Bad credit doesn’t necessarily prevent you from being able to trade in a vehicle. However, trading in a vehicle on a bad credit auto loan is typically only possible if it is paid off or you have equity in it.
You are required to bring more documentation to the dealership when taking out a bad credit auto loan. You can avoid having to make multiple trips to the dealership by having these documents ready to go the first time.
Are you an hourly UAW employee? If so, you should know that a profit-sharing check would make an excellent down payment on a brand new vehicle.
Just like with anything else that requires spending a significant amount of your money, make sure that you know all of the facts before applying for special finance/a bad credit auto loan.
Coming up with an ideal down payment requires some forward thinking. Your goal is to make the cash that you provide up front significant enough to save you money down the road.
Even if you’re a freelancer with a fluctuating income, no steady employer and bad credit, it’s still possible to get approved for a car loan.
Many car buyers with credit issues want to know if they can get an auto loan with no money down. If you are dealing with imperfect credit, unfortunately, you’ll be hard pressed to find a zero down offer.