Have you been turned down for a bank loan on account of credit troubles? It’s essential to find a lender or dealer that really does want to offer you the loan required to purchase your new car. Through the years, we’ve developed an extensive network of dealers and finance companies who can get you into the car you need. A vehicle finance manager will help you arrange your finance package, then you can just head to the dealer lot and pick out the car you want. Go here to apply for financing.
Bad Credit Car Dealers in Antioch, Tennessee
Dealers that help credit-challenged car-shoppers are oftentimes referred to as bad credit car dealers. Generally, these larger dealers offer:
- Interest rates that aren’t extortionate.
- Down payments that won’t leave you broke.
- New vehicles, instead of only pre-owned ones.
You may not have the credit and income to finance all the cars in the showroom. Usually, when you have credit problems, you can finance 6 to 8 times your monthly income. For residents of Antioch earning $1,919 a month, this is $11,514 to $15,352. That being said, just 8% of your income ($154, in this case) should be devoted to your car payment, which will in all probability make for a smaller loan.
Submit an application to have a finance expert confirm how much you can borrow.
Purchasing a Car in Antioch with No Money Down
It’s often necessary to put money down on the vehicle you are financing, particularly if you have a low credit score. A down payment lessens your LTV (loan-to-value) ratio, which is the amount financed versus the vehicle’s book value–thereby resulting in:
- Decreased annual percentage rate.
- Less total interest to be paid.
- Less of an issue with negative equity.
For consumers with unfavorable credit ratings, it’s often tough to get financed with zero money down. That being said, don’t forget that your trade equity could cover your down payment, often without having to put any cash.
Buy Here Pay Here Dealers in Antioch, Tennessee
When you have serious credit problems stemming from bankruptcy or foreclosure, a buy here pay here dealer may seem like a smart move. They don’t check your credit, so bad credit probably won’t be an obstacle, but you will wind up paying quite a lot for this.
Problems with sort of financing include:
- Ridiculous Interest
- Inflated Down Payments
- Overpriced Autos
- Aggressive Repossession Practices
For this reason, these retailers have a bad reputation. Let us connect you with a reputable dealer who can put you in the driver’s seat, even if you’ve experienced bankruptcy.
Can a Car Loan Help Your Credit?
It’s the truth: a vehicle loan can improve your credit. Getting and paying off an auto loan, on time and as contracted, indicates that you’re an excellent borrower, leading to lower rates of interest and more beneficial terms when you need them. You should never get behind on your payments, because this will have a drastic consequence: a decreased credit score. It’s tricky to know how much your score is going to increase, but monthly boosts of 5-10% have been observed.