If your credit isn’t very good, securing a loan is often the largest hurdle when shopping for a car, but we’re here to help. It’s a good idea to work with a dealer or lender that can finance people whose credit scores aren’t anything to write home about. For years, we’ve been building an unrivaled network of dealers and lenders who help people rebuild their credit through an auto loan.
Your vehicle finance agent will be there to lead you through the financing process, step-by-step. Go ahead and apply online for financing.
Bad Credit Car Dealers in Prairie Village, Kansas
Have you thought about where you could buy your new car? If you have a low credit score, you typically need to buy your car from a dealership, instead of a private seller, as most lenders don’t approve these types of loans for people with sub-prime credit. Thank goodness there are dealerships that finance poor credit. Unlike buy here pay here dealers, these dealers offer:
- Interest rates that are reasonable.
- Down payments that won’t leave you broke.
- New vehicles, as well as used ones.
Your credit and income will determine how much car you can get financed. Here is an example based on the average per-person income in Prairie Village, $4,966 per month:
- Outstanding Credit: $49,660 (Income x 10)
- Fair Credit: $44,694 (Income x 9)
- Subprime Credit: $39,728 (Income x 8)
- Damaged Credit: $34,762 (Income x 7)
- Horrible Credit: $29,796 (Income x 6)
These estimates are by no means guaranteed. You might be eligible to finance a greater or smaller amount.
A lending consultant will determine how much you can borrow, and at what rate of interest. In order to chat with one, be sure you apply online.
Documentation That’s Required
Whenever you buy a vehicle from a dealership, certain paperwork has to be included, and when you’re suffering from poor credit, more documentation may well be needed.
- Driving License: This is a way that lenders and dealers check your identity.
- Proof of Income: If you are a freelancer who doesn’t receive paycheck stubs, presenting tax returns from the past 24 months is sufficient.
- Proof of Insurance: Not just liability, but collision insurance is required on nearly all financed vehicles.
- Proof of Residence: Where you live is essential to lenders. It makes it possible to send you bills and notifications in the mail, and it helps them in locating the vehicle in case they need to repossess it.
- List ofPersonal References: These are a further layer of verification, necessary if you have less-than-perfect credit.
You should ask your vehicle finance consultant what documentation is required for your particular bank or finance company.
Prairie Village Buy Here Pay Here Financing
Considering going to a buy here pay here dealer to get approved? Typically, there are better options. Yes, they rarely conduct credit assessments, so bad credit shouldn’t be a hurdle to getting approved, but you will find yourself paying more than you’d like for this. Unfortunately, you can look forward to exorbitant loan rates, expensive down payments, and vehicles that cost too much given the kind of shape they’re in. Because of this, these dealers don’t have a very good track record. We can match you with a reputable dealer who can get you approved, not matter your credit.
Credit Considerations for Prairie Village Consumers
It may seem like a pipe dream, but it isn’t: a car loan not only helps you purchase the car you’d like, it can increase your credit score. Be that as it may, this impact isn’t automatic–not hardly. You have to pay back the loan as contracted, making every payment on time.
Payments missed, however, can reduce your FICO score, and fast! To help make sure you don’t miss any of your payments, consider options such as automated deductions.