Just 1 in 4 new autos are purchased without financing. This means if you are looking for a car in FL, odds are you will need to look for car loans.
However, now is one of the most challenging periods in our country’s history to get a car loan, thanks to the economic crisis.
But we can help. If you apply online, our software works to find you the local lender which is right for factors such as your:
- Credit Standing
- Specific Location
Actually, we do not even get compensated unless you are pre-approved by a bank, car dealership, or other lending company in our network. So imagine how hard we work to place your application.
Follow the link to apply online.
Planning Your Purchase
It’s critical to have a budget and stay with it. Your best bet is to check with your financial expert. Having said that, we are able to give you some guidelines catered to Florida’s average income, debt, and insurance statistics:
- Income: $39,746
- Minimum Monthly Debt Payment: $789
- Monthly Budget for Vehicles: $331 (10% of Income)
The overall amount to which this equates will depend on a lot of conditions: APR, term length, credit history, etc. Fortunately, we are able to offer up several estimates for a 60 month new car loan in Florida. Generally speaking, the interest rates for a used car will be slightly more. The larger number represents bad credit, and the cheaper payment represents auto loans with good credit.
Amount Of The Loan
Too expensive? One of the easiest ways to reduce what amount you pay every month is to extend your car loan to 72 months or more. Also, bear in mind that putting money down is going to decrease the loan amount.
Florida Poor Credit Auto Financing
The number of people in FL who would need a bad credit auto loan to pay for their purchase is definitely shocking. We’ve provided some approximate statistics below. Don’t forget, subprime credit means a fico score of 620 or lower.
- 1,504,105 People: 550 to 600 Credit Score
- 940,066 People: 500 to 550 Credit Score
- 376,026 People: 300 to 500 Credit Score
- 4,700,328 People: 620 Credit Score or Lower
If you need subprime auto loans, our Approval Maximization Engine (AME) is ideal.
There are 2 primary challenges that any individual who wants to purchase a car or truck with a bad credit score must cross.
- Car Loan Approval
- Low APR
We we help you with both of these. Anytime you apply online, we don’t just try to find you a car finance company eager to pre-approve your application, but we also supply you the tools you need to learn what interest rate your credit merits. This is paramount; prospective buyers who what APRs they deserve are often bamboozled into paying too much.
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Auto Loans Without a Cosigner in FL
Although cosigners are not absolutely mandatory, finding a relative with good credit who is willing to cosign your loan could drastically increase your chances of approval.
But bear in mind: cosigning a car loan is a large responsibility. That’s because the co-signer is required by law to pay down the loan amount in cases where the initial debtor fails to make his payments. That’s why you should only ask a reliable friend or relative to cosign your car loan.
Do I Need a Down Payment?
Yes and no. There are car dealers in FL offering no down payment cars for sale. That said, the real question is this: should you get a car loan with zero down payment?
The thing is, negative equity is a huge issue among American consumers. Upfront cash is a simple way to avoid the upside down auto loan.
When you need a car loan with poor credit, a down payment of at least $500 often required.
Avoid FL No Credit Check Dealers
These days, the buy here pay here car dealership has become a popular substitute for the traditional dealership. This is true in Florida, as well as the rest of the country. These car dealerships accommodate individuals in FL who are need of:
- Car Loans after Bankruptcy
- Car Loans after Repossession
- Car Loans after Foreclosure
Whereas a bank wouldn’t even have a look at these individuals, but a buy here pay here or tote the note car lot can oftentimes help them get driving…for a price. The interest levels can be expensive, and it’s much too easy to get upside down on this type of loan.
We have found that a lot of people think that their fico score is lower than it is. You probably won’t need to have a no credit check auto loan.
Auto Loan Documentation
For you to finance a car, you will need to provide some documentation: proof of income, residence, and insurance, not to mention your drivers license.
- Proof of Earnings
- Evidence of Street Address
- Proof of Insurance Coverage
- Car or Truck Data
- Florida Driver’s License
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