How Can I Get Car Financing with a Bad Credit Score?

Car Loan
 

One of the questions we field at Ken Ganley Nissan near Strongsville is how to get a car loan with bad credit. If your credit score isn’t as high as you want, but you need a new car or truck, know that our finance team is here to help. With the right financing, you could be sitting behind the wheel of your new ride sooner than expected. Learn how to get a car with bad credit and more with our quick guide.

 

 

Bad Credit Car Loans: How to Get a Car Loan With Bad Credit

“Bad credit” is defined as a score between 300 and 500. If your credit score is within this range, you may be weary about making the decision to apply for financing online to obtain pre-approval. Our finance experts near Brunswick can work with you to determine the ideal payment plan for your needs. We also recommend figuring out what you can afford before reaching out. To come up with a realistic number, account for related expenses such as gas, tolls if applicable, auto insurance, routine maintenance, and annual registration fees.

Here are some more important things to keep in mind when it comes to how to get a car with bad credit:

  • Save funds for a down payment: Making as large a down payment as possible increases your appeal to lenders. Doing so not only lowers your loan-to-value ratio, it reduces the interest rate. High-interest rates are standard when credit scores are low. Aim to put down 20% or as close to this percentage as you can afford.
  • Avoid doing anything that lowers your credit score further: Paying your bills on time, disputing credit report errors, reducing all debts, dealing with collection agencies efficiently, and using secured credit cards are among the ways to improve your credit quickly. Anything you can do to obtain a higher score makes you more attractive to lenders.

Bad Credit Car Loans: Improving Your Credit Score

When you need a car, but you only have bad credit, it can be stressful. But paying off your car loan each month will improve your credit over time, and you’ll be likely able to refinance after two or three years of on-time, consistent car loan payments. Bad credit car loans may be able to help you get in a better spot eventually and may be necessary for drivers in desperate need of a reliable vehicle, but we still recommend going through all available avenues and asking plenty of questions before accepting any car loan. If you can’t pay on a given car loan, we don’t recommend that loan. That often means choosing a car that’s not your first choice.

Apply For Financing With Ken Ganley Nissan Today!

We at Ken Ganley Nissan near Wadsworth are here to help you explore your loan options without the hassle. If you need more money to make a down payment, consider trading in your current vehicle using our Value Your Trade form. Contact us today with any other questions and to speak with a friendly team member!

 

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5180 Montville Dr, Medina, OH, 44256
Ken Ganley Nissan 41.1347512, -81.7928378.