In New Hampshire, the the median FICO score is 703, yet present day industry experts have calculated that at least 1 in 4-5 individuals over 18 now is beset by a 620 credit score or lower. That’s a lot of people (263,294 to be exact).
Conventional banking institutions and loan companies, sadly, cannot approve vehicle financing to customers with budgetary difficulties like:
- Adverse Credit
- Unpaid Bills
Used car dealers in NH with buy here pay here financing, in contrast, enable clients to invest in secondhand cars in monthly payments – regardless of their credit rating. These dealerships put the emphasis on current finances over credit history. If you’ve got the funds to cover your installments, they are happy to ignore your credit history. As a result, they’re becoming more popular then ever given the current credit environment.
Subprime Auto Finance vs Buy Here Pay Here
Do not forget that in house financing car lots in NH are not necessarily the only option for individuals who’ve got unfavorable credit ratings. There are lots of lenders who cater to the bad credit customer base. In actual fact, these financiers may have more competitive rates, lower down payments, and a significantly better opportunity to improve your credit rating. Let’s be honest, buy here pay here dealerships have a few key shortcomings:
- Higher Car Finance Rates
- Higher Deposits
- No Chance to Restore Your Credit Rankings
The good thing is that tote the note car lots aren’t the only loan companies with whom we’ve partnered through Car Lots USA. Just submit your application, and our highly developed technology will identify the automotive dealer or lender who meets your needs, based on the following:
- Your Location
- Your Credit Ratings
- Your Down Payment
New Hampshire Car Buying: How Much to Spend
New Hampshire consumers bring home a typical annual income of $43,863. Industry professionals recommend that you dedicate no over 10% of every dollar you make on car-related bills. This equates to $4,386. But remember, you need to look at how much a car insurance policy will cost ($1,000 annually in NH) and of course the price of fuel ($2.81 per gallon as of ’08 and on the rise). This should be plenty of money to finance a used car with bad credit.
Pre-Owned Vehicles You Might Not Want to Buy
If you are buying a used car or truck in New Hampshire, there are some cars you might want to avoid. Here are the vehicles stolen most often in New Hampshire.
- 2000 Honda Civic
- 1996 Honda Accord
- 1998 Jeep Cherokee/Grand Cherokee
- 1991 Toyota Camry
- 2005 Ford F150 Pickup