Looking for a new or used car? If you are like most car-shoppers in Garland, you probably will need a car loan. We have access to an extensive network of lenders and dealers, and we have some of the best success rates you’re likely to find. Generally, we can place borrowers with a willing dealer or lender in as little as 60 seconds.
Bad Credit Car Dealerships in Garland, Texas
Have you given thought to where to buy your next car? With below-average credit, you’ll probably have to get your car from a dealer, as opposed to a private individual, simply because most lenders do not provide these types of loans for people with sub-standard credit. Thank heavens there are dealerships that work with poor credit. As compared to a BHPH car lot, such dealers offer considerably better loans. Your income and credit will determine the cars you’re eligible to finance. With credit problems, the most you can borrow is six to eight times your monthly income. For the Garland consumer making $2,630 each month, this is $15,780 to $21,040. That being said, just 8% of your income ($210, in this example) should be allocated to your car payment, which will probably put a cap on how much you can spend.
Submit your application to have a finance professional confirm your options.
Required Documentation for Your Garland Auto Loan
Whenever you buy a vehicle from a dealership, certain documentation has to be included, and if you have below-average credit, additional documentation is often required.
- License or Permit: If you do not have a license, chances are most lenders won’t accept your application.
- Proof of Income: If you are self-employed, meaning don’t have paycheck stubs, furnishing income tax returns from the past couple of years will do the trick.
- Proof of Insurance: Your lender will expect you to purchase full coverage as long as you still have a loan balance remaining, in order to make sure you can repay the loan if there’s an accident.
- Proof of Residence: You can provide this through a power or light or other utility bill showing that the address on your application is accurate.
- List of Three Personal References: These are a further means of verification, and only a necessity if you have a low credit score.
More may be required, so always double check the requirements with your dealer or lender before heading out to purchase your vehicle.
Tote The Note Car Dealers in Garland, TX
Have you considered getting financed at a buy here pay here dealer in Garland? These Garland bad credit car dealerships don’t depend on banks or lending companies to approve people for financing, so they can help a wide variety of applicants. For people with terrible credit, Garland in house financing dealerships tend to be the only option, despite the fact that the cost of your vehicle will be higher due to ridiculous interest rates, and it is likely that your credit rating won’t show improvements since these dealers don’t work with Equifax, Experian, and Transunion.
Improving Your Credit in Garland
If you’ve got a low credit score, you are likely to be interested in ways to restore it. Fortunately, an auto loan is among the most effective ways to build up your credit. If you make your payments as agreed each month, you will quickly find yourself building a healthy history of debt payment, which accounts for more than 30% of your credit score. Don’t fall behind on your payments, because this can have the exact opposite impact: a decreased credit score. It is tough to anticipate just how much your score will increase, but certain experts have indicated a 5-10% increase monthly.