Looking for a car when you have bad credit can be a dreadful experience. You're probably worrying about a multitude of things: if the lender will approve your loan, will you be able to get what you want and, most importantly, how much will it cost you in additional interest fees?
This is a common concern for people who are in financial predicaments similar to yours. When you are recovering from previous setbacks, it's frustrating to even have to think about how much it will affect you when all you want to do is move forward. However, every situation is different, and that could possibly mean that things are not as bad as you think. There's a chance you could still get a lower interest rate.
How Is a Lower Interest Rate Possible?
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 handling your finances responsibly up to that point, this is what is commonly referred to as "situational" bad credit. It is also the best position to be in if you are in need of special financing. In this instance, you have a very good chance of still being approved for a car loan with an interest rate, in some cases, not much higher than if you had good credit.
However, if you have "habitual" bad credit - a background that shows signs of financial irresponsibility like multiple bankruptcies, consistently late payments on loans, credit cards, utilities, or repossessions that cannot be associated with a bankruptcy - you may have to face the fact that higher interest rates are something you will have to deal with until you build a better credit history.
In both scenarios, borrowers still have the opportunity to get approved for a car loan. They just need to find the right dealer who is signed up with the right type of lenders that can accommodate their needs.
Get to the Dealer That Can Help You
Since most traditional lenders look only at the numbers, getting the best deal possible when you have damaged credit can be difficult when you don't know where to go. Auto Credit Express has a trusted network of dealers that are experts at handling car buyers with varying degrees of credit. All you need to do is complete our fast and straightforward online application to get started.
Once we have the application, we will contact you within hours to set up a meeting time with the dealer who is best suited to help you. Don't let your concerns about getting approved for good interest rates slow you down. Get back in the game today.