Nevada is a state with many residents, and many of those residents live with poor credit. It’s not often by choice, but it is because many residents were unable to pay their bills when the economy crashed in 2008. There were numerous job losses, business closings, foreclosures, and defaulted loan payments. Student loans are a massive problem for many consumers in the state. Most college grads have a least a few student loans, and many of them are unable to afford the repayments on these loans. This means they’re unable to make their payments in a timely fashion, and their credit was ruined. If you live here, you need a car. Many of the residential areas are large and spread out, and public transportation isn’t so easily available in smaller towns and residential areas.
If you’re in the market to buy a new car in Nevada, you might have a problem securing financing if your credit is bad. It’s unlikely lenders will work with you as they want to provide loans to people they are confident will pay them back. If you have bad credit, you know the struggle of finding financing for bad credit. If you want a new car, you’ll need to get creative. You can try to call your local credit union and ask them to work with you. These are lenders famous for looking at more than just a score, but at the payment history and most recent financial information available through a client’s history. They can offer loans at their discretion to those who have bad credit, but they can do it on their own terms and their own figures. You’ll pay high interest no matter what type of financing you choose.
The other option you have is to purchase a vehicle by visiting a dealer with an in-house lender that finances bad credit loans. These loans come with a high interest rate, they have many stipulations, and you’ll not be able to walk out of a dealership with a brand-new car. You must have a large down payment, and you must have an open mind. There is also an option for those who have exceptionally bad credit. It’s called a buy here, pay here dealership. This is always a last resort for those who want to purchase a car with bad credit. It’s not going to raise your score as these lenders don’t report to the credit bureaus. They don’t offer monthly payments, either. Most people who work with these dealers must pay bi-monthly, which means bigger payments and a lot of interest.
Bad credit loans are available for those who need them, but it requires finding a lender willing to work with you and someone who is willing to take the risk. You must have a down payment of at least 10% of the car’s asking price, and many times this amount is much more.
Working With Dealers and States Requirements
Working with a car dealer in Nevada means working with people who are required to uphold a standard of care. All dealerships must obtain proper certification and licensing through the state. They must keep up to date with this information, and they must have salespersons that have the same certifications. If they don’t, they face not only fines but also prison time for working without the state mandated paperwork. All dealerships must have each car inspected and repaired before it’s placed on a lot for sale.
You’re the buyer, which means you must know your rights in terms of state law working with a dealership. The State of Nevada wants buyers to know they have the legal right to ask all dealers to show the car’s history to them prior to making a sale. If the dealer does not do this or attempts to charge a buyer for it, it’s considered illegal. Dealers are required by law to provide a free Carfax report to any buyer who asks for it. This helps you understand what you’re buying, what you’re getting into with a car that might become your own.
Driving in Nevada
Nevada is a lovely state, and driving here is a lot of fun for those who love the scenic route. With both flat land and mountains, there are many beautiful routes to take while you drive here. If you drive in the largest city, which is Las Vegas, you can expect to face some traffic on your way to and from work and especially on the weekends. There are a few other cities that are quite large, such as Henderson, Reno, North Las Vegas, and Sparks. Each of these cities have several hundred thousand residents taking up space on the road. This means insurance rates and car crime rates are a bit higher, and your chances of being involved in a car accident are a bit higher.
If you drive in Nevada, you might want to know the rules of the road. There is no legal way to drive and talk on the phone or text if you have the phone in your hand. If you have a camel you want to drive down the highway, you’re not able to do that legally. It’s also illegal for anyone to place a bench in the middle of any street or road in Nevada. This law is in place to keep the people who drive down any Nevada street safe when they are behind the wheel of their car.
Nevada driving can be fun, but it’s stressful for those with bad credit. If you need a new car to replace the one you’re driving now, you know it’s not easy to find financing. However, you can find it. You can save for a down payment to make it easier, work on improving your credit, and you can apply for some non-traditional financing methods in Nevada. You can get a new car and a bad credit car loan if you put forth the time and effort.