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Auto Loans in Covington (GA)

Have you been turned down by a dealership in Georgia due to poor credit? Fear not. We are aware of the complications that Covington car buyers face when they’ve got bad credit. Here are the keys to our program

Covington GA Bad Credit Car Loans

  • Proprietary Application Placement Program
  • Nationwide Network of Dealers
  • Guidance from Covington Lending Professionals

Bad Credit Car Dealers in Covington, GA

Have you given thought to where you could buy your next car or truck? When you’ve got a low credit score, you typically need to buy from a dealer, instead of a private seller, as the majority of lenders do not offer these types of loans for people with credit that isn’t perfect. Thank heavens there are dealers that specialize in poor credit. Since you’re a higher-risk applicant, expect:

  • Interest rates that are steeper.
  • Down payments that are bigger.
  • Repayment periods that are shorter.

Having said that, the rates and terms are far superior to what you would get at a used lot that does in-house financing with no credit checks. There are many such dealers in our network, and they want to get you behind the wheel of the car you deserve. Go here to submit your application.

Essential Documentation for Covington Residents

When you buy a vehicle from a dealership, certain paperwork has to be included, and when you’ve got a bad credit score, extra documentation may be required.

  • License: This helps lenders check your identity.
  • Proof of Income: Paycheck stubs are highly important, as a way to validate your monthly income.
  • Proof of Insurance: Your lender will require you to purchase full insurance as long as you are still paying off your vehicle, ensuring you can pay down the loan if there’s an accident and it’s totaled.
  • Proof of Residence: Your place of residence is crucial to lenders because it makes it possible for them to send you bills and updates in the mail, and it helps them in recovering the vehicle if they need to repossess it.
  • Personal References: These enable lenders to verify the data you’ve supplied, and they are a starting point if your vehicle has to be repossessed.

When you chat with your auto lending consultant, they will tell you what documents are required and which are not.

Buy Here Pay Here Financing in Covington, GA

Buy here pay here dealers typically work with people with major credit problems like bankruptcy. These dealers will finance virtually anyone, regardless of their credit, but there are negatives.

Cons include excessive interest charges that nuzzle up to the state’s maximums, coupled with extremely high repossession rates If that weren’t enough, these car lots rarely report to the credit bureaus, so you could make all of your payments as agreed without raising your credit score.

Selecting a Vehicle

You may find that you’re qualified to purchase a higher priced car than you should. The following table reveals how much the Covington consumer ought to spend based on an income of $2,427 each month, a payment of $194, and a finance term of 60 months–the longest term advisable.

Great Credit Fair Credit Poor Credit
Car Payment $194 $194 $194
Interest Rate 3.50% 7.00% 11.00%
Down Payment $2,668 $2,451 $2,233
Loan $10,673 $9,805 $8,930
Interest Paid $977 $1,844 $2,720
Total Paid $14,318 $14,101 $13,882
Sticker Price $13,341 $12,257 $11,163

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