I’m just going to be honest and tell you that bad credit auto loans have a little something to do with your credit score and a little to do with your down payment.
Its Ideal to have a down payment for a car in Philadelphia
More so to do with your down payment because the more you put down the less you have to finance for a new or used car in Philadelphia.
Now I am all for shopping low interest rate auto loans everywhere Philadelphia included bur if you don’t have a down payment to make it work you can bet that the monthly payment is going to be high with bad credit.
Let’s say you want to put $500 down on a used car that’s great if your credit score is in the 600’s Not so great if its not. You want to have around $1000 down if you have a credit score below 600.
The more money you have down the better interest rate you can get from the auto lender, see auto lenders don’t like to lend out money to “high risk” car buyers because they probably won’t pay back the loan, so they will charge a higher interest rate on the loan.
Maybe 10% or 12% That’s not good if you don’t pay the auto loan on time. So, paying your car payment with interest rates that high is going to save you a bit of cash.
Another thing is when you have bad credit and let’s say the interest rate is at 12% you want to possible pay a double payment per month that can save you some interest costs over time. That’s why you want to shop the lowest interest rate auto loans in Philadelphia because that’s where car dealerships can get you.
Connect with the right car dealership with low interest car loans in Philadelphia
What we can do for bad credit car buyers is help you connect with a car dealership near you. The best advice I can give you is start looking into used cars in Philadelphia because car dealers aren’t going to sting you as bad on the interest.