Are you looking into getting a car financed in Lakewood, but your FICO score isn’t immaculate? We can help. We do business with an extensive network of lenders and dealers, and we have one of the highest approval rates in the industry. Experience the convenience of having a committed finance consultant to help answer any questions you have and set up your loan.
Lakewood Dealerships That Finance Bad Credit
Car dealerships with departments dedicated to helping consumers with credit problems tend to be referred to as bad credit car dealers. In contrast to buy here pay here dealers, these larger dealers offer:
- Interest rates that are affordable.
- Down payments that don’t break the bank.
- Vehicles that are more reliable.
Your credit and income will dictate how much car you can get financed. Here is an example based on the average per-capita income in Lakewood, $2,971 per month:
|Credit Rating||Multiplier||Amount Borrowed|
|Really Bad Credit||6||$17,826|
These figures are just estimations. You may not be able to finance this much, depending on your other debts and credit score.
An experienced finance specialist is standing by, waiting to determine how much you’re eligible to borrow, and at what APR. If you’d like to talk with one, just submit your application.
Should You Buy Your Vehicle New or Used?
The majority of people can qualify to finance a new or used vehicle, but which is best? More often than not, a used car is the better choice. The rates of interest for new cars are low, yes, but pre-owned vehicles are significantly cheaper.
|New Car||Used Car 1||Used Car 2||Used Car 3|
|Length||60 months||48 months||48 months||48 months|
Buy Here Pay Here Dealerships in Lakewood, NJ
Maybe you’ve thought about getting approved through a buy here pay here car dealer in Lakewood? These types of Lakewood bad credit dealerships don’t depend on banks or credit unions for approval, so they’re able to work with a wide variety of shoppers. For consumers with terrible credit, Lakewood buy here pay here dealers tend to be the only real option. But bear in mind, there are a few disadvantages:
- Elevated Loan Rates
- In-Person Payments
- High Risk of Repossession
Can a Car Loan Improve Your Credit?
If you need another reason to finance a car, you have it: a car loan not only helps you buy the car you want, it can increase your credit score. Your history of debt payments is an important factor in the FICO scoring matrix, and financing a car means 2 to 7 years of payments.
Payments made late, on the other hand, can reduce your credit score, and in a big way! A lot of dealers and lenders let you establish a scheduled payment each month, so the payment is taken straight from your bank account.