If your credit has seen better days, then it may be worth considering going to a buy here, pay here lot. These are car lots that finance the cars themselves rather than going through a bank or credit union. This is often one of the only options for people who need a car, have bad credit, and don’t have enough for a down payment. If this describes you, then it may be time to consider an Oklahoma City bad credit auto financing lot.
Guaranteed Approval
If you have been denied for a loan, then you know how inconvenient it can be. You spend all that time finding the right vehicle, only to have it ripped away because you cannot get a loan for it. In these cases, other lenders are likely to see that you have had several inquiries on your credit which can hurt your chances even more. By going to one of these lots, you can be guaranteed approval if you meet their criteria. This will vary depending on the lot, but most will want you to have had the same job for several months and be making a minimum amount per month. This is usually around a few hundred dollars a week. If you meet the lots criteria, you will be able to get a vehicle.
Down Payment
If you have bad credit and are trying to get a loan from a bank or credit union, they will often want a large down payment to ensure the loan is paid back. If you do not have a large down payment, usually around 20%, then you will have a more difficult time getting a loan. However, here, pay here lots have differing policies on down payments, but most require either no down or a very low down payment to be approved. This is because banks and credit unions do not want your car if they repossess it, buy car lots can just put them back on the lot. This means they are taking substantially less risk than a bank or credit union when approving a loan.
Interest Rates
Interest rates are one area where banks and credit unions come out ahead. This is because loans are one of their primary services. Car lots, on the other hand, mainly focus on selling and will charge higher interest rates. This is also usually because of the credit of the purchaser. The worse your credit, the higher interest you should expect to pay.
If you have poor credit then a buy here, pay here lot may be the best option for you. The lots cost more in interest, but allow people with poor credit to purchase a car they may not be able to get approved for otherwise.
If you Oklahoma City and need bad credit auto financing, then contact Business Name. You can view their inventory and learn more at.
