Are you looking for a new vehicle, but having no luck getting a car loan? It can be frustrating and may seem like there’s nowhere to turn when you’re searching for bad credit financing. But the truth is, there are car dealerships that work with bad credit all across the nation – you just need to know where to look.
How to Look for Bad Credit Car Dealers
In order to find a bad credit car dealer, you first have to understand that not all dealerships have lenders that can work with low or no-credit situations. The lenders that can are called subprime lenders, and they work exclusively with special finance dealerships.
Most dealerships don’t advertise their special finance departments, so it helps to know which dealers offer this service. Otherwise, you’ll be stuck going from dealer to dealer, and your credit will suffer from all the different people making hard inquiries on your credit.
Here at Auto Credit Express, we work with a nationwide network of special finance dealers, so using a service like ours can take the stress and frustration out of the car shopping equation. We can point you toward a local car dealer that accepts bad credit, and has the lenders available to finance your next vehicle.
Before You Begin
Before you begin shopping for a vehicle, you should review your credit reports and view your credit score to know where you stand. It helps if you view your FICO credit score because that's the one most lenders use when someone is applying for a loan.
Don’t worry about your score dropping when you do this, looking at your credit score yourself doesn’t hurt it, and there are plenty of resources available online where you can view it for free. Your credit reports are also available to you for free by visiting www.annualcreditreport.com. You’re entitled to get one credit report every 12 months from each of the three national credit bureaus – TransUnion, Equifax, and Experian.
It’s also a good idea to be prepared for the qualifications you’ll need to meet for a subprime lender. Though the specifics vary, most lenders require a standard set of basics. These include proof of at least $1,500 to $2,000 of monthly pre-tax income from a single source with your most recent computer-generated check stub, proof of residency with a utility bill in your name at the address listed on the application, proof of a working landline or contract cell phone in your name, a list of around six personal references, and a down payment of $1,000 or 10 percent of a vehicle’s selling price, whichever is less.
Getting Connected to a Local Bad Credit Car Dealer
So, now that you know where to find car dealers that accept bad credit, take the next step toward getting a car loan. You can get the vehicle you need and help improve your credit, too. It’s simple to fill out our free and easy auto loan request form. As always, there’s never any obligation to buy, so what are you waiting for? Get on the path to a local dealer and better credit with Auto Credit Express today!