For consumers who have poor credit, an auto loan is the largest challenge to coming home with a new car or truck, even if it’s used. A good credit score may give you affordable APR rates, but we can help you get the bad credit car loan that will fit your income and credit.
Each day, we help folks secure the car loan they need despite challenges like:
- A Bad Credit Score
- No History of Credit
- Unsecured Debt
That’s our specialty. Are you ready to get started? Follow the link to submit your application.
Bad Credit Car Dealerships in Gastonia, NC
If you are looking for a dealer that approves bad credit, your search is over. Just like any subprime loan, you can expect:
- Rates of interest that are more expensive.
- Down payments that are more substantial.
- Payment terms that are shorter.
However, it’s much better than not being able to finance a car, and these dealers can help you re-establish your credit through timely repayments. We work with many such dealerships, and you can find one ready to pre-approve your credit by submitting your application.
Zero Down Car Deals in Gastonia
Have you got money saved for a down payment? If not, it might be more challenging to get approved, though it isn’t impossible. Whenever getting a car loan, you want to owe less than the vehicle’s value. When the your new car depreciates faster than you make payments, then you have negative equity. A down payment works against depreciation.
No money down auto loans do exist, but it’s more common to trade in a used car or truck to satisfy the lender’s down payment requirement.
Buy Here Pay Here Car Dealers in Gastonia, NC
Car lots in Gastonia that advertise buy here pay here financing differ from conventional dealerships in several significant ways. They…
- Supply car loans without third party funding.
- Rarely check your credit.
- Demand weekly or biweekly payments, often in person.
A lot of men and women with really low credit think that a buy here pay here car lot is the only establishment that will finance them, even though there are a couple of downsides:
- High Rates Of Interest
- In-Person Payments
- High Risk of Repossession
Budgeting Guidelines for Gastonia Residents
When considering setting your monthly payment, you shouldn’t spend more than 10% of your monthly income. On top of that, aim to repay your loan in not more than 60 months. This will result in a car costing approximately 50% of your yearly income. For Gastonia residents, having incomes of $24,268 per year, this is a vehicle costing $12,132. In most cases, the less you can spend on a dependable vehicle, the better.