If you’re interested in a new car, it’s likely that you need an auto loan. We have a vast network of lenders and dealers, and we have some of the best rates of approval in the industry. We match you with a lending professional who can help you obtain the car loan required for the vehicle you desire.
Bad Credit Car Dealerships in Muncie, IN
Have you considered where you could buy your next car? With less-than-perfect credit, you typically need to get your car from a dealer, instead of a private seller, as most lenders do not approve these types of loans for people who have low credit scores. Thank goodness there are dealerships that specialize in below-average credit. Generally speaking, these types of dealerships offer:
- Interest rates that aren’t astronomical.
- Down payments based on the vehicle’s price.
- New vehicles, not just pre-owned ones.
You may not be eligible to finance just any car on the lot. Here is an example based on the average per-person income in Muncie, $1,458 per month:
|Really Bad Credit||6||$8,748|
Don’t forget that this is only an approximation. You could qualify to finance greater than this, or less. Submit your application to have a finance expert confirm how much you can borrow.
Documentation That’s Required
When you go to get your car, you’ll be asked to provide specific paperwork. Your driver’s license is the primary form of identification you will need. If your credit isn’t ideal, lenders will want to confirm your income through paystubs or tax returns. Many lenders require you to be employed for more than a year before they’ll fund your loan. Proof of insurance is another prerequisite. The minimum Indiana requirements are insufficient. You’ll have to have full coverage insurance, which includes both comprehensive and collision coverage, on your new car or truck. Your lease agreement or a recent utility bill will verify your address, so lenders will know where the vehicle will be.
When you speak to your dedicated finance consultant, they will tell you what documents to bring.
Buy Here Pay Here Auto Loans in Muncie, IN
People in the buy here pay here industry would love you to believe that no one but them will approve you, but this is very rarely the way it is. Yes, they do not require credit checks, meaning your credit problems shouldn’t be a barrier, but chances are you will be charged excessively for this service.
Problems include excessively high lending rates and steeply-priced vehicles and bimonthly payments If bettering your credit score is important to you, and it ought to be, you are better off applying through us, as BHPH dealers won’t aid you in boosting your credit.
Will a Car Loan Increase Your Credit Rating?
If you’re hoping to increase your credit score, don’t go to buy here pay here dealers. Our dealers and lenders can help you with your credit. Rises in credit score aren’t instant, but after 6-8 months of scheduled payments, you ought to notice your credit score start going up. Don’t fall behind on your payments, as this will have a drastic effect: a decreased credit score. Don’t undervalue the advantages of a much healthier FICO score. It can help you save thousands of dollars throughout your life, and you’ve just got to pay your lender by the due date month in and month out.