Less-than-perfect credit makes it harder to secure a car loan, but we can help. It’s smart to find a lender or dealer who really does want to fund your loan. We’re very proud to represent a vast network of dealers and finance companies that whose primary goal is getting you into the car of your dreams. What you need to do is apply online. We will pair you with a finance specialist from a dealer or lender in Bedford.
Bedford Car Lots That Accept Bad Credit
You should steer clear of buy here pay here dealerships, which are notorious for dishonest tactics of one sort or other. There are big franchise dealerships that meet the needs of people with bad credit, while providing a much better financing experience. As with all subprime loans, expect:
- Greater APR rates.
- More money down required.
- More cost-effective vehicles.
However, keep in mind you’ll be getting a car, yes, but also the opportunity to restore your credit. There are a great number of dealerships in our network, and you can get pre-approved by applying online.
Purchasing a Car in Bedford with No Down Payment
Few people like to spend a big hunk of greenbacks at any one time–yikes! But it’s sometimes necessary to make a down payment on the vehicle you want to finance, especially if you have weak credit. When you get a car loan, you want to owe less than the value of the vehicle. If the your new car isn’t worth as much as what’s owed on it, then you’re upside-down on it. A down payment gives you a jump start against depreciation, which is especially important if you’ve been asked to pay a high rate of interest. We could possibly get you approved with zero down, but typically a down payment is just common sense.
Buy Here Pay Here (BHPH) Car Dealers in Bedford, TX
Car dealers in Bedford that approve car loans in-house have certain things in common. They…
- Grant auto loans on-site.
- Don’t require credit checks.
- Want weekly or twice-monthly payments, often in person.
A lot of consumers with very bad credit feel like a buy here pay here car lot is the only real place that will approve their credit, despite the fact that the cost of your vehicle will be higher on account of higher interest charges. And if that weren’t enough, it’s unlikely that your credit score will show improvements since these car lots have no relationship with Equifax, Experian, and Transunion.
Guidelines for Buying a Car in Bedford
If your financial future is a priority for you, you should spend only about 8-10% of your monthly income on your car payment. On top of this, it’s not smart to get a loan for over 60 months. With a 10% monthly installment and 60 month term, you will be purchasing a car or truck costing around 50% of your annual income. For instance, if you make $35,230 per year, the average in Bedford, you would buy a car that costs $17,616. Typically, the less you can invest while still obtaining a solid car or truck, the better.