2531 West Liberty Ave. Pittsburgh, PA 15226 412-343-3334

Bad Credit Car Loan FAQs

Q.  Do lenders just look my credit score when considering me for a vehicle loan?  

A. No.  Lenders also look at other factors including a person’s
 ability to repay the loan and their stability, such as how long you have lived at your residence or worked at your current job.

Q. Can I get financed for a vehicle if I have one or more repossessions?  

A. Yes!  We routinely get people financed who have previously had one or more vehicles repossessed.  Although repossessions negatively impact your credit, our subprime lenders understand that your vehicle may have gotten repossessed due to factors beyond your control, such as an accident that results in the total loss of the vehicle, major mechanical failure, illness, or job loss.  Also our Buy Here Pay Here program guarantees approval with no credit check if you put 50% down on the retail price of any vehicle plus tax and tags.

Q. Can I get financed for a vehicle if I have declared bankruptcy?  

A. Yes, we can get you financed after a bankruptcy.   We and our lenders understand that sometimes people have to file for bankruptcy to get relief from overwhelming debt. 

Q. Can I get financed for a vehicle if I have a very low or no credit score?  

A. Yes, we can get you financed even if your credit score is below 500, or if you have no credit score at all.  Our lenders look at other factors besides your credit score to make lending decisions and our Buy Here Pay Here program guarantees approval with no credit check.

Q. Can I get financed for a vehicle if I already have an auto loan?  

A. Yes!  If you have sufficient income to support a second auto loan, our lenders may approve your application for a second vehicle because they know that people sometimes need a vehicle for their significant other or spouse.

Q. I’ve contacted other bad credit used car dealers who told me I was approved for an auto loan, only to go there and be told that they couldn’t get me financed.  How can you get me financed when other dealerships turned me down?  

A. Used Car World of West Liberty Avenue’s finance team consists of several professionals who have over 30 years of individual experience with subprime auto financing, and our family of dealerships has been in business for over 18 years in the Pittsburgh area.  Consequently our finance department can frequently get our subprime lenders to make exceptions and extend financing to people who have been turned down elsewhere.

Q. I’ve been to other bad credit used car dealers who got me approved for a vehicle, but when I added up my payments I realized that I was paying a lot more than the book value of the car.  How is your dealership different?  

A. At Used Car World of West Liberty Avenue, we post the prices of all our vehicles on our website as opposed to just posting a monthly payment.   Our prices are based upon the vehicle’s NADA book value and our lenders use these values to determine the amount of the loan because the vehicle is the collateral for the loan.  This ensures that the price you pay for the vehicle is based on its book value.  Of course there is a price to be paid for having bad credit.  People with bad credit pay a higher interest rate than people with good credit because loans to people with bad credit are considered riskier than loans to people with good credit.  The interest rate our lenders offer is related to your credit profile.  However, many states, including Pennsylvania have limits on how high lenders can set interest rates for loans.

Q. What documentation do I need to bring with me to get approved for a vehicle loan through a subprime bank?  

A. You will need to bring the following documentation to get approved for bank financing: a) Proof of income in the form of your latest pay stub, a job letter, SSI award letter, bank statements, or other proof of income as appropriate.  Even if you are self-employed or don’t get a regular pay stub, our special finance professionals can show you how to prove income to our banks; b) Proof of residence in the form of a phone bill, utility bill, or checking account statement that is mailed to your residence on a monthly basis; and c) A valid driver’s license from the state in which you reside.

    Q. Do I need anything else to get approved for a vehicle loan?  

A. Yes, you will need to bring a down payment and pay the sales tax and tag fees for the jurisdiction in which you reside.  You will also need to provide proof of full coverage insurance when financing a vehicle.  Our finance team can help you obtain insurance if needed and can get you approved for a vehicle loan with as little money down as possible.

