Setting up your financing in advance is an intelligent strategy, as there are many advantages:
- A shorter time spent on the car lot.
- Likelihood of a more competitive rate of interest.
- Superior negotiating power.
We have access to a vast network of lenders and dealers, and we have agents approve you for the financing you need. Ordinarily, we’re able to position consumers with an appropriate lender or dealer in as little as 60 seconds.
Saint George Dealerships That Accept Bad Credit
Damaged credit has been a growing issue since the economic downturn, and a greater number of dealerships now have finance departments specializing in special financing. Whenever you have below-average credit, expect:
- Higher APR rates.
- More upfront cash required.
- Smaller loan amounts.
On the other hand, the experience is better than that of a buy here pay here car lot, and your vehicle will almost certainly cost you less in the long run. There are many such dealers in our network, and you can find one ready to get you financed by submitting your application.
Saint George Auto Finance Rates: How to Reduce Them
In order to save money on your car or truck, make a plan to minimize your rate of interest. This could lead to a lot of money saved by the time you’ve paid off your vehicle.
Check out this chart to see the impact of various rates.
|Good Credit||Fair Credit||Poor Credit|
|APR||3.50% APR||7.00% APR||11.00% APR|
Luckily, your interest rate can be decreased in various ways.
- Credit History: Strengthen your credit score by forcing credit bureaus to rectify even the slightest mistake on your credit report.
- Loan-to-Value: A strong down payment will limit your loan-to-value ratio–the size of your loan in relation to the price of the vehicle–thereby lowering your interest rate.
- Debt to Income Ratio: Lending companies like you to have little other debt, so paying off as much as you can makes sense.
- 36-60 Month Loan: Keeping your finance term to 60 months or less could result in a lower rate of interest.
- Vehicle Type: Used vehicles are more expensive to finance than new vehicles, though they cost substantially less in the first place.
Buy Here Pay Here Dealerships in Saint George, UT
Considering financing a car through a BHPH dealer because of bad credit? Normally, there are considerably better options. Dealers like these will finance practically anybody, no matter their credit, but there are problems with sort of financing.
Problems with sort of financing include outrageous lending rates and down payments, along with older vehicles with GPS tracking devices to help with repossession Is strengthening your credit important to you? Then you should apply online through us, seeing as buy here pay here dealerships can’t help you strengthen your credit.
Budgeting Recommendations for Saint George Residents
Your car payment, what should you spend? Just take 10% of your monthly income, which is the absolute maximum you should spend on a monthly basis. Additionally, aim to pay off this vehicle in not more than 60 months. This equates to a car that costs around half of what you make on a yearly basis (pre-tax). For Saint George residents with incomes of $28,692 annually, the city average, this is an automobile that costs $14,346. But keep in mind, this is the upper limit of what you should spend. Various professionals advise investing just 10-30% of your income for the next car you buy.