Nationwide, lenders have imposed stricter acceptance requirements for car loans, and Danville is not any different. Nobody knows the frustration of financing a car with credit problems like we do.
After you submit your application, we can set you up with a lending specialist in Danville.
Danville Car Lots That Accept Bad Credit
Have you thought about where to buy your next car? If you have damaged credit, you’ll probably have to get your car from a dealership, instead of a private party, as the majority of lenders do not provide these types of loans for people with credit that isn’t perfect. Thankfully there are dealers that cater to adverse credit. As with all subprime loans, there are certain things to be expected more expensive interest rates and higher down payments, plus smaller loans. On the plus side, they will get your loan funded through banks and finance companies that report to the credit bureaus, thereby allowing you to re-establish your credit. We work with many such dealerships, and they want to get you the car you need. Just go here to submit your application.
Should You Buy a New Vehicle?
We’ve seen that many people don’t realize that new cars aren’t the only thing you can finance. You can finance pre-owned vehicles as well.. New vehicles have cheaper interest rates. Having said that, they cost a lot more than their used equivalents, and they require larger down payments.
|New Car||Used Car|
|Duration||5 years||4 years|
|Payment Per Month||$189.62||$204.99|
Buy Here Pay Here Auto Loans in Danville, Virginia
Buy here pay here dealers wants you to assume that you’ve got no option but them. However, this typically isn’t the case. They don’t require credit checks, meaning bad credit shouldn’t be an impediment to getting approved, but you will wind up paying more than you’d like for this.
The fact is, you should expect high rates of interest, expensive down payments, and vehicles that cost too much given their mileage and condition. That isn’t all: these car lots rarely work with the credit bureaus, and that means you could make all of your payments when they’re due without raising your FICO score.
Will This Improve Your Credit?
If your credit isn’t the greatest, you are likely to be interested in ways to improve it. Believe it or not, an auto loan is among the simplest ways to build up your credit. In total, a car loan can favorably impact two primary credit factors:
- Payment History (35% of score).
- Credit Mix (10% of score).
Your score won’t increase the moment you pay back your loan. Rather, it will increase bit by bit as you keep on making payments in a timely manner. To help ensure that you never miss any payments, consider an automated calendar reminder or pre-arranged deductions from your payment account.