You’re Approved! How to Get a Car Loan With Bad Credit
You may have spent years building up your credit enough to get a car or home loan, but then something happened that caused you to miss a single payment or two, and just like that, all those years of hard work went down the drain as your credit score took a major hit. This happens to consumers all the time: they have a great score, but a single financial setback also causes a major credit setback—enough so that they can’t get even a line of credit with the most strict terms.
If this happened to you and if you absolutely need a new car, there are ways that you can get approved for a car loan despite your poor credit score.
Avoid Bad Credit Specialists
If you see a deal that is too good to be true, it is. While dealers and other reputable lenders will put you in a loan that has high interest rates, bad credit specialists will almost always stick you in a credit plan that is designed to fail. Why? Because they benefit off of your default.
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Rebuild Your Credit Score
If you can hold off on purchasing a car for the next six months to a year, do so. In the meantime, apply for a secured credit card through your bank or another reputable institution. Pay off your debt each month, or even as you charge your card, and within six months, you will notice an increase in your credit score, and subsequently, your credit line.
Though it can be difficult to get a fair car loan with bad credit, if you are diligent in your research and follow the above advice, you will be able to find a deal that works for you.
In House Financing
Here are Just Better Cars we offer another alternative, In House Financing. Please contact one of our finance managers for details.