Getting approved for a car loan got a lot trickier following the credit crunch, but we can help. It’s a good idea to work with a lending company that really wants to help you finance the car you need. We have developed a wide-ranging network of dealers and finance companies that can put you in the driver’s seat of a new vehicle at a rate that won’t break the bank. Your auto finance expert will be at your side, helping you compare interest rates and get the car loan you need. Go ahead and apply online.
Jamaica Car Lots for Bad Credit
If you are looking for an auto dealer in Jamaica that finances low credit scores, you’re in the right place. In comparison with a BHPH car lot, such dealerships provide:
- More affordable interest rates and down payments.
- Ability to restore your credit.
Your income and credit will dictate how much car you can get financed. Here is an example based on a monthly income of $3,136, the average in Jamaica:
Remember, this is nothing but an estimation. You may not have the ability to finance this much, depending on such factors as your other loan balances, housing payment, and type of income.
An experienced finance specialist is standing by, waiting to determine how much you’re qualified to borrow, and at what rate. To get started, all you have to do is submit your application.
Proof of Income for Jamaica Borrowers
If you want to minimize your time in the sales office, it is important to provide the documentation that’s required. Lenders have to know you can drive the car or truck you’re financing, meaning your driver’s license is important to have. Your credit approval largely powered by your income, so it’s not surprising that you’ll be required to supply one or two recent pay stubs. Proof of insurance is an additional requirement. You must have comprehensive and/or collision coverage, not just liability, on this vehicle. Your lease or a current electricity bill will confirm your address, so lenders will know where the vehicle will be located. Lastly, a short list of references will be used by the lender or dealer to substantiate any other information. Before you drop by the dealer or lender, be sure you have the documentation that’s required.
Jamaica Buy Here Pay Here Financing
If you have severe credit problems on account of bankruptcy or repossession, a buy here pay here dealer might appear to be a smart move. They don’t pull your credit, which means your credit problems ought not be a barrier to approval, but you will really pay for this in the long term. Issues include outrageous rates of interest, down payments, and vehicle prices, and chances are you’ll get a car or truck that wound up being repossessed at least once As if that weren’t a problem, these dealerships almost never work with the credit reporting agencies, and that means you could make all of your payments as agreed without improving your credit score.
Rejuvenating Your Credit in Jamaica
There are a trio of main credit bureaus: Transunion, Experian, and Equifax. More often than not, banks and lenders report your payments to these firms, helping you to get your credit back on track. Having said that, these benefits aren’t immediate. You must repay the loan as scheduled, making every payment on time.
On the other hand, you can make things even worse if you get behind on your payments. It’s hard to say exactly how much your score will go up, but credit gurus have noted a 5-10% improvement per month.