Getting your credit approved became much trickier following the economic crisis, but we help people in Flushing get approved on a daily basis. We help you to find a lender or dealer who is able to cater to your credit and budget. We have spent years developing an unmatched network of dealers and lenders that are willing to consider your application, even if you have sub-prime to downright bad credit.
Just apply online, and you will be well on your way to the new car you want.
Bad Credit Car Dealerships in Flushing, NY
For people with problematic credit, dealer financing is usually your best bet, considering that most banks won’t be able to accept your application. Then again, there are dealers with lending specialists ready and willing to help you secure the funds you need. In comparison with a BHPH dealer, such dealers can offer more desirable lending terms and rates. The specific models you’re eligible for will be decided by your income and credit. In order to forestall loan delinquency or repossession, find a modest, reliable vehicle that has payments amounting to 10% of your income–at maximum. For people who earn $2,965 a month, the average among Flushing residents, this equates to a payment of $297. Submit an application to have a finance professional confirm how much car you can afford.
Do You Need a Down Payment?
Do you have money saved for a down payment? If not, it might be more difficult to get approved, though it certainly isn’t impossible. A down payment provides numerous benefits:
- Much less risk of negative equity.
- Size of loan is decreased, which means less paid in interest.
- Lower loan-to-value ratio, which means a cheaper interest rate.
On the other hand, we recognize that saving such a substantial chunk of cash isn’t that simple. Of course, you can sell your vehicle to someone in your area, then put the takings toward your down payment, or otherwise trade it in at the dealership.
Buy Here Pay Here Dealers in Flushing, NY
The BHPH industry has grown in the years after the economic downturn, mainly because so many consumers’ credit ratings suffered on account of the economy. For the most part, dealer financing is sourced elsewhere, as dealerships work with off-site banks and lenders to finance the loans. In contrast, buy here pay here dealers act as both lender and dealer That’s how we get the name buy here pay here. Problems include excessive rates of interest that border on the state’s usury laws, coupled with significant down payments and strict contracts which facilitate swift repossession if you miss a payment As if that weren’t a problem, these car lots seldom report to the credit reporting agencies, so you could make every single payment on a monthly basis without increasing your FICO score.
Credit Repair for Flushing Consumers
It’s not a myth: a vehicle loan can actually raise your credit score. When you make payments each month, you show creditors your merit as a borrower.
Payments made late, meanwhile, can lower your FICO score, and quickly! You shouldn’t overlook the benefits of an increased credit score. The positive effects are wide ranging, and all you’ve got to do is pay your lender on a monthly basis.