Auto Financing for Floridians with Poor Credit
If you have poor credit, no credit, or bankruptcy, finding for your auto financing could take weeks, if not months.
Unfortunately, the majority of traditional car lenders like banks and manufacturer finance companies don’t accept subprime credit (less than 600). Moreover, most even have minimum credit scores which they don’t publish. For many Florida car shoppers, the best and only resort is tracking down Buy Here Pay Here car lots in their area of the state. These dealers offer in-house financing, meaning they extend credit directly to their car shoppers. BHPH auto dealers can approve just about anybody’s credit, but most of them do need you to authorize credit inquiries. Whenever a lender performs a credit check, that’s called a hard inquiry and is reflected on your credit report and can ding your score. The good things it that a car loan can increase your credit score significantly when the installments are paid in full.There are some drawbacks though. Buy Here Pay Here auto loan rates are usually more than 10%.
The cars are nearly all used, without certified pre-owned (CPO) programs. You should also be wary of the dealer scams more common to smaller lots: unnecessary add-ons, inflated auto loan interest rates, and yoyo coercion.Do you think Buy and Pay Here is right for you? If you have have been rejected before, then you should check out BHPH car lots in your region of the US. To get pre-approved, why not check out Buy Here Pay Here car lots in Florida, which offers a secure online application system so that you can get your financing pre-arranged — the optimal first step into the car buying process.
