An applicant’s credit rating is essential when it comes to getting a car financed in Salina and across the country. The interest rates for bad credit auto financing in Salina, Kansas, are a good bit higher than those for consumers with first-rate credit, and acceptance rates aren’t as high as they used to be. But don’t worry. We understand the inconveniences that Salina consumers with bad credit encounter.
Listed below are the keys to our program
- Superior Credit Approval Program
- Nationwide Lending Network
- In-Depth Client Instruction
Bad Credit Car Dealers in Salina, Kansas
Don’t let credit stop you from buying your new car. We work with dealers in Salina who are willing to compete for your business. In comparison with a buy here pay here dealer, such dealerships are able to offer:
- Less owed at purchase, in cash or trade.
- Reduced APRs.
- More stringent regulatory oversight to defend against deceptive lending.
- Option to build up your credit.
Your credit and income will dictate which cars you’re qualified to finance. With bad credit, the upper limit of what you can borrow is six to eight times the amount you earn per month. For residents of Salina earning $1,542 each month, this is $9,252 to $12,336. With that being said, only 8% of your income ($123, in this case) should be put toward your car payment, which may put a cap on how much you can spend. Apply online to see your options.
Zero Down Car Deals in Salina
Do you have a down payment saved for your new car? In many cases, one is required. A down payment offers a multitude of advantages:
- Lessens the number of months you’ll be upside down.
- Less has to be borrowed.
- Lower risk loan, translating to a decreased annual percentage rate.
Don’t forget that your vehicle trade-in may be used as your down payment. In this way, you can, basically, finance a car with zero down, at least in terms of cash.
Buy Here Pay Here Car Lots in Salina, KS
Dealerships in Salina that offer in-house financing have several common characteristics:
- They offer car loans on site.
- They rarely check your credit.
- They require weekly or biweekly payments, often at the lot.
For consumers who have really bad credit, Salina buy here pay here car dealers tend to be the only way to go. However, Kansas poor credit auto loans from banks and credit unions typically involve lower rates.
Restoring Your Credit in Salina
On top of providing you the funds required, an auto loan can help you improve your credit. If you pay your lender promptly each month, you’ll begin to create a healthy history of debt payment, which is more than one-third of your FICO score. You should never miss a payment, because this will have a drastic consequence: a decreased credit score. Most banks and lenders allow you to set up an automated monthly payment, so the payment is taken straight from your bank.