Beating down your debt can actually help you with a used car loan. Yes and were about to tell you how. Car dealers are actually a little more flexible with used cars than they are with new cars in Chicago.
But they still look at one thing and that’s the debt you have to the income you make. Car dealers usually want you to make over $1,500 a month to finance a used car in the Chicago area.
When the car dealership wants to know your income for a used car
If you have subprime to bad credit car dealers want you to make $1,800 to $2,000 give or take.
Working off your debt can help you out a ton because they will see your credit history and see that you have been working to pay down your debt.
All a bank cares about is that you pay back the auto loan they give you. But make sure the auto loan is right for you. You don’t want a 72 to 84 month auto loan especially with bad credit.
You want to stick with an auto loan that’s no more than 60 months with bad credit. You honestly don’t want to be paying on the interest for too long and you don’t want to pay for a used car that isn’t going to be worth it in the end.
Now some car dealers will offer no money down on used cars in Chicago but only do the no money down payments when you have the idea of paying a large amount for your first month’s car payment.
A down payment will help with a used car in Chicago Illinois
Having a down payment of $500 or more on a used car is going to keep the value you paid for the car out of the negative once you paid the used car off.
Most car dealerships in Chicago will put you in a car loan according to your income and that’s fine but you want to make sure its reasonable for you and not solely for the car dealership.
You want to own a used car that’s worth owning in the end and has some trade in value for the most part. You can use our three step application to get financed to get back on the road from a local Chicago used car dealership. Our dealers have a fairly large inventory of used cars with no money down available.