New Jersey has an average credit score of 693, but 6,447 of New Jersey’s residents have a credit rating between 550 and 600.
Old fashioned finance providers and banks refuse to extend auto loan financing to consumers in Bergenline, NJ beset by subprime credit.
What Does BHPH Mean to Bergenline Residents?
This form of lending is sometimes called in house financing in Bergenline and the rest of New Jersey. In reality, many dealerships in Bergenline, NJ essentially subcontract automobile lending. The lender is the one who really sets the credit rating and down payment criteria. Given that NJ buy here pay here dealers offer auto loan financing direct to the consumer, they can circumvent the rigid credit criteria enforced by typical loan companies. This expands their selection of prospects and improves your chances of being accepted.
In house financing does have its drawbacks. Above all, you will have to contend with steep car loan interest rates. This could cost you a ton of money of the course of your repayment period.
So if your credit rating is good enough you might want to buy an automobile from a dealership or finance company that caters to subprime credit, but won’t command expensive interest rates. Car Lots USA has joined with the top rated subprime lenders and buy here pay here car lots in Bergenline, NJ to offer you the right finance package given your situation. After you submit your application online, state-of-the-art technology goes to work matching you to the ideal dealer or finance company in New Jersey for you. Absolutely zero fees, zero commitments, and zero headaches.
BHPH Cars: How Much to Spend
In Bergenline, New Jersey, people earn something like $33,132 per annum (based on US census data). Financial experts recommend dedicating no more than one-tenth of your annual wages on automotive costs. For the people of Bergenline, this translates to $3,313. But you also have to factor in how much an auto insurance policy costs ($750 a year in NJ) and fuel costs ($2.82 a gallon as of ’08 and on the rise). This should be enough money to pay for a pre-owned vehicle when you have very bad credit.
Pre-owned Cars in Bergenline, NJ to Avoid
If you are buying a pre-owned vehicle, there are a number of cars you might want to avoid. These are the most stolen vehicles in New Jersey.
- 2000 Honda Civic
- 1994 Honda Accord
- 2000 Dodge Caravan
- 1991 Toyota Camry
- 1997 Nissan Maxima