Cars are essential in today’s fast-paced world, but if your credit is poor, it can be difficult to secure solid car loans. With a little knowledge and creativity, however, you can find a loan that best fits your needs and budget.
Talk to the Dealer
We work with a variety of lenders and there is usually at least one who is willing to work with those who have subpar credit. Keep in mind that the interest rates tend to be higher, but there are ways to make this more bearable, such as getting a loan with a shorter term or putting more money down on the vehicle.
Get a Cosigner
If you know someone with good credit who is willing to cosign for you, this can help to get you a better loan. We can help you to determine how much of a savings you can expect when the cosigner’s credit is taken into consideration.
Consider a Slightly Older Vehicle
If you are on a budget, you can explore our inventory of used vehicles. With lower prices, it is easier to finance and get monthly payments that match your budget.
Save for a Larger Down Payment
A larger down payment works as a show of good faith for those working in our finance department. If you are looking for a used vehicle, work toward saving up 40 to 50 percent of the total cost as your down payment. For example, if you are looking to purchase a $10,000 vehicle, try to save a down payment of at least $4,000. This shows the us that you are serious and it reduces our overall risk should we extend you a loan.
Use this information to find car loans that will work for you so that you can secure your next vehicle. You should also make sure that you know your credit score before starting the process so that you know exactly where you stand.