In Grand Rapids, there are several options for securing an auto loan, but few if any firms have brought credit acceptance online like we have. We enable you to apply for financing through our nationwide network of dealers and lenders. More often than not, we’re able to place applicants with an interested lender or dealer even if they have credit problems such as bankruptcy or repossession.
Bad Credit Car Dealers in Grand Rapids, Michigan
Car dealerships that can arrange sub-prime financing tend to be referred to as bad credit dealerships. In comparison with a buy here pay here car lot, such dealers can offer:
- Less owed at purchase, in terms of down payment.
- Less expensive APR rates.
- Fairer finance terms.
- Option to boost your credit score.
The dealer will assess your credit and income to see the cars you’ll be able to finance. If you want to reduce the risk of loan delinquency or repossession, find an affordable, fuel-efficient vehicle with payments that amount to just 10% of your income–at the most. For people who earn $1,517 a month, the average among Grand Rapids residents, this is a payment of $152.
A finance specialist can help you determine how much you can borrow, and at what rate. To get going, all you have to do is submit your application.
Is a Brand New Vehicle Your Best Option?
It gets asked time and again: which is best, a new or used vehicle? It’s possible to finance new cars at lower rates, but you pay far more in the long run.
|New Car||Used Car|
|Age||New||1 Year Old|
|Duration||60 months||48 months|
In House Financing Car Lots in Grand Rapids, MI
Maybe you’ve considered getting your vehicle through a buy here pay here car dealer in Grand Rapids? These kinds of Grand Rapids bad credit dealers don’t rely on banks or third-party lenders for financing, so they can support a larger selection of borrowers.
Often folks with really horrible credit believe that a buy here pay here car lot is the only real establishment that will be willing to finance them. Unfortunately, the loan rates are a lot higher than a bank loan. On top of that, they don’t often report payments to the credit agencies, meaning the consumer’s FICO score isn’t likely to go up as a result of the loan.
Recommendations for Buying a Car in Grand Rapids
In most cases, you ought to spend, at most, 10% of your monthly income for your loan payment. On top of that, aim to pay off this vehicle in no longer than 60 months. This will buy you a vehicle which costs roughly half of your annual income. For Grand Rapids residents, having incomes of $18,201 per year, the city average, this is $9,102. In most instances, the less you’re able to spend to acquire a trustworthy car or truck, the better.