An applicant’s credit scores are crucial when it comes to financing a car, and acceptance rates are often quite low. No one understands the frustration of financing a car with credit problems like us. Each day, we help consumers get the car loan they need regardless of setbacks like:
- A Bad Credit Score
- Limited Credit
- Home Foreclosure
It’s our mission. Are you ready to get rolling? Just click here to apply online.
Williamsport Dealerships That Accept Bad Credit
Most banks don’t work with individuals with poor credit. However, there are dealerships and specialty lenders that do finance sub-prime consumers. In contrast to buy here pay here dealers, these dealerships offer:
- More affordable rates of interest.
- Realistic down payments.
- Lower mileage vehicles.
You may not meet the criteria to finance the more expensive cars in the showroom. Usually, when you have a low credit score, you can borrow six to eight times your monthly income. For residents of Williamsport earning $1,369 a month, this is $8,214 to $10,952. With that being said, only 8% of your income ($110, in our example) should be put toward your car payment, which will undoubtedly make for a smaller loan.
Submit an application to find out your options.
Required Documentation for Your Williamsport Auto Loan
As you may have guessed, you’ll be asked to take certain documentation with you as you go to sign for your new car or truck. Your driver’s license is the main form of verification you will need. In order to confirm your income, you will need to supply a minimum of two recent pay stubs or tax statements. Lenders won’t finance a car or truck that’s not insured, so obviously, proof of insurance is required. Lenders will also want to confirm your address, so they know where the vehicle is being kept. And lastly, personal references will be used by the lender to confirm any extra information.
When you apply online, we provide you with a lending consultant who will guide you each step of the way.
Buy Here Pay Here Car Lots in Williamsport, PA
Considering going to a buy here pay here dealer for a car that could be financed? Typically, there are more attractive options. Sure, they do not conduct credit assessments, which means bad credit shouldn’t be a hindrance to approval, but you will really pay for this in the long run. You’ll find that preowned vehicles are the only ones you can buy, and these are not no money down car deals. Usually, the down payment is the same as the vehicle’s value on the wholesale market, and you could find yourself paying thousands in the long run through exorbitant rates. There’s a good reason why these car dealers have a sullied reputation. We want to place you with a reputable dealer who can get your loan funded, even if you’ve had to file bankruptcy.
Guidelines for Buying a Car in Williamsport
If you don’t want to struggle to make your payments, no greater than 10% of your income should be allocated to your car payment. At the same time, you don’t want to finance for more than 5 years. This will translate to a vehicle costing about 50% of your yearly income. Here in Williamsport, where the average income is $16,429 annually, this would be $8,214 to devote to a vehicle. But keep in mind, this is the maximum amount you ought to spend. Plenty of professionals recommend devoting even less, just 10-30% of your income for a new car or truck.