Cars have become increasingly costly, but if you approach the financing process the appropriate way, you’ll save a ton of money down the road. Our experience in the auto finance market is unmatched, and that means we can help applicants get pre-approved for financing, even if their credit isn’t ideal. It truly is difficult to envision a more convenient way to get approved for your next car.
Portland Car Dealerships for Bad Credit
You should stay away from buy here pay here car dealers, known as they are for deceitful lending practices. There are more trustworthy dealerships that arrange loans through the standard channels: banks, credit unions, and finance companies. Such companies are closely watched by federal and state agencies, unlike BHPH dealers. As compared with a buy here pay here car lot, such dealers typically offer considerably better lending terms and rates. Your income and credit will determine the cars you’re eligible to finance. With less-than-perfect credit, the upper limit of what you can borrow is six to eight times your monthly income. For the Portland consumer earning $2,390 a month, this is $14,340 to $19,120. That said, you’d be wise to borrow less than you can, reducing your monthly payment to only 10% of your income–$239, in this situation.
A lending consultant can help you determine how much you’re qualified to borrow, and at what APR. Go here to submit your application.
Zero Down Car Loans in Portland
Are you hoping to finance your new car without a down payment? A down payment gives you numerous advantages:
- Lessens how much time you are upside down.
- Less amount borrowed.
- Lower LTV (Loan-to-Value ratio), meaning a lower APR.
The good news is, your trade allowance may be used as your down payment. In this way, you can, effectively, finance a car without putting anything down, at least in cash.
Portland Buy Here Pay Here Financing
If you have major credit problems on account of bankruptcy or debt settlement, a buy here pay here dealer could very well sound like a good option. Sure, they do not look at your credit, so your credit problems probably won’t be an obstacle, but you wind up paying more than you’d like for this.
More often than not, used cars and trucks are the only thing on the lot, and you may be required to pay weekly, at the dealership. Repossession is a common occurrence, and the APRs are, by some standards, extortionate. For this reason, these retailers have a bad reputation. We can place you in the hands of dealer finance specialist who can get you in the driver’s seat of a great car, even if you’ve had to file bankruptcy.
Choosing a New Car
Wondering how much you should spend on a car? This table shows how much the Portland consumer ought to spend based on a monthly income of $2,390, a car payment that’s 8% of this income, and a term length of 60 months–the maximum length that’s advisable.
|Good Credit||Decent Credit||Bad Credit|
|Price with Interest||$14,100||$13,886||$13,670|