If you've been rejected for credit cards or home financing, you might be worried that your bad credit will also stand in the way of getting a new car. However, this usually isn't the case. A number of financing options are available for drivers with no credit or bad credit. Read on to discover how you can make one of these options work for you.
Can You Buy a Car With Bad Credit
So You've Got Bad Credit…
If you haven't already, the first thing you should do is check your credit score. Websites like Credit Karma let you check your credit score for free and you can often sign up for a credit monitoring service for a small monthly fee. Checking your own credit score won't change it in any way, unlike when a bank makes an inquiry into your credit when you apply for a loan. When you know your credit score, you won't make any choices based on assumptions. If you do indeed have bad credit, don't fret. The next step is to consider your options.
Consider Your Options
Once you know your credit score, you can find a dealer who will work with you. Most dealerships offer a range of financing options, no matter what your record. If you're worried about being disappointed at the car dealership, you can always shop for pre-approval. Call us at the Swope Family of Dealerships--we can walk you through your options before you head out for a test drive.
How a Car Loan Can Help
Once you understand what's wrong with your credit, you can take concrete steps toward fixing it. Many things you do can improve your credit score, and making regular, on-time payments on a car loan is one of them. Before you sign the dotted line, make sure you've adequately considered your options. Ensure that your financing plan fits into your budget.