If you’re looking to purchase a new car, you probably will need an auto loan to complete your purchase. We serve buyers in Irving and throughout Texas, helping them discover a bank, dealer, or finance company in Irving willing to approve their credit. Most of the time, we’re able to place our prospective borrowers with a willing lender or dealer within 60 seconds.
Irving Car Lots That Finance Bad Credit
Car dealerships dedicated to helping car-shoppers with credit problems are oftentimes known as bad credit dealerships. In any non-prime lending arrangement, expect increased interest rates, larger down payments, and smaller loans. With that being said, keep in mind you’ll be getting a car, sure, but also the chance to re-establish your credit. We work with many such dealerships, and when you submit your application, we match you with one who wants to arrange your loan.
Documentation That’s Needed
The documents required to get a loan for your vehicle can vary from one company to the next, but there are a few things that you will need at most every dealer or lender. Your license is the most basic form of identification that’s required. Confirming your income is of prime concern for lenders, so it should come as no shock that you’ll have to supply pay stubs. Some lenders demand that you be in the workforce for 1-2 years before they will approve you. Next is insurance. Full coverage is a requirement on all financed vehicles, though you can typically get this at the dealership. Lenders also need to make certain they have your correct address, so they know where the vehicle is–after all, until you’ve paid it off, they have a lien on it. This may look like a hassle, but in fact it’s pretty simple–a finance expert will guide you step by step through process.
Buy Here Pay Here Financing in Irving, TX
Buy here pay here car dealers ordinarily deal with people who’ve got truly serious credit problems such as repossession and bankruptcy. Such car lots approve car loans directly, whereas the vast majority of dealers outsource this, and they typically don’t turn anyone away. Negatives include:
- Inflated Finance Fees
- Exorbitant Down Payments
- Steeply-Priced Cars and Trucks
- Invasive Repossession Practices
As if that weren’t enough of an issue, these dealerships rarely report to the credit agencies, and that means you could make each and every payment on a monthly basis without any lift in your FICO score.
Rules of Thumb for Financing
Divide your monthly income, before taxes, by ten. Make sure you spend this much, at maximum, on your monthly payment. In addition, it’s best not to get a loan for more than 60 months. With this payment and lending term, you will be getting a car or truck costing approximately half of what you make on a yearly basis (pre-tax). For instance, if you make $26,023 per annum, the average in Irving, you would buy a $13,014 car. In most cases, the less you’re able to spend on a dependable vehicle, the better.