A bad credit rating can make it tougher to buy a new car, but we can help you get approved. Because of how many financing companies are still unable to help people due to poor credit scores, it could take quite a long time to find a finance company willing to approve your credit. The good thing is, we’re here to assist you. Here’s how we empower our applicants to overcome their credit scores and obtain auto loan they need:
- Step 1: Our 1-minute application is remarkably easy to submit.
- Step 2: Our system leverages innumerable dealers and lenders to place your application.
- Step 3: Authorization typically takes no more than 48 hours.
Bad Credit Car Dealers in Salt Lake City, UT
A lot of dealers that offer loans without third parties, also known as buy here pay here dealers, don’t pull your credit. That sounds all well and good, but odds are they will not be helping you rebuild your credit. It’s better to work with a car dealership that lines up auto loans for people in Salt Lake City with bad credit through an authorized lender. Since this is a high-risk loan, certain things are to be expected elevated rates of interest and bigger down payments, combined with smaller loans. On the plus side, they will get you approved for financing through banks and finance companies that report back to the credit agencies–critical if you wish to restore your credit. Here at Motive Auto Finance, we work with many such dealerships, and you can get pre-approved by applying online.
Data Verification for Salt Lake City Consumers
When you buy a vehicle from a dealership, certain documentation has to be provided, and when you’re suffering from bad credit, additional documentation is often needed. There are very few lenders who will fund an auto loan for an individual who hasn’t got their license. Income verification is crucial, so you will need to have paystubs. Any vehicle you get financed must carry full coverage while payments are still being made. Lenders also want to make sure they have the right address for you, so they can contact you by mail if they need to. When you contact a finance consultant, they will tell you which documents are required.
Buy Here Pay Here Dealers in Salt Lake City, UT
Generally known as buy here pay here, tote the note, or your job is your credit car lots, these dealerships typically have a few fundamental features:
- These dealerships furnish car loans direct to the consumer.
- They do not check your credit.
- They require weekly or biweekly payments, often at the lot.
If you’ve got really bad credit, Salt Lake City buy here pay here dealers are often the only way to go. But keep in mind, Utah bad credit auto loans from banks and credit unions typically have lower rates.
Will Financing Re-establish Your Credit?
If you want to build up your credit score, keep away from BHPH dealers. The lenders and dealers in our network can help you get your credit back in line. Financing a car:
- Offers you the ability to spruce up your payment history (35% of your score).
- Enhances your credit mix, or the spectrum of credit under your belt (10% of your score).
The results are slow and steady, gaining traction in the course of months, if not years. You don’t want to overlook the advantages of an improved FICO score. The positive effects are far reaching, and you need to simply pay your lender each month.