The average price of new cars has kept increasing, and securing a budget friendly interest rate is more crucial than ever. We’ve spent years securing relationships with dealers and lenders across the country, and we specialize in getting you financed by the dealer that is most likely to fit your needs. It really is hard to imagine an easier way to secure the financing you need.
Charleston Car Lots for Bad Credit
Don’t let credit prevent you from buying your new car. We have access to dealers all across West Virginia who are willing to compete for your business. Since this is a high-risk loan, you can expect:
- Rates of interest that are more expensive.
- Down payments that are bigger.
- Payment terms that are shorter.
On the other hand, it’s much better than being turned down by the big banks, and these dealers can help you re-establish your credit, potentially enabling you to refinance your vehicle at a lesser rate. We have many of these dealerships in our network, and when you submit your application, we work hard to pair you with one who wants to arrange your loan.
Choosing a Vehicle: New or Used
It’s a common question among our clients: is a new or used car the way to go? A brand new vehicle is worth just 80% of its retail value after the first year of ownership, and 50% after 3 years, which means you can often get a better deal by buying pre-owned.
|New Car||Used Car 1||Used Car 2||Used Car 3|
|Age||New||1 year old||2 years old||3 years old|
|Duration||5 years||4 years||4 years||4 years|
|Payment Per Month||$111.26||$120.28||$96.23||$80.19|
Buy Here Pay Here (BHPH) Car Lots in Charleston, WV
Commonly called buy here pay here, tote the note, or your job is your credit car dealers, these dealerships typically have a few main features. They…
- Approve auto loans in-house.
- Don’t require credit checks.
- Want you to make your installment payments every seven days, often in person.
For folks with terrible credit, Charleston buy here pay here car lots are sometimes the only way to go, despite the fact that the cost of your car or truck will be inflated as a result of excessively high rates. And if that weren’t enough, it’s unlikely that your FICO rating will show improvements since these car lots have no relationship with Equifax, Experian, and Transunion.
Improving Your Credit in Charleston
It may sound like empty hype, but it isn’t: a car loan has other benefits. More than merely helping you purchase the car you need, it can transform your credit score. That said, this impact isn’t immediate–not hardly. You’ve got to pay off the loan as scheduled, making every payment on time.
Naturally, the opposite is likewise a risk: you can make things worse if you go into default on your payments. It’s impossible to estimate how much your score is going to go up, but boosts of 5-10% have been reported.