Auto financing with bad credit in Las Vegas – it’s our area of expertise. We understand the difficulties that Las Vegas residents with bad credit encounter. The only thing you have to do is send us your application. We will connect you with a dealer or finance company specialist who’ll do their best to find you the ideal car loan.
Bad Credit Car Dealers in Las Vegas, Nevada
Car dealerships that welcome car-shoppers with credit problems are sometimes known as bad credit car dealers. Since you’re a higher-risk borrower, you can expect:
- Steeper APR rates.
- Much larger down payment requirements.
- Tougher repayment terms.
On the other hand, the experience is better than that of a buy here pay here dealer, and your vehicle will almost certainly cost you less in the long run. We work with many such dealerships, and when you submit your application, we pair you with one who wants to get you the loan you need.
Purchasing a Car in Las Vegas with Nothing Down
Few of us enjoy spending a load of money at one time, but quite often it’s necessary to offer money down on the vehicle you want to finance, especially if you’ve got adverse credit. A down payment will reduce your LTV (loan-to-value) ratio, which is the amount financed versus the vehicle’s value–thereby leading to:
- Lower rate of interest.
- Less owed in total interest.
- Less of an issue with negative equity.
Having said that, we know that saving such a significant chunk of cash is difficult. Many times, people simply sell their used car or truck themselves, then use the money as a down payment.
Buy Here Pay Here Car Lots in Las Vegas, NV
Maybe you’ve thought about getting financed at a buy here pay here dealer in Las Vegas? These types of Las Vegas in house financing car dealerships provide auto loans in-house, often without checking the applicant’s credit. Given that they don’t depend on a standard bank or investment company for financing, they’re able to assist a broad array of borrowers.
For consumers who have terrible credit, Las Vegas buy here pay here car dealers are often the only real way to go. But the truth is, Nevada bad credit auto loans from credit unions and banks typically have more affordable rates.
Rules of Thumb for Buying a Car in Las Vegas
It’s good to invest, at the maximum, 10% of your monthly income for your new car payment. On top of this, finance your new car or truck for no longer than 5 years. This will translate to a car or truck costing approximately 50% of your yearly income. For Las Vegas residents with incomes of $23,773 per year, this is an automobile which costs $11,886. By and large, the less you’re able to spend on a solid car, the better.