A bad credit score is no fun. A favorable credit record may give you more options, but we can help you find the car loan you need. To get started, simply send us your application, and we will match you to a car finance company or dealership that can pre-approve you for financing.
Frankfort Car Lots That Accept Bad Credit
Car dealers with sub-prime finance departments are known as bad credit car dealerships. Compared to a BHPH car lot, such dealerships typically offer:
- More affordable interest rates.
- More manageable down payments.
- Tighter regulation, meaning much less risk of deceptive lending.
- Power to build up your credit.
The types of vehicles you can purchase will be determined by what you earn each month, and what your credit score is. It is wise to consider a vehicle that won’t wipe out your bank account, with a payment that amounts to 10% of your income–any higher, and you’ll be at a high risk of default. If you make $372 a month, this translates to a payment of $37.
Apply online to have a finance specialist confirm your options.
New or Pre-owned: What’s the Right Choice?
Used and new vehicles each offer their own benefits. You can finance a new car at a lower rate, but you wind up paying a good deal more in terms of purchase price and down payment.
|New Car||Used Car|
|Term||5 years||4 years|
Frankfort Buy Here Pay Here Car Lots
People in the BHPH industry wants you to believe that you can’t get financed anywhere else. However, this is rarely the case. These dealers will approve almost anybody, no matter their credit, but you will find problems with sort of financing. You will discover that higher-mileage vehicles are the only thing available, and you may have to make payments weekly, in person. Repossession is a common occurrence, and the APRs have been regarded as unfair by many consumer agencies. Because of this, these retailers don’t have an outstanding reputation. We want to place you with subprime finance specialist who can put you in the driver’s seat, even if your credit is awful.
Which Cars Are Ideal For Frankfort Borrowers
Wondering how much you should devote to a car? This is a solid general guideline: spend not more than 8% of your monthly earnings on this new payment. For a consumer with a monthly income of $372, the Frankfort average, this is $30.
|Good Credit||Fair Credit||Subprime Credit|