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Auto Loans in Grand Island (NE)

Poor credit impacts around 1 out of every 4 Nebraska residents. Nobody specializes in bad credit auto loans like us. Inside of 60 seconds, we can set you up with an auto lender who can get you approved for a new car or truck, despite your credit.

Grand Island Car Lots for Bad Credit

Car dealers with sub-prime finance managers are typically referred to as bad credit car dealers. Compared with a buy here pay here car lot, such dealerships offer more attractive lending terms and rates. You may not have the credit and income to finance just any car in the showroom. Here’s an example based on the average per-person income in Grand Island, $2,057 per month:

Minimum Credit Score Multiplier Amount
700 10 $20,570
625 9 $18,513
575 8 $16,456
525 7 $14,399
300 6 $12,342

These are only approximations. You may meet the requirements to finance more or less.

An automobile lending specialist will determine how much you’re eligible to borrow, and at what APR. If you want to talk to one, be sure to apply online.

Can You Get Approved with No Money Down?

A down payment, as you probably know, is the money owed for your vehicle at the time of signing. A down payment affords you multiple advantages:

  • Less negative equity.
  • Size of loan is reduced, which means your interest charges will be decreased.
  • Lower risk loan, translating to a lesser interest rate.

If you have a low credit score, it’s often difficult to get a car financed with no money down, but bear this in mind: a trade-in could help you make your down payment.

Buy Here Pay Here Car Lots in Grand Island, NE

Many people go to buy here pay here car lots, thinking that they can only get approved at such a place. Not the case. These dealers will finance nearly anybody, regardless of their credit, but there are drawbacks. Most often, preowned autos are the only ones you can buy, and you may be required to have an ignition kill-switch installed in your vehicle. Repossession frequently occurs, and the finance fees are pretty silly, they are so high. This is why these car dealers have a dirty reputation. Let us put you in touch with a reputable dealer who can get you financed, even if your credit is terrible.

Financing Recommendations for Grand Island Consumers

Concerning your monthly car payment, it’s best not to spend greater than 10% of what you make each month. To prevent negative equity and expensive finance fees, go with a repayment term of 5 years, no more. This equals a car that costs around half of what you earn per year. Say you earn $24,683 per year, the average for residents of Grand Island, you would buy a $12,342 vehicle. Keep in mind, this is the most that you should spend. A number of industry experts advise spending even less, just 10-30% of your income for any car you buy.

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