BAD CREDIT CAR LOANS MIAMI
If you have bad or no credit and are looking for a car loan in Miami, we are here to help. With access to over 17 thousand new and used vehicles, you will always find exactly what you’re looking for, regardless of your credit history. If your bad credit has prevented you from getting a car loan in the past, please get in touch with us today and we will put you in a new vehicle as soon as tomorrow.
With over 40 partnered bad credit car loan lenders in Miami, no matter how bad your credit is, we will get you approved for a car loan. Having a car loan on your credit file is a great way to rebuild your credit, as long as all of the payments are paid on time. Whether you’re looking for a small vehicle or a large pick-up truck, we have you covered.
WHAT CREDIT SCORE DO I NEED FOR A CAR LOAN?
If you’ve been managing your debt by making payments on time, making more than the required payment and avoiding the accumulation of new debt, then your credit score is likely to improve. If your debt payments are irregular and you have accumulated additional debt, your credit score is likely going to decrease. Your credit score may have also decreased as a result of a recent bankruptcy or consumer proposal.
Most car buyers will search for car financing, only about 17 percent of Americans in the market for a new or used vehicle are able to make their purchase with cash. The big question is whether your credit score will allow you to secure a loan for the car of your choice. So what credit score do you really need to purchase your car?
Credit scores range from 300 to 900, with 300 being the worst and 900 being the best possible score. Generally speaking, customers shopping for a vehicle who have a credit score anywhere from 670 to 900 are classified as prime and considered to be low risk. If your credit score falls in this category you should easily meet the credit score criteria for getting approved.
If you have bad credit and are looking for a car loan in Miami….
- Check your credit score
Lenders will check your credit first and you don’t want to be surprised when they contact you with the results. Also, by knowing your credit score in advance, you can determine your classification (deep subprime to super prime) and start preparing your total monthly budget based on an estimate of your interest rate.
- Prepare for a new loan
Where possible, try to pay off or make payment arrangements for any outstanding bills that have been reported to a collections agency. Also try to make regular payments on your loans and bills, so you appear less risky to the car loan lender.
- Have the necessary records handy
Lenders will need certain information from you early in the loan application process such as, proof of income (two recent pay stubs), work history, proof of residence and records of on-time payments.
- Look at different options
Just because your credit score is lower, it does not mean that you have to accept the first offer for financing presented to you. It is important to shop around because you may find another lender that will offer you a better interest rate.
- Search over a two-week period
Credit inquiries performed by lenders are considered ‘hard’ inquiries and negatively impact your credit score. There is a silver lining here though – if you limit your vehicle search to a two-week period, the impact to your credit score will be reduced. The scoring models used by Equifax and TransUnion count all of the credit inquiries carried out by similar lenders (auto, mortgage, etc.) within a two-week period as one inquiry because they know you’re shopping around for the best rates.
- Select a newer model vehicle with low mileage
You may be tempted to select an older model vehicle with higher mileage because it seems like a cheaper option, but in reality, this may end up being more expensive. Lenders may apply a higher interest rate to an older vehicle with high mileage because it is less reliable than a newer vehicle. Lenders expect that you will have more repairs with an older vehicle, and that you may be forced to choose between car repairs and your car payment.
LEASING VS FINANCING A CAR WITH BAD CREDIT
You already know that you’re ready to buy a vehicle. You’re deciding what you need your vehicle for, how much space you’ll need, whether you prefer a manual or automatic transmission and if you’ll actually be able to parallel park anything lager than a sedan. When you select some possible options, you’ll probably take a look at prices and decide whether you can afford a new vehicle or a used one. Here, fellow car shoppers, is where the situation can get a little tricky. The question will definitely arise during your car shopping experience: Should you lease or finance your next car?
This isn’t a decision that should be taken lightly, since it has a huge impact on your finances for years to come. So how do you decide between leasing and financing? Well, you’re in luck, AutoLoans.ca can help you get informed so that you can make the best decision possible for you! Let’s get started!
When leasing a vehicle, you’re essentially renting the vehicle for several years, because at the end of the lease, the car is returned to the dealer. There are both pros and cons to this practice, so make sure to consider them all before deciding to lease your next vehicle.
Financing a vehicle (aka. getting a car loan) means that you will be buying it and after the loan is fully paid off, you own the vehicle. By considering the benefits and drawbacks, you can determine whether financing is the better option for your next car.
READY TO GET A CAR LOAN WITH BAD CREDIT IN MIAMI?
Are you ready to stop searching and finally get approved for a bad credit car loan in Miami? Please contact us today and we will guide you every step of the way to ensure that you can get back on the road, as early as tomorrow!