One of the keys a successful subprime auto loan is financing a vehicle that’s dependable. In that regard, the latest findings from J.D. Power and Associates should help credit-challenged borrowers select the right vehicle.
So what’s the moral of the story? It’s simple. You can save a lot more money by simply choosing the right car than by working a great deal on the wrong car. This is doubly true if you have bad credit and you’re working with a tight budget.
Your credit is damaged, but you’re still interested in buying a brand new car. Is this even possible? It may be, but your success will depend on a few factors. If your credit is on the good side of bad, and you’re willing to be realistic about your new car purchase, then you can expect to be able to get financed for a never-before-owned vehicle.
Credit-challenged borrowers who choose one of these affordable cars and pick the shortest loan term possible will find that, once they’ve reestablished their credit, they’ll be in a much better position for their next loan.
Hyundai’s renewed partnership with the free social savings website BoostUp represents a great opportunity for credit-challenged borrowers to save up even more money towards a down payment on an affordable new car.
We take the Kelley Blue Book 2015 Best Resale Value award winner list and slice and dice it to come up with the best vehicles for consumers who are credit-challenged.