Getting approved for a car loan became far more difficult following the economic crisis, but we help people in Bend get approved everyday. We enable you to find a dealer or lender that is sensitive to your credit and income. We work with an unrivaled network of dealers and lenders who have the ability to finance people who have all kinds of credit scores, even those who’ve got:
- Bad credit.
- Zero credit.
- Zero money down.
Just submit your credit application, and we will find you a lender or dealer able to get you the loan you need.
Bad Credit Car Dealers in Bend, Oregon
Some car lots that offer in house financing, referred to as buy here pay here car dealers, perform a credit check on you. However, odds are they don’t report to the credit bureaus, which means they will not help you raise your credit score. You’ll be happier finding a dealership that arranges financing for people in Bend with bad credit through an off-site lender. Ordinarily they are a safer option, being subject to more regulation than in house financing dealerships in Bend. In comparison with a buy here pay here car lot, such dealers typically offer more desirable loans, funded by actual banks and finance companies. Your income and credit dictates how much car you can get financed. With below-average credit, you can borrow six to eight times your monthly income. For the Bend resident who earns $2,243 per month, this is $13,458 to $17,944. However, just 8% of your income ($179, in this case) should be allotted to your car payment, which will in all probability make for a more modest loan.
A lending consultant will determine how much you’re eligible to borrow, and at what rate of interest. If you want to speak to one, make sure to submit your application.
Minimizing Your Bend Interest Rate
Rate of interest is criticalin determining your monthly payment, as well as the amount you will end up spending on your vehicle.
In order to see how critically important your interest rate is, take a peek at these numbers.
|Good Credit||Mid-Range Credit||Sub-prime Credit|
|Rate||3.50% APR||7.00% APR||11.00% APR|
A better credit score will lead to lower rates of interest. At AnnualCreditReport.com, you can check your report once per year, free of charge, and request the correction of any errors you find, potentially improving your credit score. Also, paying down any existing debt can scale down your DTI (debt-to-income ratio), thereby reducing your rate of interest. Financing your vehicle for 60 months or less will result in a lower rate than a 72 or 84 month note, you will be at less risk of being upside down. Last but not least, how much can you put down on your vehicle, in either cash or trade? A larger down payment will translate into a lesser rate of interest.
Buy Here Pay Here Car Lots in Bend, OR
Maybe you’ve thought of getting your vehicle through a buy here pay here dealer in Bend? These kinds of Bend bad credit car dealers offer auto loans directly, usually without checking the applicant’s credit. Seeing as they don’t rely on a traditional bank or finance company to approve the loan-seekers, they’re able to assist a wide array of applicants.
Often consumers with really terrible credit feel that an in house financing car lot is the only real establishment that will be willing to finance them, even though there are a couple of disadvantages:
- Excessive Rates Of Interest
- In-Person Payments
- Lack of Ability to Improve Credit Score
Credit Considerations for Bend Consumers
If your credit has seen better days, you may be concerned that financing a car will make it worse. In reality, financing a car is a good way to restore your credit. If you make your payments promptly each month, you will be building a strong history of debt payment, which is over 33% of your credit score.
Try your best not to miss a payment, since this will have a dramatic effect: a weakened FICO score. More and more lenders and dealers help you arrange an automated payment each month, so the funds are subtracted straight from your payment account.