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Dealerships That Do In House Car Loans in Paterson, NJ

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I want to explore car loans in this post. In particular, I want to focus on auto loans when you have a bad credit score.

Firstly, you should have realistic expectations. You want to allocate no more than 20 percent of your income per month for your vehicle, inclusive of:

  • Payment Per Month
  • Insurance
  • Gasoline
  • Servicing
  • Adjustments

When you have a good credit reputation, you’ll find a car loan from a bank or investment company.

Next we’re going to consider how you might get approved for a vehicle when you have weak credit. As a way to get more people approved, many car dealerships are financing poor credit on site.

As the dealerships want to get cars sold, they have a lot of incentive to take on people for financing.

Working with a bad credit dealership is is not just like getting a traditional New Jersey car loan from a bank or credit union. It’s possible to get financed right on the lot, as long as you’ve got your paperwork in order:

  • Valid NJ Drivers’ License
  • Your List of References
  • Paystubs or W2 to Prove Income
  • Proof of Residence
  • Social Security Card
  • Down Payment

Sometimes car lots in Paterson, NJ will let you finance at zero percent interest; however, this is pretty rare.