Not everyone has perfect credit, and that can make obtaining an auto loan difficult. The good news is that there are Bad Credit Car Loan Dealers Erie PA who are willing to work with people who have gone through a rough time and now need to think about obtaining some type of transportation. Here is what to expect when talking with one of these dealers.
Proof of Income
Many of the Bad Credit Car Loan Dealers Erie PA place more emphasis on the ability to pay now than on past credit history. For someone who experienced a job loss or who damaged their credit trying to pay for unexpected medical bills, the fact that the monthly paycheck carries more weight will come as a relief. Assuming the customer meets the minimum income requirements set by the dealer, there is the potential of working out a deal that is equitable for both parties.
The Interest Rate
Since this type of loan is considered high risk, the customer can expect to pay a rate of interest that is above the average. The higher interest rate is one way that bad credit car loan dealers Erie PA offset the risk inherent in dealing with someone who does not have the best credit rating. Even so, the rate may not be as high as many people think. As long as the payments can be made on time without fail, the chances of getting a better rate of interest in the future is quite good. Visit website to know more.
Reporting to the Credit Bureaus
While the main focus may be on obtaining reliable transportation, it never hurts to do business with a dealer that routinely reports to the major credit bureaus. Positive comments on the credit report will help the client to begin rebuilding that damaged credit rating. By the time the loan is paid in full, the rating may be recovered sufficiently to allow the debtor to gain access to other important types of credit, including financing for a home.
For anyone who needs a car and has less than perfect credit, visit Kightlinger Auto Sales today. It will not take long to find something suitable and set up a payment arrangement that will fit neatly into the household budget.
