Bankruptcyand foreclosure–common difficulties resulting from the recession–can devastate your credit scores. We think that too many people have been declined for auto loans, despite their FICO scores.
Every single day, we help consumers get a car financed in spite of:
- Bad Credit
- Limited Credit
It’s our specialty. Ready to get started? Please click here to apply online.
Bad Credit Car Dealers in Norristown, PA
If you’re looking for a dealer in Norristown that funds loans for consumers with low credit scores, we can help. In any subprime lending scenario, certain things are to be expected:
- Rates of interest that are higher.
- Down payments that are more substantial.
- Loans that are more modest in size.
But keep in mind, the experience is better than that of a buy here pay here car lot, and your vehicle will in all probability cost you less in the end. There are many of these dealerships in our network, and when you submit your application, we can pair you with one who wants to get you the loan you need.
Will You Need a Down Payment?
Are you looking to purchase a car with zero down payment? A down payment reduces your LTV (loan-to-value) ratio by minimizing the amount financed versus the vehicle’s value. This results in:
- More affordable rate of interest.
- Less total interest to be paid.
- Less of a problem with being upside down.
If your credit isn’t very good, it could be next to impossible to secure a car loan without having a down payment, but remember that your trade equity could make your down payment.
In House Financing Car Lots in Norristown, PA
Maybe you’ve thought of getting financed at a buy here pay here car dealer in Norristown? These types of Norristown in house financing dealers don’t rely on banks or finance companies for financing, so they’re able to service a wide variety of clientele.
Many people with really terrible credit believe that an in house financing car lot is the only real place that will approve their credit. However, there are a variety of negatives:
- Elevated Loan Rates
- Large Down Payments
- High Risk of Repossession
Credit Recovery for Norristown Consumers
If you’re hoping to start repairing the damage to your credit, avoid in house financing dealers. Our dealers and lenders can help you re-establish your credit. Your history of debt payments is a primary component of the FICO scoring matrix. And it goes without saying, a car loan involves 2-6 years of payments. On the reverse side, you’ll harm your credit by missing your payments. Of course, the potential benefits to a better score are enormous:
- Decreased APRs.
- Cheaper rates for insurance.
- Higher loan and credit card limits.
- Quicker credit acceptance.