Bad credit affects 1 in 4 Minnesota residents. We think that auto loans ought not to be a huge challenge for Eden Prairie residents, no matter their credit ratings. Here’s how it works:
- Step 1: You complete your application. Our application is quick, secure, and easy to use.
- Step 2: We leverage our network of innumerable loan providers.
- Step 3: Most consumers get approved within 24 hours.
Bad Credit Car Dealers in Eden Prairie, MN
Those dealerships in Eden Prairie that offer financing themselves are classified as in-house financing, tote the note, or buy here pay here dealers. You’ll be happier finding a car dealership that grants bad credit auto loans in Eden Prairie, Minnesota through a credible lender. Yes, they’ll pull your credit, but they also work with Equifax, Experian, and Transunion – a rarity among smaller car lots with on-the-lot financing. In any sub-prime financing arrangement, expect:
- Rates of interest that are more expensive.
- Down payments that are larger.
- Loans that are smaller.
On the plus side, bear in mind you’ll be getting not only a car, but also the chance to improve your credit. There are a great number of dealers in our network, and they want to get you in the car you want. Go here to submit your application.
Do You Need a Down Payment?
A down payment, as you know, is the amount you owe in advance on the day you sign for any vehicle that’s financed. Down payments make for lower risk loans, simply because the customer finances a smaller percentage of the vehicle’s worth. On top of this, this should a cheaper interest rate. Although we may be able to aid you in getting an auto loan in Eden Prairie with no money down, we typically encourage down payments.
Buy Here Pay Here Dealers in Eden Prairie, MN
Car dealers in Eden Prairie that offer in house financing have certain things in common:
- These dealerships offer car loans direct to the consumer.
- They rarely pull your credit.
- They want you to pay them each week, often in person.
Many men and women with really low credit feel like an in house financing car lot is the only real place that will be willing to finance them, even though the cost of your car or truck will be higher due to ridiculous rates, and chances are your credit score won’t improve since these car lots have no relationship with Equifax, Experian, and Transunion.
Will This Help Your Credit?
If your credit isn’t very good, you’re probably looking for ways to restore it. Fortunately, an auto loan is among the easiest ways to repair your credit. By making payments on schedule, you show creditors that you’ll be a smart investment.
Don’t miss a payment, because this will have a dramatic effect: a weakened credit score. You shouldn’t undervalue the benefits of a better FICO score. The positive effects are huge, and you simply have to pay your bills on schedule each month.