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Auto Loans in South Jordan (UT)

Bad credit affects 1 in 4 Utah consumers. That’s a lot! With such a multitude of car loan providers unwilling to work with people that have poor credit, it could take longer than you’d like to find a lender willing to approve you for financing. The good thing is, we have an advanced system for car loan acceptance created especially for applicants who’ve got bad credit. To get rolling, all you’ve got to do is complete this simple form. We will match you to an auto lender or car lot willing to pre-approve you for an auto loan with bad credit.

Bad Credit Car Dealerships in South Jordan, UT

Those car dealers in South Jordan that provide loans themselves are classified as in house financing car dealers, buy here pay here car lots, and/or tote the note dealers. Your best choice is to find a dealer that can get you financed through an authorized lender. As opposed to buy here pay here dealers, these dealers offer:

  • Less expensive interest rates.
  • More affordable down payments.
  • Lower mileage vehicles.

The actual cars and trucks you can buy will be based on the amount of income you make on a monthly basis, and how high or low your credit score is. It’s always best to go with an affordable, reliable vehicle that has payments amounting to 10% of your income–no more. For people bringing in $5,775 on a monthly basis, the average in South Jordan, this equates to a payment of $578.

An experienced finance consultant will determine how much you’re qualified to borrow, and at what rate. If you’d like to talk with one, just submit your application.

Documentation You Need

In order to avoid any hurdles, make sure to supply all the documentation required when you buy your car. It’s important to bring your driving license. You need it for test-drives, and it is a way to verify your identity. If your credit isn’t immaculate, lenders may want to look at some recent paycheck stubs or tax returns. Proof of insurance is another prerequisite. The Utah minimums are inadequate. You’ll need a full coverage insurance policy, with both collision and comprehensive coverage, on your new car or truck. You can give proof of residence by submitting a few recent electricity bills. Lenders need to know where to find the vehicle in case it needs to be repossessed. And lastly, if your credit isn’t great, you will need to provide a number of personal references. When you chat with your dedicated finance consultant, they will tell you what documents to bring.

South Jordan Buy Here Pay Here Financing

Have you thought about BHPH financing because of bad credit? Normally, there are considerably better alternatives. Nearly all dealer financing is indirect, in that dealers work with various lenders to supply the loans, but buy here pay here dealers engage in direct lending. They provide funding independently.

Drawbacks include:

  • Excessive Rates of Interest
  • Huge Down Payments
  • Overpriced Vehicles
  • GPS Monitoring Devices

Even worse, these car lots seldom work with the credit reporting agencies, which means you could make each and every payment when they’re due without raising your FICO score.

Will This Rebuild Your Credit?

In addition to providing you the funds needed to buy your new car, a car loan has the ability to help you get your credit back on track. An auto loan:

  • Offers you the chance to build up your payment history (35% of your score).
  • Maximizes the spectrum of credit in your profile (10% of your score).

Payments made late, on the other hand, can reduce your FICO score, and severely! Of course, the benefits of an improved score are massive, including greatly reduced APRs and insurance costs, not to mention better employment opportunities.

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