Great blog about an important aspect of repairing your credit… Get rid of whatever negative information you can! Knowing what’s on your credit report is half the battle. It’s possible that there are items on your report that are simply clerical errors or incorrect and correcting those items will raise your score!
to get a car with challenged credit. They may have been told by a friend or family member that getting a vehicle loan is impossible without good credit. Eventually, someone tells them the only way they can purchase a vehicle is if they find a car dealership that offers “Buy Here Pay Here”. The large majority of customers that call our dealership looking to apply for our Buy Here Pay
Here program are unaware that they are eligible for traditional sub-prime financing. Almost anyone, regardless of credit is eligible for special financing. Unless you are unable to verify your income, we can get you an auto loan through one of our sub-prime lending companies. Buy Here Pay Here is only for those who cannot verify income, or provide other types of verification for a regular special financing loan. Since most of our Buy Here Pay Here customers are not familiar with the process, they have plenty of pre-conceived ideas about how auto financing works and we end up getting pretty much the same questions. Here are the most frequently asked questions about the Buy Here Pay Here program…
one of our bad credit financing programs, the down payment for a Buy Here Pay Here depends on the cost of the car. Most are half down.
which financing programs you are eligible for before you even call or come in to the dealership. We also take applications over the phone and in person at our dealership.
To find out what auto loan programs you qualify for, fill out a credit application on our website. We guarantee a preliminary answer in 10 minutes or less. View inventory and prices or find out how much your trade is worth. We have the best used cars in Pittsburgh, and can finance anyone.
Great post from an awesome blog!!
Used car shopping on a budget? As a dollar stretches less and less, finding a good car on a small budget can be frustrating. You don’t have to sacrifice reliability or quality for budget. We have compiled a combined list of the top ten vehicles that experts say are the best used cars under $5,000. They are reliable and reasonably priced, and won’t break the bank.
2004 and Under Ford Focus
Shoppers looking in the $5,000 are almost always looking for practicality and fuel efficiency. There’s a version for everyone, which is one of the reasons it’s been Ford’s top selling model. There’s no need to worry about mileage either. Even ones that have been marginally maintained are barely broken in at 100k miles.
2002 and Under Volkswagen Jetta
The Jetta is Volkswagen’s top selling model in the US. Buyers love the sophisticated materials, expert engineering and strong engines. Jetta buyers are more satisfied with their purchase than other models. They’re built to last and fuel efficient. Some configurations can get up to 35 city/45 highway, which is excellent fuel efficiency for a car designed over a decade ago. It’s a solid model that is reliable and even offers a little something extra in the style department.
1999 and Under Honda Civic
People who know good cars won’t need the internet to tell them that a Honda Civic should be a top choice if you’re looking for value and longevity. The Civic is one of the best made cars in history, and many have lived long past the 200,000 mile marker. In the “worry-free everyday driver” segment, the Civic can’t be beat. $5,000 is a small chunk of change for a vehicle that could potentially last through the zombie apocalypse.
2002 and Under Honda CR-V
When it comes to long lasting engines, Honda frequently tops the list. The smaller crossover CR-V is no exception. It has everything that SUV drivers look for… go anywhere capability, space, and safety. Honda’s CR-V also boasts a 4-cylinder gas sipping engine and iconic longevity. The wheels will fall off before the motor goes. You may have to drive it into a tree to get it to stop running.
2002 and Under Honda Accord
Obviously, Honda’s superior engineering and engine design makes pretty much any Honda model appropriate for this list, which is why it you will have to go with older models to get under the $5,000 mark. The Accord isn’t for flash, unless you’re into flashing your smarts, of course. It’s room, comfort, reliability and re-sale value that has made the model so popular.
2002 and Under Ford Ranger
The Ford Ranger has been a favorite with truck buyers looking for a smaller pick up that is capable to do the work of a huge gas hogging full size. Ford’s innovative engineering puts even the older models on the same level engineering as much later model pick-ups. It’s a standard for reliability and longevity. If you’ve ever owned one, you’d know what all the fuss is about.
