An automobile is a substantial purchase, so it’s important to finance through a dealer you can trust. We have access to a wide network of lenders and dealers, and we have finance professionals set and ready, expecting your application. We will match you with a finance professional who can help you arrange the loan required for the vehicle you desire.
Oak Park Car Lots That Take Bad Credit
Dealers that support consumers with credit problems are, in many cases, referred to as bad credit car dealers. Compared to a BHPH car lot, such dealers typically offer:
- Lower interest rates.
- Lower down payments.
- More stringent oversight, resulting in much less risk of unethical lending.
- Power to re-establish your credit.
The dealer will analyze your credit and income to decide the specific models you are eligible to finance. We recommend you go with a reasonably-priced, efficient vehicle with payments that amount to just 10% of your income–at the most. If you get paid $3,740 per month, this would be a payment of $374.
An experienced lending expert is standing by, waiting to determine how much you can borrow, and at what APR. In order to chat with one, just apply online.
Documentation That’s Required
In all probability, you’ll be asked to take certain documents with you as you go to sign for your new car or truck. At the very least, your lender or dealer will require the following:
- Personal Identification
- Proof of Income
- Proof of Insurance coverage
- Proof of Residence
- Contact Information for Personal References
Your lending consultant will tell you about any additional documentation you may need.
Oak Park Buy Here Pay Here Car Lots
The buy here pay here industry has grown in recent years, largely because so many people’s credit ratings suffered on account of the down economy. They seldom look at your credit, meaning your credit problems probably won’t be an obstacle, but you will find yourself paying handsomely for this.
- Excessive Interest
- Overpriced Down Payments
- Steeply-Priced Cars and Trucks
- Invasive Repossession Practices
Worse, these dealers don’t report to the credit reporting agencies, so you could make every single payment in a timely manner with no boost to your credit score.
Re-establishing Your Credit in Oak Park
On top of supplying you with the funds you need, an auto loan can help you get your credit back to normal. An auto loan:
- Provides you with the chance to improve your payment history (35% of your score).
- Strengthens your credit mix, or the types of credit under your belt (10% of your score).
And as you can imagine, the opposite is likewise true: you can further damage your credit if you fail to make your payments. You shouldn’t ignore the advantages of a much healthier credit score. The benefits are far reaching, and you just have to pay your bills each month.