Have you been rejected for a car loan in Henderson, Nevada on account of a low credit score? In an effort to aid you, the buyer, we have partnered with a wide range of bad credit dealerships in Henderson and across the state of Nevada.
Here’s how we help our users to rise above their credit ratings and get auto loan they need:
- You, the borrower, submit an application online.
- Our highly developed placement software matches you to a car loan lender.
- Your lender reaches out to complete your Henderson vehicle credit deal.
Bad Credit Car Dealers in Henderson, Nevada
Most traditional lenders like banks don’t work with individuals with bad credit. Thankfully, there are dealerships and finance companies that work with credit-challenged shoppers. Contrary to buy here pay here dealers, these types of dealers offer:
- More competitive interest rates.
- Reasonable down payments.
- Both new and used vehicles.
The types of vehicles you can purchase will be decided by your income and credit. We suggest you find a highly affordable, dependable vehicle with payments of just 10% of your income, if not less. For people who make $2,400 on a monthly basis, the average in Henderson, this would be a payment of $240. Apply online to learn how much you can borrow.
Can You Get Financed with No Down Payment?
Even if you’ve got good credit, a down payment–or the lack thereof–can be an obstacle. Supplying a down payment minimizes the risk inherent in the loan, simply because a smaller percentage of the vehicle has to be financed. Simultaneously, a down payment helps you steer clear of negative equity. Residents of Henderson do purchase cars without a down payment, but more often they trade in their old vehicle to satisfy any down payment guidelines.
Henderson Buy Here Pay Here Financing
In house financing, otherwise known as buy here pay here financing, keeps growing, mainly because so many consumers’ credit ratings were impacted by the credit crunch and housing bubble. Dealers like these will approve pretty much anyone, no matter their credit, but you will find drawbacks. You will find that preowned cars and trucks are the only ones on the lot, and these are not zero down car loans. Quite often, the down payment is almost the same as what you would pay for the vehicle on the private market, and interest rates of up to 20% APR aren’t atypical. That isn’t all: these dealerships don’t report to the credit bureaus, and that means you could make every single payment month after month without improving your FICO score.
Can Financing Help Your Credit?
If your credit has taken some knocks, you may be concerned that an auto loan will do further harm. Actually, financing a car is a good way to rebuild your credit. If you pay your lender on schedule each month, you will begin to develop a strong history of debt payment, which makes up more than one-third of your FICO score.
Your score is not going to skyrocket the day you pay the balance of your loan. Rather, it will climb little-by-little as you keep making payments time after time. In order to be sure you don’t miss a payment, consider options like automated deductions.