2 Minute Guide to Finance a Car Loan With Bad Credit
2 Minute Guide to Finance a Car Loan With Bad Credit
Posted on April 7, 2022
People that want to find a car loan with bad credit are in the right place.
We understand how challenging it can be when lenders reject you and say “no.” But, if you stick with us until the end, you will be able to find a car loan and realize your dream of buying a car.
Taking a closer look at your credit
Our credit score impacts the quality of our life, and in certain instances, it can make getting certain jobs or even a loan impossible.
You could sign up with Credit Karma to find out what your current score is; the service is free, and you should prioritize checking the score on a monthly basis.
Addressing the root cause of your credit issues
Your credit score is calculated based on details for the last seven years, so if there are any mistakes inside your credit report, you must go through the official dispute process.
The law requires these agencies to address any legitimate mistakes, but you will need to go through the process; since the issue will not go away by itself, you need to deal with it now.
Reviewing the big financial picture
The credit score is important and impacts whether you get approved for a car loan, but it is not the only thing that lenders will focus on.
Something that a prospective lender will pay close attention to is your income. If you have a substantial income, there are some lenders that will overlook your credit issues.
Lenders do not take anyone at their word and will ask for documentation to prove you are earning the income.
These lenders will want to see copies of your payslip and income tax assessment if you are working as a salaried employee.
Self-employed individuals will need to show lenders their income tax assessments and bank statements. If you are not able to provide those documents, then the lenders will not approve the loan.
Where to get car loans when you have bad credit
There are many websites that provide car loans in, and some of them claim to have bad credit loans, but they are not a good choice.
Your best option is to work with a local car dealership. The dealership has helped borrowers just like you get a car loan.
While working with the dealership, their in-house credit experts will give you suggestions on how to address your credit issues, so you will have a fantastic credit score in the future.
A great benefit of working with the dealership is their ability to find lenders that will give you a car loan.
There are lenders that specialize in subprime car loans, but they do not advertise online. The only way you can access these lenders is by going through a local dealership.
If you follow our tips, you will be able to get a car loan that works for your budget, but you need to act soon. Car prices are on the rise, and if you wait too long, you could be priced out of the market.
We’d love to help you find a car loan with bad credit. Simply fill in the form below and we’ll get back to you ASAP or see our selection of used cars at our Burlington dealership.
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