Even with damaged credit, you can still get approved for the auto loan that you need. You may be in the process of working to repair your credit rating, but you can't put your life on hold when reliable transportation is immediately necessary. With the right planning and preparation, buying a car right now with your current credit score is entirely possible.
Making Auto Financing Easier
Blindly taking on a task is always a challenge, but when you pursue a goal with the right knowledge, you will know what to expect every step of the way. And buying a vehicle won't be difficult if you are aware of the requirements involved.
- Gather your necessary documents. This part is especially important if you will be pursuing a bad credit auto loan because you will ideally be working with a lender that is willing to look past your credit score. This means that you should be able to prove that you have a regular income that will support a loan payment, that you have established steady employment, and that you have maintained a stable residence. So, you will need to gather and organize your most recent pay stubs, your tax records, and a few recent utility bills.
- If possible, have a down payment ready. It may be possible for you to get your loan financed without a down payment, but having at least a little money up front (and/or a vehicle with cash value to use as a trade-in) will be incredibly helpful. By providing a down payment, you will increase your approval chances, possibly be offered a better interest rate, and slow down the accumulation of negative equity. While there is no "standard" or required down payment amount, 10% of the price of the car is generally considered to be an acceptable sum.
- Find the right lender. Not every lending source will be able to accommodate your compromised credit, but there are many lenders that are qualified to handle special financing for bad credit car buyers. And, generally, the best way to locate one of these lenders is to work with an auto dealer that utilizes their services. When you buy a car from a dealership that has connections to special finance lenders, you can handle all aspects of your car buying experience in one place, making the process simple and convenient.
Getting Matched with Your Dealership
If you're ready to purchase your next new or used car, truck or SUV, Auto Credit Express is your most direct source for auto finance assistance. If you apply with us, our experts will match you with the dealer in your area that can best serve your needs. And we can help you no matter what your credit situation looks like.
Just fill out our fast and secure online application to get started today.