credit checks, so bad credit ought not be an impediment to approval, but chances are high you will pay too much in terms of down payment and interest rate.

In most cases, preowned vehicles are the only models offered, and dealers may make you have a GPS unit installed in your vehicle. Repossession frequently occurs, and the interest rates are about as high as they come. Is boosting your credit one of your goals? Then you are better off applying through us, as BHPH dealerships won’t aid you in increasing your credit.

Can Financing Restore Your Credit?

Most banks and finance companies report your payments to the primary credit bureaus, which gives you the opportunity to re-establish your credit. An auto loan can enhance two essential credit scoring factors:

  1. Payment History (35% of score).
  2. Types of Credit Used (10% of score).

Late payments, by contrast, can reduce your FICO score, and quickly! It’s tricky to anticipate how much your score is going to increase, but certain experts have indicated a 5-10% increase monthly.

Used Cars in Spring Hill, FL

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