If you’re interested in buying a new car, it’s quite possible you need an auto loan. We give you the ability to apply for financing through our extensive network of dealers and lenders. We match you with a lending expert who can help you arrange the loan you need for the car you desire.
Bad Credit Car Dealerships in Dublin, Georgia
For people with a low credit score, dealer financing is often your best option, as most all the banks won’t be willing to finance you. Fortunately, there are dealers that have lending consultants on the lot, waiting to get you financed. Since this is a high-risk loan, you can expect:
- Much higher APR rates.
- Much larger down payment requirements.
- Stricter repayment conditions.
Having said that, the experience is far preferable to that of a buy here pay here dealer, and your vehicle will in all probability cost you less in the long run. We have many of these dealers in our network, and you can get pre-approved by submitting your application.
Documentation That’s Needed
To avoid hurdles, be sure you don’t forget the required documentation when you head to the dealer lot. There are seldom lenders that will finance a car loan for a consumer who doesn’t even have a driving license. Lenders usually ask for no less than two recently dated paycheck stubs, but more could be required if your credit is problematic. Keep in mind that the majority of lenders want to see that you’ve been on the job for at least one year at least. Proof of insurance is another prerequisite. The Georgia minimums don’t suffice. You’ll need to have full coverage insurance, which includes both comprehensive and collision coverage, until the lender releases your lien. Proof of residence can be provided through a couple of recent power bills or a copy of your lease contract. Lenders need to be able to locate the vehicle just in case they have to repossess it.
When you stop by the bank or lender, make certain you have all the requested documentation.
Dublin Buy Here Pay Here Financing
The buy here pay here industry has grown in the years following the economic downturn, largely due to the fact that so many people’s credit scores took hits on account of the economic crisis. These dealers will finance pretty much anyone, regardless of their credit, but there are drawbacks. You will notice that preowned cars and trucks are the only ones available, and these are not no money down car loans. Quite often, the down payment is the same as what the dealer paid for the vehicle at auction, and you could find yourself paying thousands in the long run through exorbitant rates. Even worse, these car lots don’t work with the credit agencies, so you could make all of your payments month after month with no lift in your FICO score.
Rules of Thumb for Financing
Here’s a good guideline to follow: not more than 10% of what you earn on a monthly basis should be devoted to your car payment. Also, in order to reduce interest and equity issues, select a 5-year repayment at the maximum. This will get you a vehicle costing approximately half of what you get paid annually. If you make $20,717 per annum, the average for residents of Dublin, this would be a car costing $10,356. An automobile is a depreciating asset, which means it’s best to invest as little as possible to bring home a car that won’t cost you time and money in repairs.