What to do If You Need a Car Loan and Have Bad Credit
What to do If You Need a Car Loan and Have Bad Credit
Posted on January 25, 2024
Our dealership is renown in the Lower Mainland for its cooperation with folks that have bad credit. Bad credit car loans are not a problem for the lenders that work with us, and poor credit should not be an obstacle for you that keeps you from coming in and driving away in the perfect car for your needs. While poor credit isn't an impassable barrier for lenders concerning car loans, better rates and options are available for those with better credit. This translates to better and more reliable cars available for the buyer.
Work on Raising Your Credit Score Before Buying
A higher credit score will translate to better loan terms and a larger possible loan for new or used car seekers. Some ways to do this are to get a credit card from your bank of choice and use it responsibly. This means making purchases with the card that you can afford and then paying the card balance off every month before the end of each billing cycle. In this way you will establish a history of debt repayment that will translate into a higher credit score and allow future lenders to trust you more with their money.
Save Money for the Down Payment
Another way to circumvent bad credit when applying for car loans is to approach the transaction with a large down payment towards the vehicle. This will minimize the size of the loan that you are asking for and possibly sway a creditor to approve the loan because of its smaller amount. You can easily do this by making a monthly budget that includes a car savings category and then sticking to it over the course of a few months or years.
Poor credit is often seen as an insurmountable obstacle for many people when it comes to purchasing a vehicle. Don't let this be the case for you. Our dealership is there to help you get into the car you want at the price you want, don't let your bad credit come between you and your perfect vehicle.