Is an SUV Purchase a Good Idea when I Have Bad Credit?

We know how it goes. The family SUV breaks down, and not during the best of times for you, your family or your credit. But you need that vehicle to get the kids to and from school, soccer practice and dance recitals. But can you afford it with a challenged financial situation?

Is an SUV Purchase a Good Idea when I Have Bad Credit?

I’ll be completely honest with you here: if you are dealing with damaged credit and trying to put your finances back in order, you should be looking very critically if now is the best time to buy an SUV. Most SUV’s – even used ones with decent mileage – still cost $20,000 or more. Even an SUV with moderate to high mileage can cost you over $15,000 or will hold less then a comparative sedan or hatchback.

An SUV can add several thousands to your bill, so if it is not something you especially need, or is something you cannot afford, often it is not a good idea.

How Good Is Your Income?

For some folks however there is a real need that a sedan that seats five just won’t cure. Like if you need a car for a family of 6 or more what do you do? Riding in the trunk isn’t an option so you’ll likely be spending extra on that extra seating. But can you afford it? That can depend on your income.

First things first, figure out how many seats your next vehicle is going to need at a minimum. Are you going to need an SUV that seats six or more? That could be expensive so your next step should be to consult an auto loan payment calculator to figure out how much vehicle you can afford.

Depending on how bad your credit is, you might be afforded less vehicle than you’d like. At this point you’ll have to consider if you should take out a bad credit auto loan to finance the rest, pass on an SUV and buy a smaller car, or if waiting and saving is an option.

Whatever You Need, We Can Help You

If you are in need of another vehicle fast, we are ready to assist you. Get started now by completing the fast and simple online application today. Once we have the information we need, we can determine how much you qualify for and you can begin your search for the best vehicle you can afford. Don’t let your income and bad credit stand in the way of what is best for you and your family.

Posted on October 18, 2014 by in Auto Loans, Used Cars
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