Buying a used car always entails at least a little risk, but that risk is reduced significantly if you choose to purchase a certified used car. While you will pay at least a little more for these vehicles, they come with warranties and a guarantee from either the manufacturer or the dealer that they have been thoroughly evaluated by a mechanic, and have been declared "problem free."
Why a Certified Used Vehicle is Good for Bad Credit
If you're buying a car with damaged credit, you will want to be strategic about selecting a vehicle. While you don't want to do anything that might compromise your financial situation further, it is advisable that you invest in reliable transportation that will last for several years.
- Less Depreciation: It is possible to get financed for a new car with bad credit, but because new vehicles depreciate so quickly, you might find that you are "upside-down" in your loanafter only a few months. This means that you would owe substantially more on the car than it is actually worth. And if something were to happen that rendered you incapable of making your payments, it would be difficult for you to sell the vehicle and get out of the loan.
A certified pre-owned vehicle, on the other hand, will have already taken the big depreciation hit when you assume ownership, so you will have much less to worry about.
- The Risk Factor: As a bad credit car buyer, you will want the vehicle that you finance to stay in good shape for the life of your loan. So, even though a "regular" used car will cost less initially, the protection that you receive with a certified used vehicle purchase may make it worth paying a little extra up front. If you're already struggling to pay off old debt and rebuild your credit, the last thing that you are going to want is the likelihood of a slew of expensive auto repair bills.
With its warranty and guarantee, you will be getting almost as much peace of mind with a certified pre-owned car as you would with a brand new model.
Sealing the Deal with Your Challenged Credit
Getting a loan to purchase a certified used vehicle with damaged credit isn't impossible, but the process will be much easier if you work with the right lender and dealer. While some dealerships who are not accustomed to working with subprime credit may either 1) Choose not to work with you at all, or 2) Only sell you a car that they are trying to get rid of, other dealers are much more willing to work with your situation. These dealerships have connections to lenders that are qualified to offer bad credit auto loans, and they are more likely to sell you a better vehicle.
Finding the Right Dealer
By contacting Auto Credit Express, you can get matched with a dealer that can help right away, without having to make a dozen phone calls or drive all over town. No matter what your credit looks like, we can find a financing solution that works for you.
Get approved today when you fill out our fast and secure online application.