Are you ready to secure a loan with poor credit? To aid you, the applicant, we have partnered with car dealerships in Brooklyn that accept people with poor credit. In under a minute, we can set you up with an auto loan provider in Brooklyn who can get you behind the wheel of a new car or truck, no matter your credit.
Brooklyn Car Lots for Bad Credit
Car dealerships that have sub-prime finance departments are often referred to as bad credit car dealerships. Unlike buy here pay here dealers, these larger dealers offer:
- Reasonable APR rates.
- More reasonable down payments.
- Lower mileage vehicles.
Your income and credit dictates how much car you can afford. With poor credit, you can get approved for 6 to 8 times your monthly income. For the Brooklyn consumer who earns $2,121 each month, this is $12,726 to $16,968. Having said that, only 8% of your income ($170, in this case) should be allotted to your car payment, which will probably limit what you can spend.
An experienced lending professional is standing by, waiting to determine how much you’re qualified to borrow, and at what rate. If you want to chat with one, make sure you apply online.
New or Used: The Choice is Yours
Used and new vehicles each offer their own benefits. Because new cars drop in value so rapidly, used cars are often a better value.
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Buy Here Pay Here (BHPH) Car Lots in Brooklyn, NY
Maybe you’ve considered getting a car loan at a buy here pay here dealer in Brooklyn? Such Brooklyn in house financing dealers don’t rely on banks or other lenders to fund their loans, so they’re able to assist a diverse range of consumers.
If you have terrible credit, Brooklyn in house financing car dealers are sometimes the only way to go. But the truth is, the cost of your car or truck will be inflated on account of outrageous annual percentage rates, plus it’s unlikely that your credit score will go up since these car lots have no relationship with Equifax, Experian, and Transunion.
Credit-Building for Brooklyn Residents
If you’ve got a bad credit score, you’re probably considering ways to boost it. Fortunately, financing a car is one of the most powerful ways to improve your credit. An auto loan:
- Gives you the chance to improve your payment history (35% of your score).
- Increases the array of credit types under your belt (10% of your score).
However, you’ll hurt your credit by allowing your payments to be late. You shouldn’t overlook the advantages of a superior FICO score. It can save you thousands of dollars in the years to come, and you simply have to pay your bills month in and month out.