Were you rejected for a car loan in Bellingham because of credit problems? We have hundreds of dealerships and loan companies in our network who grant auto loans for people with bad credit in Bellingham.
Here’s how it works:
- You submit an application.
- Our leading-edge approval engine connects you to a car car loan company.
- Your lender reaches out to complete your Bellingham automobile funding arrangement.
Bellingham Car Dealerships That Approve Bad Credit
Dealerships that welcome consumers with credit problems are commonly referred to as bad credit car dealers. Unlike buy here pay here dealers, these larger dealerships offer:
- Interest rates that aren’t excessively high.
- Down payments you can afford.
- New vehicles, instead of only pre-owned ones.
You may not meet the criteria to finance the more expensive cars in the showroom. Ordinarily, when you’ve got adverse credit, the maximum amount you can borrow is six to eight times your monthly income. For the Bellingham consumer who earns $1,219 each month, this is $7,314 to $9,752. With that being said, just 8% of your income ($98, in this example) should be devoted to your car payment, which will very likely lead to a less significant loan.
An experienced lending specialist is standing by, waiting to determine how much you’re eligible to borrow, and at what rate. To get going, simply submit your application.
New or Pre-owned Car
New car? Used car? The choice is yours. A brand new car is worth just 80% of its retail value after the first year of ownership, and 50% after three years, meaning you can often get more for your money by buying used.
|New Car||Pre-owned Car|
|Age||New||1 Year Old|
|Term||5 years||4 years|
|Payment Per Month||$184.03||$198.95|
Buy Here Pay Here Financing in Bellingham, Washington
Maybe you’ve considered heading to a buy here pay here dealer to get approved? Usually, there are considerably better options. Sure, they don’t perform credit assessments, so your credit problems shouldn’t be an obstacle to approval, but odds are you will pay too much for your vehicle and its loan. Negatives include ridiculous rates of interest that frequently match the state’s usury laws, combined with strict agreements which facilitate quick repossession if a payment is missed Is boosting your credit important to you? If so, you are better off applying through us, since buy here pay here dealerships won’t assist you in increasing your credit.
Recommendations for Financing
Take 10% of your monthly income, pre-tax. It’s best to spend this amount, or less, on your car payment each month. At the same time, it’s best not to get a loan for more than 5 years. If you observe these guidelines, you will end up buying a car costing around half of what you earn per year. Here in Bellingham, where the average income is $14,631 annually, the average consumer would finance a vehicle costing $7,314. Take note, this is the most that you ought to budget. A number of authorities advise devoting even less, just 10-30% of your income for any car you buy.