Every day, we help people in West Palm Beach secure car loans, even if they are struggling with such things as:
- Low Credit Scores
- No Credit History
- Fixed Income
We work with a vast network of dealers and lenders, and we have finance professionals hoping to fund your loan. You will be walked one step at a time through the auto financing process by a finance professional near you.
Bad Credit Car Dealers in West Palm Beach, Florida
Those car dealers that provide loans themselves advertise themselves as in house financing car dealers, buy here pay here car lots, or tote the note dealerships. It’s better to find a car dealer that can get you financed through a trusted lender. Compared to a buy here pay here car lot, such dealerships offer:
- Lower APR rates and down payments.
- Better lending terms.
- Opportunity to rebuild your credit.
Your income and credit will dictate how much car you can get financed. Typically, if you’ve got a low credit score, the upper limit of what you can borrow is six to eight times your monthly income. For the West Palm Beach resident earning $2,853 per month, this is $17,118 to $22,824. With that being said, only 10% of your income ($285, in this case) should be spent on your car payment, which will almost certainly result in a smaller loan. Apply online to talk to an auto finance expert about how much car you can afford.
Financing a Car in West Palm Beach with No Money Down
You aren’t going to find a whole lot of people who enjoy spending a load of hard cash at one time–no fun! But it’s sometimes necessary to offer a down payment on the vehicle you are financing, especially if you’ve got below-average credit. A down payment affords you many benefits:
- Decreases the time you are underwater.
- Size of loan is decreased, which means you’ll owe less in finance fees.
- Reduced risk for the lender, leading to a more affordable interest rate.
We may be able to get you approved without a down payment, but typically a down payment is just good sense.
Buy Here Pay Here (BHPH) Car Dealers in West Palm Beach, FL
Maybe you’ve thought about getting a car loan at a buy here pay here car dealer in West Palm Beach? These West Palm Beach in house financing car dealers offer auto loans on location, typically without checking the applicant’s credit. Seeing as they don’t rely on a traditional bank or finance company to approve the applicants, they can support an extensive selection of borrowers.
If you have horrible credit, West Palm Beach in house financing car dealers are sometimes the only real option, even though the interest rates are more expensive than you’d be given by a conventional lender. On top of that, they seldom report payments to the credit agencies, meaning your credit score isn’t likely to get better as a result of the loan.
Recommendations for Financing
When you finance a car, at most, approximately 10% of your monthly income should be dedicated to your monthly payment. At the same time, finance your new car or truck for no longer than 5 years. With this payment and repayment period, you will be buying a vehicle which costs about half of your annual income. For West Palm Beach residents, having incomes of $34,234 annually, this is a car costing $17,118. Please remember, this is the cap on what you should spend. Plenty of advisors suggest ponying up just 10-30% of your income for a car.