Q. Why should I choose Used Car World of West Liberty for my next vehicle?    

A. There are many reasons why Used Car World of West Liberty Avenue is your number one choice when shopping for a pre-owned vehicle.  First, our dealership prides itself on providing “good cars to people with bad credit” and all our vehicles are safety checked and serviced prior to sale.   We are based in Pittsburgh Pennsylvania, which mandates both emissions and safety inspections on all vehicles.  Inspection standards vary by state, with fewer than 20 states now requiring that vehicles be inspected.  Pennsylvania has some of the most rigorous state inspection requirements in the country so when you finance a vehicle from our dealership you can be assured that it will have a current Pennsylvania inspection that is performed by an independent repair facility which is licensed by the Commonwealth.  Second, our overhead is far lower than new car dealership as well as many used car dealers and our buyers have many years of experience in the auto industry.  As a result they know how to purchase quality pre-owned vehicles at the right price and extend the savings to you.   Our discounted cash prices are generally far below a vehicle’s book value.  Finally, unlike most other dealerships, we offer both subprime bank financing, Buy Here Pay Here Financing with No Credit Check, and discounted cash prices for cash buyers or people with good credit who want to secure their own financing.  This combination ensures that our customers get the best deal possible on their vehicle.

Getting A Car Loan With Bad Credit

1)      How can Used Car World of West Liberty Avenue help me get a car loan if I have bad credit?  Used Car World of West Liberty Avenue offers both subprime bank financing and Buy Here Pay Here Guaranteed Financing with no credit check to help people with bad credit or no credit get a vehicle loan for a pre-owned car, truck or SUV.

 2)      What is subprime bank financing?  Subprime bank financing is financing offered by banks that specialize in providing auto loans to people with less than perfect credit.  Your past mistakes shouldn’t continue to prevent you from getting a chance to rebuild your credit and get an auto loan, but many banks and credit unions won’t give loans to people who have even minor blemishes on their credit history.  Our subprime lenders say, “Yes” when others say, “No”.  We work with a variety of subprime lenders who offer different financing programs for any type of credit, no matter how low a person’s credit score.  These lenders look at your individual credit profile, and take into consideration factors besides your credit score like measures of stability, such as length of time you have worked at your job and lived at your residence.  Based on your credit profile these banks will tell you how much you need to put down to get an auto loan.

3)      What is Buy Here Pay Here Guaranteed Financing with No Credit Check?  Buy Here Pay Here Financing is an in-house financing program where the owner of the dealership extends you credit directly.  It is exactly what it sounds like, you buy your car here and you make your payments here.  Unlike some dealerships who advertise that they are a Buy Here Pay Here lot but sell the financing to outside lenders, we offer true Buy Here Pay Here in-house financing, and never sell the car loans to someone else.   Because our dealership finances people directly, the program guarantees approval with no credit check to anyone who puts half down of the retail price of any vehicle plus tax and tags.

 4)      What are the advantages and disadvantages of subprime bank financing?   Subprime bank financing has two major advantages.  First, these lenders typically require far less of a down payment than the 50% down required for approval with Buy Here Pay Here financing.  Second, subprime banks report to credit bureaus and making timely payments on your auto loan will significantly improve your credit score.   However, subprime bank financing has some disadvantages.  First, they require you to provide proof of income and proof of residence before they give you a loan.  This means that you will have to provide them with pay stubs or a job letter if you work for someone else, an award letter if you get SSI or disability, or bank statements if you work for yourself.  They also require you to verify your residence by providing a phone, utility bill, or bank statement mailed to your residence every month.

5)      What are the advantages and disadvantages of Buy Here Pay Here Guaranteed Financing?  Buy Here Pay Here Financing has several advantages.  First, it allows us to finance someone who cannot meet the requirements of bank financing.  Second, it allows people who have a significant cash down payment to afford to buy a car that would otherwise be beyond their budget by making some payments directly to our dealership.  The disadvantages of Buy Here Pay Here Financing is that it typically requires significantly more down than bank financing, and that it does not help you re-establish your overall credit history.

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