It can be frustrating when you need to buy a car with damaged credit. Luckily, if you have a dependable income, there is a really good chance that you can get approved for financing in spite of your bad credit. Sometimes, “your job is your credit,” and it just comes down to finding the right lender.
The process began with a group of 23 vehicles including three minivans, four compact SUVs, four mid-size SUVs, two full-size SUVs, two full-size sedans, three mid-size sedans and two full-size pickup trucks. There also were three compact cars which Nerad describes as “often the first choice for anyone on a budget.”
Mark’s car was starting to give him problems. The issues were becoming so frequent that he was actually starting to factor the costs into his budget. Because of this, he determined that it might be time for a new vehicle. But he had one concern: he knew that his credit was damaged due to medical issues having caused him to miss payments on some bills. Mark told his friend Pete about his concerns. You see, Pete also has poor credit. What Pete told Mark wasn’t exactly encouraging. He would probably have to visit a lot of dealers, and in the end, end up with a so-so car and a high interest rate. But, there was a difference between Mark and Pete, one that would make all the difference.
You may think that your damaged credit will prevent you from being approved for an auto loan, but this may not be the case. Many lenders are willing and qualified to work with your financial situation, and if you’re willing to do a few things to help the process along, you could be back on the road in no time.
While living in bad credit denial will save you from having to deal with your damaged borrowing reputation for a while, you will eventually have to face your finances. So many things can be negatively affected by a low credit score, and your situation will only get worse the longer you let poor credit slide. On the other hand, taking charge and repairing your credit is more doable than you may think.
Having a cosigner can improve your loan approval chances, but if you either don’t have a cosigner or wish to avoid using one, there are other actions that you can take to ensure your success in acquiring auto loan financing. If you have time to improve your credit before buying the car, this will be beneficial both now and in the long term.
If there were outlying factors that led to your economic state, such as a job loss, injury, divorce or a business related bankruptcy, and you were responsible for your finances up to that point, that is what is commonly referred to as “situational” bad credit. It is the best position to be in if you are in need of special financing.