Why waste your time trekking all over Bethlehem, from lender to lender, trying to get financed? No matter your credit, we can get you approved faster, with a lot fewer hassles along the way. More and more lenders and dealers now have whole departments committed to web-based applications, and we can get you approved from the comfort of your computer. Here’s how the process works:
- Take a minute to fill out your online application.
- Keep track of your application status through our approval center.
- Once approved, get in touch with your finance specialist to complete your paperwork.
- And lastly, purchase your vehicle.
This proven, 4-step system is designed to get you into the vehicle without the hassle of in-person, paper-based applications. Ready to get started? Go here to submit your credit application.
Dealers That Work with Bad Credit in Bethlehem
A history of bad credit is often a challenge when trying to finance a car, but not with us. The truth is, we have dealers and lenders in our network who specialize in bad credit auto loans. Of course, poor credit scores mean more costly rates of interest, but that just comes with the territory. If you have subprime credit, you’ll probably be approved by a bad credit car dealer or subprime auto finance company. These companies will submit payment information to the credit reporting agencies. This is a prerequisite for restoring your credit. Financing a vehicle for 24-72 months, and making each monthly payment on time, is one of the most powerful ways to boost your score.
It’s easy to estimate the amount you can borrow. Simply multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included an example, based on Bethlehem’s average per capita income: $2,532.
|Credit History||Income Factor||Loan Amount|
|Very Bad Credit||6||$17,724|
Simply because you’re able to borrow a particular amount, doesn’t mean you should. A smaller loan is advised, because it will mean less financial stress, and less risk of repossession.
Down payments can be paid in cash or trade equity, and typically are priced between 5-20% of the vehicle’s sticker price. They are sometimes required of individuals who have a less than ideal history of debt repayment. When dealing with subprime credit, lenders are interested in the Loan-to-Value Ratio, often called the LTV. Divide the loan amount by the wholesale value of the car or truck in question. This is the LTV.
|Loan Amount||Vehicle Value||LTV|
The lower the LTV, the less risk for the lender. Having said that, we get a lot of clients the loan they need anyway. Submit your application, and indicate that you won’t be putting any money down. We will work tirelessly to connect you with a lender or dealer willing to provide you with a loan, no down payment necessary.
In House Financing Car Dealers in Bethlehem
If you have serious credit problems, then you probably are familiar with buy here pay here sales. Consumers who cannot secure a loan due to major credit problems like bankruptcy often find themselves at car lots like these. The rates of interest are always expensive, and the vehicles have usually seen better days. Payments must be made at the lot, often in person, and paying-as-agreed typically won’t build your credit, simply because these independent, mom and pop dealers don’t typically report this kind of thing to the credit bureaus. If you have a really low credit score, we can still help you, often matching you to a special finance dealer that offers much better rates and terms than you’re likely to get from a BHPH dealer.
Bethlehem-Specific Financial Profile
Bethlehem has been listed as one of the top 100 cities to live by Money magazine, and the Sands Casino has become a new economic anchor in the last decade or so. However, this doesn’t mean Bethlehem residents haven’t suffered with financial struggles. Keep in mind that dealers and finance companies are concerned with more than just your credit score. Loan companies look at such things as:
- Debt to Income Ratio
- Source of Income
- History of Payments
The following are average stats for residents of Bethlehem.
- Gross Earnings: $2,532 Per Month
- Average Monthly Payment: $279 (11% of Income)
- Ideal Monthly Payment: $203 to $253 (8%-10% of Income)
Ever wondered about the credit ratings of your friends and neighbors? We’ve estimated how many Bethlehem residents are in each range of FICO scores.
|FICO Score||% of Population||Residents|