Getting your credit approved is usually the largest hurdle to shopping for a car. We want to help. It’s a good idea to work with a lending company that is sensitive to your credit and budget. We have spent years establishing an unmatched network of lenders and dealers who are providing car loans to people with credit histories of all kinds, not just those with excellent credit.
An auto finance professional will serve as your guide, helping you line up your loan before you ever step foot on the dealer lot. Go here to contact a local finance specialist.
Bad Credit Car Dealers in McDonough, GA
Low credit scores have been on the rise in Georgia, due largely to the recession, and more and more dealerships now have finance departments that cater to people who have weak credit. Contrary to buy here pay here dealers, these types of dealerships offer:
- Interest rates that aren’t extortionate.
- Down payments that are affordable.
- New vehicles, as well as pre-owned ones.
The actual cars and trucks you’re eligible for will be decided by what you earn on a monthly basis, along with how high or low your credit score is. It’s always best to buy a vehicle that won’t break your budget, with a payment equal to 10% of your income, if not less. For people who earn $5,103 per month, the average in McDonough, this comes to a payment of $510.
An experienced finance professional can help you determine how much you’re qualified to borrow, and at what rate. Go here to submit your application.
Do You Need a Down Payment?
A down payment may be a challenge, but for those who have a low credit score, it might be a necessity. Lenders want you to offer a down payment, since doing so will lower risk built into the loan. For you, that means a cheaper rate of interest and more favorable terms. Although there are zero down auto loans in McDonough, we usually encourage down payments, especially when you’ve got a higher interest rate.
Buy Here Pay Here (BHPH) Dealerships in McDonough, GA
Dealerships in McDonough that offer on-the-lot financing are distinct from traditional dealerships in several key ways. They…
- Furnish car loans direct to the consumer.
- Do not check your credit.
- Demand weekly or twice-monthly payments, often in person.
If you’ve got really bad credit, McDonough in house financing car lots tend to be the only real option, despite the fact that the cost of your car or truck will be inflated due to higher loan rates. And if that weren’t enough, it’s unlikely that your credit score will improve since these dealers rarely report back to Equifax, Experian, and Transunion.
Re-establishing Your Credit in McDonough
If you get financed through a lender that reports to the credit bureaus, an auto loan can actually strengthen your FICO score. The process of improvement is progressive, but after 6-12 months of scheduled payments, you ought to see your credit score begin to rise.
You should never fall behind on your payments, because this will surely have a drastic consequence: a weakened FICO score. Of course, the benefits to a better score are enormous, including reduced rates of interest and insurance rates, not to mention higher credit limits.