If you’re shopping for a new car, you will either need a fat bank balance or a good credit score and in some cases, you might need both. On top of that, all banks go by a simple rule- The lower your credit score, the higher your down payments are.
So people with credit scores below 650 usually end up with high down payment and monthly installments. When you don’t have enough money to pay a hefty down payment but absolutely do need a car for your commute, there are bad credit car dealerships in Martinsburg WV that can help you get a car with just $500 down.
These dealerships are willing to grant you a loan with little to no down payment with and the whole approval process is also less hectic than it is with banks and other financiers. The duration of the approval period is also a lot shorter than other conventional loans.
What You Need To Get Approved With $500 Down
In most cases, just having a job with a steady work history can be enough to qualify for a loan. Here are the documents that most car dealerships ask for:
● Income proof: pay stub to ensure that you have a stable income.
● Proof of residence: To verify your address and to match it with the address you
provided in the loan application.
● Identity proof: A valid license works in all of the cases.
● Personal references
These used car dealerships can not only help you buy a car but also build your credit back as some report your credit to the Credit Bureau. The interest rates do differ with every other dealer, depending on your credit worthiness and past payment records.
It also varies with different vehicles, the dealership may not be able to give you a final number until you choose a certain car.
These kind of dealerships work with subprime lenders and subprime lenders specialize in handling bad credit. Generally, subprime lenders don’t require big down payments upfront, which works in your favor when you’re on a tight budget.
Apart from checking your credit, they take into account additional factors to approve your loan. The required criteria are established and verified before a deal is made. These institutions also report your established credit to the Credit Bureau, so that’s an advantage.
Do Your Research Before Visiting $500 Down Car Dealerships
It isn’t hard finding such dealerships, they often advertise with taglines such as, “Buy here, pay here”, and “in-house financing available”. If you live in or around Martinsburg WV, you can visit Bad Credit Car Search for a free buyers report.
Finding a dealership is only half the task, you should also know the terms being offered and check if they provide a warranty.
Doing a little bit of research, reading online reviews of the dealership will help you prepare for the purchase. You might not be able to get your dream car at $500 down payment car dealerships in Martinsburg WV, but you can use this arrangement to rebuild your credit.
Within a year or two, you will be able to afford the car of your choice at a price that fits your budget.