If you have bad credit it can be difficult for you to get a car loan of any kind and auto lenders look at you as a risky car buyer for a number of reasons. Car buying is never going to be easy with bad credit. Used cars you may have a shot with but that depends on what you have saved up.
New cars are going to be a bust because you have to have well to decent credit for the auto lender to ‘trust you”. You might be able to get a KIA of some sort.
Auto Loans For Vehicles
We want to make the auto loan process for both new and used cars simple even if you have bad credit, poor credit, or good credit we have a number of qualifying car dealerships that can help you get that financing started and get you back on the road.
Looking For Used Cars?
Auto loans with bad credit for used cars can be hard to come by for most subprime car buyers and most of the time car dealers want you to have a credit score of 600 or above. Get started with bad credit or poor credit by financing a car dealer near you.
Where car loans can be hard to get with bad credit
But for the most part car loans in Chicago, car loans in Detroit, car loans in Indianapolis, car loans in NYC, and car loans in Boise are just going to be hard to get without a decent credit score. We do suggest you should work on both your vehicle down payment and credit score if you need a vehicle in the next few months.
Now there are buy here pay here car lots you can see about financing used cars if you’re in a solid pickle but don’t jump in the car today to go see. Shop around local car lots and make some calls.
People with poor credit scores seem to default on their auto loans therefore is the reason you can’t get an auto lender to give you the auto loan rate that makes the vehicle worth owning and trust me you don’t want to have a car loan for seven years it’s not going to be a pretty financial picture for you.
How to shop for cars with bad credit
When shopping for cars with poor credit you need to know your credit score and report it’s important. The higher your credit score the more car deals you will see. Basically to help your credit score make sure everything on your credit score is made current meaning pay down or pay off old debt. We all know it can be hard and right now it’s hard. But be slow and steady we are here to help.
Make sure you have some steady income and that your debt is low or that you can handle the extra payment. Debt isn’t fun but we all work hard to pay it off. Your debt to income ratio has to be non-existent for some car dealerships so it might be worth it to shop around a large metro for used cars. Ride-sharing isn’t a bad idea but it’s not for everyone.
Your credit use should be at a low of 30% for some auto lenders which can be laughable for some. There are a lot of people living on credit cards and it sucks. So used cars or hand-me-down cars may be a workable idea.
Don’t buy the car unless you can afford it
Yes, we see people paying $40,000 for a used car and it’s insane never mind I’ll walk please, or try and buy a bike off Walmart.com or the lovely Amazon.com.
Do yourself a favor and compare the auto lenders
There are a ton of factors for car buying now and comparing lenders is going to take time some auto lenders at car lots may ask for $1,000 down for a used car while another car dealerships auto lender may ask for $500 down for a used car and no credit check. You ideally now want to shop car dealers on auto financing terms and not monthly car payments it’s a used car, not a house you’re trying to buy here.
Make sure the car deal is logical for you
When you’re buying a car with bad credit you want to make sure there is no “hidden tape”. Make sure what your signing is logical to you and is final or you can walk. Don’t waste your money if you don’t have to. Know what you’re paying for before you actually sign the car loan. Working with our car dealers we want to put you in the best possible auto loan they have for bad credit and we believe we can help you take the frustration out of poor credit car buying with these tips. There is no sense in buying a dud with so many car financing resources online today.