Auto financing with poor credit used to be extremely difficult – until we emerged as a market-leader and made it easy to get financed by a bad credit car dealership in Springfield. No one knows the frustration of buying a car with poor credit like us. In just a minute, we can connect you with a financing consultant in Springfield who will make every effort to get you financed.
Bad Credit Car Dealerships in Springfield, MO
Those dealerships that approve financing directly are known as tote the note, your job is your credit, or buy here pay here car lots. You’ll have a better experience with car dealership that can secure your approval through a reputable lender. As with all subprime loans, expect increased rates of interest and higher down payments, as well as smaller loans. On the plus side, the rates and terms are far better than you would be offered at a buy here pay here lot. We have many such dealerships in our network, and they want to get you the car you want. Just go here to apply online.
No Down Payment Auto Loans in Springfield
Do you need to get approved for a car, but you haven’t got the money saved for a down payment? A down payment affords you quite a few advantages:
- Less negative equity.
- Reduced loan amount, meaning your finance fees will be decreased.
- Lower loan-to-value ratio (LTV), which means a more affordable annual percentage rate.
Despite the fact that there are zero down car loans in Springfield, we normally endorse down payments as a wise choice.
Buy Here Pay Here Dealers in Springfield, MO
Maybe you’ve considered getting a car loan through a buy here pay here dealership in Springfield? These kinds of Springfield in house financing dealers provide financing on site, frequently without checking the consumer’s credit. Seeing as they don’t depend on a traditional bank or finance company for financing, they’re able to service a wider array of customers. For people who’ve got really bad credit, they are often the only real way to go, despite the fact that bad credit auto loans from credit unions and banks typically involve more affordable rates.
In fact, often these “BHPH” dealers charge rates as high as the state allows, often on vehicles which are already overpriced. In some cases, the installation of a GPS tracking device is mandatory. This enables the dealer to find the vehicle more easily in the event of a repossession situation. As you can see, these dealers are really your last resort.
Financing Guidelines for Springfield Car-Shoppers
Your car payment, how much should you spend? Simply take 10% of your monthly income, which is the maximum amount you should allocate for this. Simultaneously, you don’t want to get a loan for over 5 years. This equates to a vehicle which costs around half of your yearly income. If you have an income of $17,131 a year, the average for residents of Springfield, you would buy a car that costs $8,568. Automobiles depreciate from day one, so you want to invest no more than you have to, in order to bring home a car that isn’t going to have you in need of a wrecker.