Before the dawn of the web, getting approved for a bad credit car loan in Bristol was nearly impossible – until we emerged as an industry-leader. A favorable credit record may give you cheaper APR rates, but we can help you find a bad credit auto financing package in Bristol that suits your credit and income. On a daily basis, we help people in Bristol get approved for the cars they want in spite of problems like:
- A Low Credit Score
- Limited Credit
It’s what we do. Are you ready to get rolling? Visit here to apply online.
Bad Credit Car Dealers in Bristol, TN
Poor credit has been a growing issue since the economic downturn, and a greater number of dealerships now have finance departments specializing in subprime auto loans. Whenever you have below-average credit, there are certain things to be expected:
- Elevated APR rates.
- More upfront cash required.
- More cost-effective assets (vehicles).
With that being said, the experience is far superior to that of a buy here pay here dealer, and your vehicle will likely cost you less in both upfront costs and interest. There are many such dealerships in our network, and they want to get you in the driver’s seat of the car you deserve. Just go here to submit your application.
Trimming Your Bristol Interest
Have you gotten a loan for a car before? Then probably you know APR rate is as important as price is, if you’re hoping to get the best deal you can. For instance, a 60 month auto loan of $7,731 would cost you $707 at 3.50% APR, $1,454 at 7.00% APR, and $2,354 at 11.00% APR.
An increased credit score will result in lower interest rates. At AnnualCreditReport.com, you can check your report once annually, for free, and request the correction of any mistakes you find, possibly increasing your credit score. Next, it’s smart to pay down as much debt as possible, as lenders prefer consumers without a lot of existing debt. Lenders charge less to finance cars for 36-48 months than for 60 months or longer, and you aren’t as likely to find yourself under water on a shorter loan. Last but not least, how much can you put down on your new car or truck, in cash or trade? A greater down payment will lead to a more affordable rate of interest.
Buy Here Pay Here Car Lots in Bristol, TN
Maybe you’ve wondered about getting financed at a buy here pay here dealer in Bristol? These Bristol in house financing dealers supply car loans directly, quite often without a credit check. Seeing as they don’t depend on a standard bank or credit union for approval, they’re able to support an extensive selection of borrowers.
If you’ve got horrible credit, Bristol buy here pay here dealerships in many cases are the only real option, despite the fact that the cost of your car or truck will be inflated due to ridiculous annual percentage rates. As if that weren’t enough, it’s unlikely that your credit rating will go up since these dealers rarely work with the credit bureaus.
Credit Improvement for Bristol Consumers
There are a trio of primary credit agencies:
Most likely, your lender or dealer will report your payments to these firms, giving you a chance to re-establish your credit. Applying for and paying down a loan, on time and as agreed, shows that you’re a trustworthy borrower, which means lower interest rates and more advantageous terms in times to come.
But bear in mind, you can hurt your credit by making late payments or even missing them completely. The majority of dealers and lenders let you arrange a scheduled monthly payment, so the payment is subtracted from your checking account.