Lender demands have grown much more demanding given the down economy, which means it’s more challenging to get approved for an auto loan. Here is some good news: since car dealerships typically are unable to sell vehicles to consumers who have been rejected for financing, dealers have been doing car loans directly.
Buy here pay here car lots specialize in helping people handicapped by a low credit score.
They evaluate your current budget to identify the autos that you are eligible for.
Take money you bring in monthly and divide by ten. Don’t commit more than this amount for your monthly payment. Say earn $3,759 monthly (the Westerly average), this means $376 per month. Ponying up more than 10% will put you at a high risk for failing to make payments, which would positively ruin your credit.
Some in house financing car lots approve applications on the web. We have extensive partnerships with dealers that are able to finance bad credit right now.