If you're looking to save money, buying a lower priced car probably sounds like the most obvious option. But, before you make that choice, consider this: if you're simply looking at price and not at quality, you might be throwing your money away.
Buying a car on the cheap is merely a band aid for a much larger problem, especially if you have bad credit. You'll save up a couple thousand dollars, buy a late model car and within a few months have it break down on you. At which point you either:
- Pay more money for repairs.
- Start the cycle all over again.
This process doesn't do you any good. The team at Auto Credit Express knows how hard it is to live on a tight budget because we've helped so many people that were in situations similar to yours. And that's also how we know that there is another way.
Why Should I Get Bad Credit Auto Financing?
I know what you're thinking. You probably don't see the point in applying for yet another car loan, especially if you've been turned down before. That's because you weren't looking at the right kind of loan. When you work with a lender or dealership that specializes in subprime lending, you have a higher chance of getting approved.
The reason you have better chances of approval with a subprime loan is because the lender looks past your credit history and focuses more on your income and employment. The interest rates won't be low, but you do have a better chance of getting into a higher quality vehicle than you would by purchasing a car from a private seller.
Use Your Money Wisely
Instead of using that hard earned money on a cheap car, put it towards a car loan instead. A down payment increases your chances of getting an affordable car loan as well as a better quality car.
By providing a down payment, you are showing the lender that you are willing to take a financial stake in the car, and it reduces the amount they need to lend to you. This could also possibly lead to a lower interest rate.
Think of it this way: you were able to save up the money for the down payment, probably by setting aside a certain amount per month. By this logic, you likely have the room in your budget for a monthly car payment.
Don't Throw Your Money Away
The cycle of save - buy - break down - repeat doesn't help you in regards to your transportation. And if you have bad credit, it doesn't help you repair that either. A bad credit auto loan does both. You get a reliable vehicle while rebuilding your credit at the same time.
We work with subprime lenders that can help you. Our online application is fast and easy, and once you've submitted it, we will set up a time to meet with you and verify your information. It's that simple. Start today and drive away in that great car, truck or SUV!