Getting your credit approved is typically the biggest barrier to purchasing a new car, but we can help. We help you find a lending company who is sensitive to your credit and finances. We have spent years establishing an unmatched network of dealers and lenders who want to fund your purchase, no matter your credit.
All you have to do is submit your credit application, and we’ll find you a company in Layton able to fund your purchase.
Bad Credit Car Dealerships in Layton, UT
Have you thought about where to buy your new car or truck? With damaged credit, you typically need to get your car from a dealership, instead of an individual seller, since most lenders do not offer private party loans for people with sub-prime credit. Luckily, there are dealerships that finance bad credit. Any time you have poor credit, there are certain things to be expected steeper interest rates, larger down payments, and smaller loans. Having said that, the rates and terms are more favorable than you would be offered at a buy here pay here dealer. We have many such dealerships in our network, and when you submit your application, we pair you with one who wants to fund your loan.
Financing a Car in Layton with Nothing Down
Is your idea to purchase your car with zero down payment? When you buy a car, you commence a battle with depreciation. If the your car or truck is worth less than you owe, then you have negative equity. A down payment offsets depreciation. Despite the fact that there are zero down car loans in Layton, we normally encourage down payments.
Layton Buy Here Pay Here Dealerships
For those who have been through bankruptcy or repossession, a buy here pay here dealer could very well seem like a realistic approach. Most dealer financing is sourced elsewhere, in that dealerships work with a network of lenders to fund the loans. In contrast, buy here pay here dealers engage in direct lending. They provide loans independently. Downsides include inflated annual percentage rates, down payments, and vehicle prices, and you’ll probably get a vehicle that has already been repossessed from a previous owner There’s more: these dealers seldom work with the credit reporting agencies, which means you could make every single payment punctually without any lift in your FICO score.
Budgeting Guidelines for Layton Residents
Here’s a solid guideline: no greater than 10% of the income you make in an average month should be allocated to your loan payment. Also, select a 5-year repayment at the maximum. If you stick to these guidelines, you will wind up financing a vehicle which costs around half of what you make annually. Here in Layton, where the average income is $59,156 per year, the average consumer would purchase a vehicle that costs $29,580. Don’t forget, this is the most that you should budget. Scores of authorities propose allocating just 10-30% of your income for a car.