Bad credit rankings are a headache. Fortunately, we work with car dealerships in Henrico that work with bad credit.
To get started, simply complete your credit request, and we will place you with a car dealership or finance company professional who will work tirelessly to find you the most suitable car loan.
Henrico Car Dealers That Finance Bad Credit
Car dealers that have sub-prime finance managers are, in many cases, referred to as bad credit car dealers. Compared to a buy here pay here dealer, such dealerships offer:
- More affordable interest rates.
- Less significant down payments.
- Fairer repayment terms.
- Opportunity to improve your credit score.
The actual cars and trucks you can purchase will be decided by your income and credit. As a way to reduce the risk of loan default or repossession, choose a vehicle that won’t break your budget, having a payment that equates to 10% of your income or less. If you earn $1,996 a month, this comes to a payment of $200.
Submit an application to have a finance specialist confirm how much you can borrow.
Is a New Vehicle Your Best Option?
New car? Used car? It pays to do your research. You’re able to finance new cars for longer periods, and at lower rates of interest, but you wind up paying a good deal more in the long run.
|New Car||Used Car|
|Age||New||1 Year Old|
|Term||60 months||48 months|
|Payment Per Month||$301.34||$325.76|
Henrico Buy Here Pay Here Dealerships
The BHPH industry has expanded in recent years, largely due to the fact that so many consumers’ credit ratings were impacted by the credit crunch and housing market. These dealerships approve car loans in-house, whereas conventional dealers work with banks and finance companies, and they typically don’t turn anyone down.
The fact is, you will be faced with exorbitant rates of interest, huge down payments, and well-used vehicles that are too expensive given the shape they’re in. Because of this, these car dealers have a lousy track record. We want to place you with a reputable dealer who can get you the funds you need, even if you’ve experienced bankruptcy.
Can This Supercharge Your Credit Rating?
When you your loan is reported to the credit bureaus, a car loan may actually boost your FICO score. Obtaining and paying down an installment loan, on time and as contracted, exhibits that you’re an excellent person to lend to, leading to lower rates and more beneficial terms in the future.
Your score won’t spike the moment you pay back your loan. Rather, its climbs bit by bit as you keep on paying your bills on time. To help be sure you never miss any payments, consider options such as auto-payment.