From FICO ratings to down payments, getting a car financed can be a stressful process, but we’re here to direct you each step of the way. Our extensive, statewide network of dealers and lenders is standing by, awaiting your application. Submit your application, and our loan companies compete to fund your loan.
Bad credit? Not to worry. We help you apply online and get pre-approved for financing, even if your history of credit is less than perfect. If you go from bank to bank, completing your application, you may face several rejections along the way. With our process, you can apply from the privacy of your home or office, and we’ll find a bad credit car dealer who can get you in the driver’s seat. Income is their main concern, not FICO score. Sure, your interest rate won’t be as low as someone with a credit score of 700 or higher, meaning it’s important to opt for an economical vehicle with affordable monthly payments. If you have less-than-perfect credit, you’ll probably have your application placed with a bad credit dealership or subprime auto lender. Fortunately, they report your installments to the credit reporting agencies. This is crucial to rebuilding your credit. Applying is simple, fast, and there are no obligations. Just submit your online credit application.
The table below shows multiple loan amounts, derived from a monthly income of $1,598, the average in Salisbury. These numbers are just estimations. You may be entitled to a different amount. Speak with your vehicle finance specialist for more information.
|Credit Score||Income Factor||Amount|
|Temporary Bad Credit||8||$12,784|
|Very Bad Credit||6||$11,186|
To see how much you can borrow, multiply your pre-tax monthly income by the corresponding income factor.
Financing a Car with No Down Payment
Down payments can be made in cash or trade equity, and typically range from 5-20% of the vehicle’s sticker price. They are often required of borrowers with a disappointing history of debt payment. When dealing with subprime credit, lenders are focused on the Loan-to-Value Ratio, or LTV. Divide the amount borrowed by the wholesale value of the vehicle being financed. This is the LTV.
|Amount Borrowed||Vehicle Value||Loan-to-Value|
The lower the LTV, the less risk for the lender. That said, we get a lot of applicants the loan they need anyway.
We help our clients get into a new car all the time, even with no money down.
Salisbury Buy Here Pay Here Financing
This type of financing is often referred to as:
- We Finance
- Rent to Own
- We Tote The Note
- Your Job is Your Credit
Dealers like these work with consumers that can’t get approved by a traditional lender. They work with people with issues like bankruptcy, foreclosure, or repossession in the last 12 months.
Salisbury Consumer Profile
Credit ratings are just part of the picture. Lenders consider your income, employment history, and history of repayment.
Here are some average statistics for Salisbury residents.
- Pre-Tax Income: $19,179 Per Year
- Average Car Payment: $176 (11% of Income)
- Suggested Monthly Payment: $128 to $160 (8%-10% of Income)
Next we have an overview of Salisbury’s population by credit score. These estimates should give you a general idea of where you stand in relation to other consumers in Salisbury.
|FICO Score||% of Population||Residents|