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Auto Loans in Freehold (NJ)

Has your credit been denied on account of problems such as unpaid bills or collections? It’s smart to work with a bank or dealer who doesn’t turn away every applicant with poor credit–sadly, this isn’t unusual among many lenders. We work with an unmatched network of dealers and lenders that are dedicated to financing consumers with all types of credit profiles, even those who have:

  • Subprime credit.
  • Little to no credit.
  • No money down.

Simply apply online, and we will pair you with a finance expert who can help you secure your loan and select your car or truck from a local Freehold dealer.

Car Loans Freehold NJ

Freehold Car Dealerships That Approve Bad Credit

Car dealers with departments dedicated to supporting credit-challenged car-shoppers are typically referred to as bad credit dealerships. Typically, these dealers offer:

  • Interest rates that aren’t excessively high.
  • Down payments that don’t break the bank.
  • New vehicles, as well as used ones.

The dealer will look at your credit and income to establish which models you are eligible to finance. You’ll want to go with a reasonably priced, efficient vehicle with payments that amount to just 10% of your income. If you earn $5,450 a month, this comes to a payment of $545.

A dedicated lending specialist is standing by, waiting to determine how much you’re eligible to borrow, and at what interest rate. Just go here to apply online.

New vs. Used Cars

The majority of buyers can qualify to finance a new or used car. Since new cars depreciate so rapidly, you might want to consider a used vehicle.

New Car Used Car
Years Old 0 1
Price $54,500 $40,875
Down Payment $10,900 $4,088
Interest Rate 5.00% 7.50%
Length 5 years 4 years
Payment Amount $822.79 $889.48
Total Interest $5,767 $5,908
Total Paid $60,267 $46,783

In House Financing Car Dealers in Freehold, NJ

Car lots in Freehold that advertise buy here pay here financing have certain things in common. They…

  1. Approve auto loans on site.
  2. Don’t require credit checks.
  3. Want you to make payments each week, often in person.

Sometimes consumers with really bad credit think that a buy here pay here car lot is the only place that will finance them. Unfortunately, New Jersey bad credit car loans from banks and credit unions typically have lower rates.

Can This Increase Your Credit Score?

There are a trio of primary credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

More often than not, auto lenders report your payments to these firms, imperative if you want to restore your credit. The key is your payment history, a major component of the credit scoring matrix, and a car loan means 24-72 months of payments. On the other hand, you can make things even worse if you fall behind on your payments. Don’t ignore the benefits of a superior credit score. The perks are wide ranging, and you need to simply pay your lender by the due date month after month.

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