Getting your credit approved was simple before the credit crunch, but that’s no longer the case. It’s crucial to find a bank or dealer who serves consumers in your same credit tier. We’re very proud to be your key to a wide-ranging network of lenders and dealers that can take your credit online, resulting in a variety of advantages:
- Quicker approvals.
- Superior bargaining leverage.
- Greater self-assurance on the lot.
Your vehicle finance agent will walk you through the purchasing process, helping you secure the lowest rate you can. Visit here to submit your online application and speak with a expert.
Bad Credit Car Dealers in Lockport, Illinois
Bad credit doesn’t have to keep you from the driver’s seat of your new car. We can pair you with dealers all across Illinois that want to get you behind the wheel, no matter your credit rating. As with all subprime loans, expect more expensive interest rates, more substantial down payments, and smaller loans. However, it’s a lot better than being turned away by the big banks, and if you make your payments on schedule, you can strengthen your credit score by the time your vehicle is paid off. We have many of these dealerships in our network, and you can find one that wants to work with your credit by applying online.
Necessary Documentation for Lockport Borrowers
If you’d like to simplify your purchase as much as possible, you must bring along all of the documentation that’s required. You have to have your driving license. It’s required for test-drives, and it is used to combat fraudulent activity. If your credit isn’t the best, lenders are going to ask to look at some recent paycheck stubs or tax statements. Any vehicle you get financed has to be protected by a full coverage insurance policy throughout the term of the loan. You can provide proof of residence by submitting a couple of recent utility bills. Lenders want to know where to find the vehicle just in case it has to be repossessed. Please ask your auto finance consultant what documentation is required by the bank or lender who is going to fund your loan.
Buy Here Pay Here Auto Loans in Lockport, IL
The buy here pay here industry continues to grow, largely due to the fact that so many people’s credit ratings took hits on account of the economic crisis. They don’t look at your credit, so bad credit shouldn’t be an impediment, but you will find yourself paying handsomely for this.
You’ll find that higher-mileage autos are the only ones offered, and dealers may have you have a GPS tracking system mounted in your vehicle. Repossession is frequent, and the interest rates are exorbitant. There’s a reason why these dealers don’t have a very good reputation. Let us match you with a reputable dealer who will work with you, even if your credit is horrible.
What Car to Buy?
In many cases, it’s possible to finance a higher priced vehicle than you really ought to. The following table displays how much car the average Lockport consumer can afford based on a monthly income of $2,722, a car payment that’s 8% of this income ($218), and a finance term of 60 months.
|Great Credit||Okay Credit||Poor Credit|