At Motive Auto Finance, we understand the hurdles you face when trying to finance a car with bad credit. We enable you to find a lending company that is able to cater to your credit and budget. We have established a wide-ranging network of dealers and finance companies who can help you get in the driver’s seat of the car or truck you want, even if your credit isn’t as good as it used to be.
A vehicle finance agent will be at your side, leading you step by step through the process. Go here to apply for financing.
Portsmouth Car Dealers for Bad Credit
You shouldn’t let credit stop you from buying your next car. We work with dealers in Portsmouth that won’t deny you an auto loan, just because your credit isn’t the best. In comparison with a buy here pay here car lot, such dealerships provide more affordable rates and improved terms. Your income and credit will determine the cars you can finance. Normally, if you have credit problems, the maximum amount you can borrow is six to eight times your monthly income. For residents of Portsmouth making $1,724 a month, this is $10,344 to $13,792. Then again, it’s wiser to borrow less than you can, limiting your monthly payment to only 10% of your income–$172, in this example.
A dedicated finance specialist can help you determine how much you can borrow, and at what interest rate. To get started, all you have to do is submit your application.
Required Documentation for Portsmouth Borrowers
As you may have guessed, you’ll need to bring specific paperwork with you when you go to buy your vehicle. It’s important to have your driver’s license. You won’t be able to try out any cars if you don’t, and lenders need it to verify your identity. If your credit isn’t very good, lenders will need to confirm your income through paycheck stubs or income tax returns. Also, it isn’t unusual for lenders to require you to be earning a consistent income for at least a year. Next is insurance. Comprehensive and collision (full) coverage is a requirement on dealer and lender-financed vehicles, though you can ordinarily buy this through your dealer’s F&I office. A copy of your lease contract or a current electricity bill will confirm your address, so lenders will know where the vehicle will be kept. As you can imagine, documents vary from one lender to another. Contact a vehicle finance professional, and they will help you get approved.
Buy Here Pay Here Dealers in Portsmouth, VA
Maybe you’ve thought of getting a car loan at a buy here pay here dealership in Portsmouth? These kinds of Portsmouth in house financing car lots don’t depend on banks or third-party lenders to fund their loans, so they can assist a wide variety of borrowers. Often men and women with really horrible credit think that a buy here pay here car lot is the only real establishment that will be willing to take their credit. But the truth is, there are a couple of negatives:
- Excessive Rates Of Interest
- Big Down Payments
- High Risk of Repossession
Financing Guidelines for Portsmouth Car-Shoppers
When you buy a car, at most, approximately 10% of your monthly income should be set aside for your monthly payment. Also, choose a 5-year repayment at the very most. This will get you a vehicle which costs around half of your yearly income. For Portsmouth residents, having incomes of $20,691 per year, this is $10,344. By and large, the less you’re able to spend to acquire a dependable vehicle, the better.