Have you been declined for an auto loan because of credit issues? It’s advisable to find a lender that is welcoming to consumers whose credit isn’t perfect. We’ve spent years developing a wide-ranging network of lenders and dealers that grant car loans to consumers with a variety of credit histories, not just those with exceptional credit. An auto finance professional will help you:
- Check loans.
- Select a lender.
- Schedule an appointment to purchase your vehicle.
Go ahead and get started.
Bad Credit Car Dealers in Roy, UT
If you suffer from non-ideal credit, dealer financing is usually your best bet, seeing as the vast majority of banks in your area won’t be able to finance you. There are dealers, however, who want to get you the loan you need. More often than not, these dealers offer:
- Interest rates that are affordable.
- Down payments that are reasonable.
- New vehicles, instead of only used ones.
You may not meet the criteria to finance just any car in the showroom. Below is an example based on a monthly income of $3,337, the average in Roy:
|Credit History||Income Factor||Loan|
|Temporary Bad Credit||8||$26,696|
|Very Bad Credit||6||$20,022|
These estimates are not set in stone. You may not be qualified to borrow this much, especially if you’ve got a lot of other debt.
A lending consultant can help you determine how much you’re eligible to borrow, and at what rate. In order to chat with one, make sure you apply online.
Do You Need a Down Payment?
Is your idea to buy your car without a down payment? A down payment offers a multitude of advantages:
- Less negative equity.
- Lesser percentage of vehicle financed, so less interest paid.
- Lower risk loan, resulting in a cheaper APR.
On the other hand, we are well aware that saving 10-20% of a new car isn’t a quick or simple task. Many people go ahead and sell their existing car or truck themselves, then put the funds into a down payment.
Buy Here Pay Here Dealers in Roy, UT
Maybe you’ve thought about getting your vehicle through a buy here pay here dealer in Roy? Such Roy in house financing car dealerships offer financing in-house, frequently without a credit check. Seeing as they don’t depend on a standard bank or finance company for financing, they’re able to support a diverse range of customers.
Sometimes consumers with really bad credit feel that a buy here pay here car lot is the only real establishment that will accept their credit, despite the fact that the annual percentage rates are a lot higher than you’d get from a dealership that does indirect lending. Also, they don’t usually report payments to the credit reporting agencies, which means your FICO score isn’t likely to increase as a result of the loan.
Revitalizing Your Credit in Roy
If improving your credit score is important to you, steer clear of in house financing dealers. The lenders and dealers in our network can help you with your credit. If you send in your payment on schedule every month, you will end up establishing a favorable payment history, which makes up over 30 percent of your FICO score. On the other hand, you can worsen your credit if you fail to make your payments. Of course, the benefits associated with a better score are monumental, including reduced interest rates and insurance costs, not to mention better job opportunities.