Getting your credit approved was simpler prior to the credit crunch, but those days are over. It’s essential to find a lender that serves consumers with similar credit to yours. We’re very proud to work with an unmatched network of lenders and dealers that can pre-approve your credit digitally, affording you quite a few advantages:
- Rapid funding.
- Better negotiating power.
- Extra confidence on the lot.
All you need to do is submit your finance application, and we’ll find you a lender or dealer in Morgantown that can approve you for a loan.
Morgantown Car Lots That Take Bad Credit
Car dealerships that have departments dedicated to sub-prime financing are sometimes referred to as bad credit car dealerships. Since you’re a higher-risk applicant, there are certain things to be expected steeper interest rates and bigger down payments, together with more exacting lending terms. On the other hand, remember you’ll be getting not only a car, but also the opportunity to increase your credit score. There are a great number of dealers in our network, and they want to get you in the driver’s seat of the car you want. Go here to apply online.
Reducing Your Rate of Interest
Interest rate is of utmost importance in determining the total amount you wind up putting into your vehicle. As an example, a 60 month auto loan of $9,549 would cost you $874 in interest at 3.50% APR, $1,796 at 7.00% APR, and $2,908 at 11.00% APR.
Clearly, your interest rate is critical, and the good thing is that it can be decreased in various ways.
- Credit Profile: Be sure there aren’t any errors bringing down your credit score. If you find one, challenge it.
- Down Payment: Offer 20% down on your new car or truck, which will decrease lender risk, bringing about a cheaper interest rate.
- Debt to Income: Do you have a great deal of credit card debt? Reducing your other debts will decrease your debt-to-income ratio and boost your credit score, both of which should give you a lower rate of interest.
- Length of Loan: Longer loans are regarded as higher risk investments, so opting for a shorter loan could be to your benefit.
- Vehicle Age: Used vehicles are more expensive to finance, just because they’re more susceptible to maintenance issues.
Buy Here Pay Here (BHPH) Dealerships in Morgantown, WV
Dealerships in Morgantown that approve car loans on-the-lot are distinct from regular dealerships in certain significant ways:
- These dealers furnish car loans on-site.
- They do not pull your credit.
- They demand weekly or biweekly payments, often in person.
For consumers who’ve got really bad credit, Morgantown in house financing car lots are sometimes the only real option, even though the cost of your car or truck will be inflated as a result of higher rates, and it’s likely that your FICO rating will not improve since these car lots rarely work with the credit agencies.
Recommendations for Financing
Take 10% of your monthly income. It is best to spend no more than this on your monthly car payment. Furthermore, select a 60-month repayment at the very most. With this payment and repayment period, you will be buying a car that costs around half of your annual income. If you have an income of $12,737 a year, the average for residents of Morgantown, this would equate to a $6,366 car or truck. Most times, the less you’re able to spend to obtain a dependable car or truck, the better.