Bad Credit Rating? You Can Still Get a Car
Because we're a Buy Here Pay Here dealer, we get asked this question a lot. And, because there's a lot of bad information about what life decisions effect your credit, it's easy to see how understanding your credit and how it impacts future buying options can become extremely frustrating.
To put you more at ease, we're put together a few pointers on how you can still purchase a new car even if your credit's taken a hit.
1. Good dealerships will always want to help you get into a vehicle. We know how crucial transportation is to being able to go about your daily business, whether that means work, taking the kids to school, or being able to bring home a haul from the grocery store. As a car shopper, be on the look-out for car lots that will go above and beyond the call of duty to get you a vehicle.
2. Be willing to compromise on your vehicle choice. Want an SUV, but you've got the budget of a scooter? Don't be surprised when your financing agent tells you to consider looking at other vehicles. Shop for your needs--not your wants.
3. Educate yourself about your available income streams. If you have part-time work, consider picking up freelance work or a second job to supplement your income. Consider what tax rebates and incentives you might be eligible for.
4. Take advantage of sales. Car dealerships practically invented the art of sales. When it comes time to buy, make an educated decision--not just the first lot that offered you a few bucks off your buying price.
5. Remember that a bigger down payment means a smaller overall loan, and probably smaller monthly or weekly car payments. Taking your time tosave pays off in the long run, so if you can wait an extra month or two, you should.
6. Don't give up. If you're reading this blog, it's because you're an educated buyer, and an educated buyer will always be the best kind of customer.
7. Once you've made on-time payments for your first year or two, ask your dealership if they'd be willing to reexamine your loan, and lower your interest rate. Savings don't always have to come at the start of a purchase.
Have you ever found success financing a car with bad credit? If so, please sound off in the comments with your wise words of advice!