Getting approved for an auto loan was simple before the downturn, but banks and finance companies have tightened up their approval criteria since then. We allow you to find a lender that can fund loans for people whose credit scores aren’t absolutely perfect. We’re proud to offer access to an unrivaled network of dealers and finance companies that are dedicated to funding your purchase, regardless of whether your credit score leaves much to be desired. All you have to do is complete your online application, and you could be behind the wheel of a new car before you know it.
Salisbury Car Lots for Bad Credit
Most traditional lenders like banks turn down applications from individuals with poor credit. However, there are dealerships and finance companies that serve credit-challenged borrowers. As with all subprime loans, expect:
- Interest rates that are more costly.
- Down payments that are bigger.
- Payment terms that are shorter.
With that being said, they will line up your financing through banks and finance companies that report to the credit reporting agencies, thereby enabling you to increase your credit score. At Motive Auto Finance, we work with many of these dealerships, and you can find one ready to get you behind the wheel by submitting your application.
Will You Need a Down Payment?
Are you looking to finance your car without providing a down payment? Do not forget that a used car or truck, besides costing less, demands less of a down payment. Have a look at this example.
|New Car||Used Car 1||Used Car 2||Used Car 3|
|Age||New||1 year old||2 years old||3 years old|
|Percentage of New Value||100%||75%||60%||50%|
Fortunately, the money from trading in your existing car or truck can usually be used toward your down payment, helping you to finance a car with zero down, at least in terms of cash.
Buy Here Pay Here Dealers in Salisbury, MD
Maybe you’ve thought of getting financed at a buy here pay here dealer in Salisbury? These kinds of Salisbury in house financing dealers don’t rely on banks or third-party lenders for approval, so they can help an extensive variety of customers.
A lot of folks with really bad credit believe that a buy here pay here car lot is the only establishment that will finance them. But bear in mind, the cost of your car or truck will be inflated due to ridiculous rates of interest. And if that weren’t enough, chances are your credit score won’t show improvements since these car lots don’t report back to Equifax, Experian, and Transunion.
Will This Supercharge Your FICO Score?
If your credit isn’t very good, you may be scared that an auto loan will worsen it, but that is rarely the way it goes. Financing a car is a good way to strengthen your credit. The secret is that you make your payments by the due date, each and every month.
Your score will not skyrocket the moment you pay back your loan. Rather, its climbs over time as you keep making payments each month. To help ensure you don’t miss any of your payments, consider an automated calendar reminder or automated deductions from your payment account.