If you realized that you need a vehicle and have checked your scores to find out that you’re not qualified for traditional loans or financing from Broken Arrow OK car dealers, you’re probably thinking you’ve got no options. However, bad credit doesn’t necessarily mean that you can’t get financed. It just means that you may have to do a little more research and find a subprime lender willing to help.
Will The Dealer Help?
It may still be possible to get financing from car dealers in Broken Arrow OK. It doesn’t hurt to ask and consider that a possibility, as well. However, many people find that dealerships aren’t willing to take the risk, so they turn to subprime or deep subprime lenders as an alternative.
How It Works
Subprime lenders usually don’t check your score or report, so you don’t have to worry that they’ll see a bad credit score and turn you down like traditional lenders. In most cases, they only require you to be employed for at least six months with proof of income (two or more check stubs).
You will have a higher interest rate on the repayment terms, but it doesn’t mean that you can’t still get a loan and afford the vehicle you need. Those who are considered subprime (scores as low as 501 and as high as 600) may expect to pay 15.72 percent while deep subprime consumers (with a score below 500) may be required to pay up to 19 percent.
Therefore, you’ll need to factor the cost of the loan into the amount of the vehicle to determine what you can afford.
Broken Arrow OK bad credit car dealers are used to working with people with subprime scores. Visit The KEY Online now to apply for approval so you can start looking for the perfect vehicle and also follow us on Twitter.
