In Racine, there are several options for securing a car loan, but the advantages of our service are unrivaled in the industry. We’ve spent years building a network of dealers and lenders across the state of Wisconsin, and we have one of the best success rates you’re apt to find. You’ll be walked step by step through the auto financing process by a lending specialist in your city.
Racine Car Dealerships for Bad Credit
If you’ve got bad credit, the majority of traditional lending institutions won’t lend to you. Thank goodness, there are dealers that do lend to sub-prime consumers. As with all subprime loans, expect:
- Rates of interest that are steeper.
- Down payments that are larger.
- Loans that are more modest in size.
However, the experience is far preferable to that of a buy here pay here car lot, and your vehicle will cost you less in the long run. We have many of these dealerships in our network, and you can get pre-approved by submitting your application.
Should You Buy a New Vehicle or a Used One?
New and used vehicles each offer unique merits. You’re able to finance a new car for longer, and at a lower rate, but you pay considerably more in terms of purchase price and down payment.
|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||$338.78||$366.24||$292.99||$244.16|
Buy Here Pay Here Dealers in Racine, WI
Commonly called in house financing, your job is your credit, or tote the note car lots, these establishments typically have a few fundamental features. They…
- Approve car loans in house.
- Do not perform credit checks.
- Want you to make your installment payments 2-4 times per month, often at the lot.
If you have horrible credit, Racine buy here pay here car lots are often the only real option, even though Wisconsin subprime car loans from credit unions and banks typically involve more affordable rates.
Budgeting Guidelines for Racine Car-Shoppers
In regards to the monthly payment on your car, you shouldn’t spend greater than 10% of what you make on a monthly basis. Additionally, plan to repay your loan in not more than 60 months. This will result in a vehicle which costs around 50% of your yearly income. If you earn $26,932 a year, the average in Racine, this would be a car costing $13,464. Most times, the less you’re able to spend on a reliable vehicle, the better.