Financing with No or Bad Credit
Unless you live in a big city with good public transportation, owning a car is practically a necessity for most Americans. Unfortunately, if you have no credit or have had problems with your credit in the past, getting approved for a loan can be difficult. Here at Blackburn Chrysler Dodge Jeep® Ram, we want to help you get the car you need, no matter what your credit situation is.
Before you get started, we have a few suggestions on how to get approved for a loan with credit issues.
Check Your Credit History
Each year, you are entitled to a free credit history report from all three credit reporting agencies. Take advantage of this and check your credit at least once a year. Look for any mistakes and issues that you can easily resolve.
Make a Budget
While you might have a ballpark idea of what you can afford to pay for a car, you might be able to free up even more money if you take a closer look at your finances. Track every dollar you spend for a few months to see where it all goes. Maybe you didn't realize you spend over $100 a month on fancy coffee drinks, for example. Look for ways to cut out unnecessary spending so you can save more for a down payment and monthly car payment.
Be Realistic
If this is your first time borrowing or you have a poor credit history, you need to realize that you likely will not get a very good rate. Because the higher interest rate is going to cost you more in the long run, aim for an affordable car so you can pay off the loan as quickly as possible. In a few years, as your credit improves, you may be able to afford a nicer, more expensive car.
At Blackburn CDJR, our finance team will work to get you the best terms possible if you're looking to purchase or lease a new vehicle. Stop in and see how we can help get you on the road.