You really are smart to search for financing ahead of time, as the advantages are substantial:
- Less time spent on the dealer lot.
- Potential for a less expensive APR.
- Far more negotiating leverage.
As opposed to waiting until you’re in negotiations at the dealership, we enable you to line up financing in advance. Experience the convenience of having a dedicated lending specialist to address any questions you have and set up your loan.
Brentwood Dealerships That Accept Bad Credit
Most traditional lenders like banks turn down applications from individuals with damaged credit. Thankfully, there are dealerships and finance companies that cater to sub-prime consumers. In any subprime lending arrangement, there are certain things to be expected increased interest rates and bigger down payments, combined with shorter repayment periods. However, they will get you financed through lenders that submit information to the credit agenciesenabling you to strengthen your credit score. Here at Motive Auto Finance, we work with many of these dealerships, and they want to get you in the car you need. Just go here to apply online.
Have You Got a Down Payment?
Are you hoping to purchase your car with zero down payment? Dealers and lenders want you to supply money upfront, since doing so lessens the risk built into the loan. For you, that means a cheaper interest rate. If you’ve got bad credit, it could be hard to get approved without a down payment. However, keep this in mind: a trade-in could help you cover a down payment.
Brentwood Buy Here Pay Here Dealerships
The buy here pay here industry has boomed in recent years, largely due to the fact that so many people’s credit scores were impacted by the credit crunch and housing bubble. Nearly all dealer financing is sourced elsewhere, in that dealers work with banks and lenders with whom they have relationships to supply the loans, but BHPH dealers engage in direct lending. They are both lender and dealer This is where we get the term buy here pay here. Downsides include ridiculous loan rates, money due at signing, and vehicle prices, and chances are you’ll get a vehicle that ended up being repossessed at least once Even worse, these car lots rarely report back to the credit reporting agencies, which means you could make each and every payment in a timely manner without helping your credit score.
Can This Improve Your Credit?
Most credible lending companies have relationships with the three main credit reporting agencies, which provides you the opportunity to rebuild your credit. By making payments on a monthly basis, you demonstrate to banks and lenders that you are the kind of client they prefer.
Meanwhile, you could potentially hurt your credit by missing your payments. Lots of banks and finance companies let you arrange a scheduled payment each month, so the funds are deducted directly from your bank.