Getting approved for financing became far harder following the credit crunch, but we help people in Laurel get approved on a daily basis. We enable you to find a lender or dealer that can fund loans for consumers who don’t have pristine credit. Through the years, we’ve built a vast network of dealers and lenders who can serve a wide assortment of credit scores, not just the highest levels. Don’t delay: complete your online application, and we will connect you with a lending specialist from a dealer or lender in Laurel.
Laurel Car Dealers That Take Bad Credit
Assuming you have bad credit, dealer financing is probably your best bet, seeing as most banks in Laurel will be unwilling to work with you. Having said that, there are dealers who want to get you approved for financing. As with any subprime loan, expect:
- More expensive APR rates.
- More money down required.
- Smaller sized loan amounts.
However, it’s better than being turned down by the big banks, and if you make your payments each month, you can raise your credit score in the process of paying off your vehicle. We have many of these dealerships in our network, and they want to get you in the driver’s seat of the car you need. Go here to apply online.
Laurel APR Rates: Reducing Them
Interest rate is crucial if you want to limit the amount you will wind up paying for your vehicle.
Have a look at how much less you’ll owe in interest at an interest rate of 3.50% as opposed to 7.00% or 11.00%.
|Good Credit||Fair Credit||Sub-prime Credit|
|Size of Loan||$25,452||$25,452||$25,452|
|APR||3.50% APR||7.00% APR||11.00% APR|
To start with, searching for and resolving any errors on your credit report can boost your credit score, and we all know that better scores mean better rates. Also, paying off any outstanding debt can bring down your debt-to-income (DTI) ratio, thereby reducing your rate of interest. Opting for a shorter-term loan will also keep your rate more manageable, and it will also help fight negative equity. Down payments are also crucial. The less you borrow compared with the value of your vehicle, the better your rate of interest is likely to be.
Your Job is Your Credit Car Lots in Laurel, MD
Maybe you’ve thought about getting financed at a buy here pay here car dealer in Laurel? These kinds of Laurel in house financing car dealerships don’t rely on banks or credit unions for approval, so they can work with an extensive range of customers. If you have horrible credit, Laurel buy here pay here dealers tend to be the only option, despite the fact that the loan rates are more expensive than a bank loan. Additionally, they don’t usually report payments to the credit bureaus, meaning your credit rating won’t go up even if they pay off the loan on time.
Will This Improve Your Credit Score?
It’s not a myth: an auto loan can rebuild your credit. When you make payments on time, you show lenders that you’re somebody they can trust.
Needless to say, the opposite is likewise true: you can make things even worse if you go into default on your payments. Lots of lenders allow you to establish a scheduled payment each month, so the funds are taken directly from your payment account.