Banks and dealer finance departments will pull your credit when deciding whether or not to fund your loan. If your credit isn’t good, you should expect elevated rates of interest. It’s smart to find a lender or dealer that has experience financing people with less than perfect credit. We’re proud to be your key to a vast network of dealers and finance companies who are helping people re-establish their credit by paying off a car. All you need to do is apply online, and you will be in the express lane for the new car you want.
Bad Credit Car Dealerships in Andover, Minnesota
Don’t let credit keep you from the driver’s seat of your next car. We have access to dealers in Andover who are willing to compete for your business. As with any bad credit loan, you can expect more expensive interest rates and larger down payments, combined with stricter repayment conditions. On the other hand, it’s much better than being unable to get a car, and these dealers can help you re-establish your credit by establishing a positive payment history. There are many such dealers in our network, and they want to get you the car you want. Go here to submit your application.
Proof of Income for Andover Consumers
Any time you purchase a vehicle from a dealership, certain paperwork has to be included, and if you have poor credit, more than normal could very well be required. As a minimum, your lender or dealer will require the following:
- ID: Driving License, Passport, or Social Security Card
- Proof of Employment
- Proof of Insurance
- Proof of Residence
- Contact Details of Your Personal References
When you contact a lending specialist, they will tell you which documents to bring.
Buy Here Pay Here Financing in Andover, MN
Thinking about heading to a buy here pay here dealer to get approved? Ordinarily, there are more attractive alternatives. Dealers like these will approve nearly anybody, regardless of their credit, but you will find problems with sort of financing. In most cases, higher-mileage vehicles are the only ones you can buy, and these aren’t zero down car loans. Quite often, the down payment is what the dealer had to pay for the vehicle, and you could find yourself paying thousands in interest through outrageous rates. This is why these retailers have a lousy track record. We can place you in the hands of dealer finance specialist who can get you in the driver’s seat of a great car or truck, even if you’ve been through bankruptcy.
Guidelines for Financing
If you don’t want to struggle to make your payments, you should spend only about 8-10% of your monthly income on financing a car. Be mindful, however, that you don’t go for a loan term of 72 months or longer, which will result in:
- More paid in interest to the lending company.
- More expensive APR.
- More time spent upside down.
In actuality, you want to have your vehicle paid off in as little time as you can. This means a car or truck which costs roughly 50% of your yearly income. with an income of $65,862 a year, the average for residents of Andover, this would be a car costing $32,934. Don’t forget, this is the cap on what you should spend. Plenty of authorities advocate spending even less, just 10-30% of your income for any car you buy.