2002 and Under Hyundai Elantra
Hyundai’s Elantra is one of the most highly recommended cars on the market, and the Elantra earned that title with exceptional build quality, low maintenance costs and outstanding reliability. Its enduring style puts even the older models on par with models of today, and Hyundai’s unmatched 10-year warranty means that most of these models were exceptionally maintained.
Any 1990’s Wrangler
Jeep’s Wrangler is the ultimate in off-road affordability. Specifically in the older models before the Jeep came out of the “niche” and into the main stream. It’s rough and tumble image is particularly valuable to used buyers since the model design hasn’t changed much over the years, making a 1992 Wrangler not much different in the looks department as 2014.
2005 and Under Chevrolet Aveo
Later resigned as the Sonic, the Aveo is a sub-compact sedan or hatchback with a peppy 4 cylinder engine and excellent fuel economy. By 2005, Chevrolet had brought the model up to speed with Honda and other sub-compact leaders. It’s a top notch model for reliability. If you can get one for less than 5,000, it’s a good buy.
Volvo offered the 740 in a sedan and wagon. It was Volvo’s attempt to attract luxury buyers who already knew that Volvo was well-built and number one in safety. It was later replace by the 850, but many remain on the road today because of Volvo’s extraordinary gift for building reliable quality engines.
By: Used Car World
We have a huge selection of cars, trucks, SUVs and vans and offer many used cars under $5,000 in Pittsburgh, PA. We offer Buy Here Pay Here guaranteed financing with no credit check. Apply online! We guarantee and answer in ten minutes or less.
According to Experian’s State of the Automotive Finance Market Report for the first quarter of 2014, scores are divided into five categories of ranges. 740 and up puts your score in the “Super Prime” category. 730-680 is “Prime” and 679-620 is “Non-Prime”. That leaves all other consumers in the “Sub-Prime” category with 550 and under being described as “Deep Sub-Prime”. According to their Open Loans by Risk report, over 21 percent of all open loans are below prime, with deep sub-prime lending being the highest growing category of open loans. The average credit score of an auto financing customer dropped 10 points from the first quarter of 2013 from 731 to 721. In summary, more lenders are willing to take chances with sub-prime borrowers as more and more consumers are falling into that category. According to Credit-Report-101, the national average FICO credit score as of 2014 in the US is 639, which would place the average national consumer in the “Non-Prime” category.
That’s it. The only piece of information used to determine your lending category is your score. Your score represents the amount of risk a lender assumes by loaning you money or goods.
More and more sub-prime borrowers are being approved for auto loans. Reports suggest that sub-prime lending has been the single highest growth category in lending. Experian reports that over 45% of all auto loans went to sub-prime borrowers. Less stringent auto credit means that you may be approved for an auto loan that you would have been denied for a year ago. Sub-prime auto lenders don’t worry market watchers as much as mortgage lenders because auto loans are less risky in general when compared to sub-prime mortgage lending. Car loan payments are smaller and more manageable, even for those less likely to pay. The loans are scheduled to be re-payed over a much shorter period of time. The value of the collateral is less susceptible to change and is much easier to repossess and re-sell in event of default. Buyers are much more likely to keep from having their transportation to work from being repossessed.
Where does this leave you? That depends. It’s looking to continue to be a buyer’s market. With more consumers being affected by low credit scores, lenders are opening up lending to those who would have not been able to get a car loan in the past. Buyers with better credit are dwindling and more in demand, resulting in competitive interest rates for those upper category borrowers.
If you find that you fall into the sub-prime category and are looking to finance a vehicle, your local dealer is the first place to start. While you will likely be denied financing by credit unions or private lenders, a dealership that specializes in bad credit auto loans or Buy Here Pay Here will be able to finance you with a down payment and few items of income and residency verification.
At Used Car World we work primarily with consumers struggling with credit challenges. We offer all kinds of borrowers access to quality, affordable vehicles. We offer guaranteed approvals. You can apply online on our website at www.usedcarworldpa.com