Poor credit is an issue for around 25% of Pennsylvania consumers. We feel that too many people are being turned down for auto financing, even if they have a low credit score.
Day after day, we help folks get approved for a loan despite:
- Subprime Credit
- No Credit History
This is what we do. Want to get started? Go here to apply online.
Bad Credit Car Dealers in West Chester, Pennsylvania
Weak credit scores have been on the rise since the market downturn, and many dealerships now have finance departments that cater to people who have non-ideal credit. Generally, these types of dealerships offer:
- Reasonable APR rates.
- More reasonable down payments.
- Lower mileage vehicles.
Your income and credit dictates how much car you can get financed. Here we have an example based on the average per-capita income in West Chester, $2,316 per month:
- Great Credit: $23,160 (Income x 10)
- Average Credit: $20,844 (Income x 9)
- Subprime Credit: $18,528 (Income x 8)
- Poor Credit: $16,212 (Income x 7)
- Terrible Credit: $13,896 (Income x 6)
These estimations are by no means guaranteed. You might not be able to borrow this much, based on your other debts and credit history.
An automobile lending professional can help you determine how much you can borrow, and at what rate. Just go here to apply online.
Data Verification for West Chester Borrowers
Whenever you buy a vehicle from a dealership, certain documentation has to be provided, and when you’ve got a bad credit score, further documentation may be needed.
- License: If you don’t have a license, it’s likely that most lenders will turn you down.
- Proof of Income: Pay stubs enable your lender to verify the income you claimed in your application.
- Proof of Insurance: Comprehensive insurance is considered necessary on any vehicle bought with a loan.
- Proof of Residence: A power or water bill or copy of your lease verifies your place of residence.
- Personal References: Most likely you won’t have to provide these if you don’t have bad credit, in which case personal references serve to assist repossession agents in the event that you quit making your payments.
When you submit your application, we supply you with a vehicle lending consultant who will lead you through each stage of the process.
Buy Here Pay Here Dealers in West Chester, PA
Maybe you’ve wondered about getting your vehicle through a buy here pay here dealer in West Chester? These types of West Chester in house financing car dealerships provide car loans directly, typically without checking the consumer’s credit. Seeing as they don’t depend on a traditional bank or credit union for approval, they’re able to help a wider array of applicants. Countless men and women with really low credit believe that a buy here pay here car lot is the only place that will be willing to approve their credit. But the truth is, the cost of your car or truck will be inflated on account of outrageous interest rates, and it is likely that your credit rating won’t show improvements as you pay down what you owe. This is because these car lots rarely report back to Equifax, Experian, and Transunion.
Recommendations for Financing
Concerning the monthly payment on your car, it’s best not to spend greater than 10% of your monthly income. Be careful, though, that you don’t end up with a loan term of 6-7 years, which may result in more interest and negative equity. In reality, you should pay off your vehicle as quickly as you can. If you observe these guidelines, you will find yourself purchasing a car which costs about half of what you earn annually. Here in West Chester, where the average income is $27,792 a year, the average consumer would buy a car which costs approximately $13,896. Bear in mind, this is the most that you ought to spend. A lot of experts advise budgeting just 10-30% of your income for the next car you buy.