If you are thinking about buying a new car, everything’s going to be easy, most especially if you have a good credit. However, what if it’s the other way around? What if you have a bad credit? Will you be able to get one? The truth is, yes, you can surely get one.
If you would like to know how, here are some of the useful tips for you:
- You Need to Know What to Expect – If you try to lease or finance a car with your bad credit report, you can simply expect to be asked to pay higher amount of down payment, higher rates of interest or that you’ll have to provide a security deposit.
You may simply have trouble getting your insurance. However, you should remember that even those with low credit scores could get approved at certain dealerships in certain situations.
If you quite unsure about how bad your credit is, it may not hurt for you to call some insurance agencies or dealers and simply ask them about the likelihood that your credit score would be approved for a loan. Simply try getting some sense for the possibilities in your situation.
- Save Money – If you have a bad credit and you think it’s quite impossible for you to buy a car, then saving money for a few months will help you achieve it. You need to determine how much money you can afford for the monthly payment of the car and start setting aside the amount every month. During this time, you should then maintain regular payments on any credit accounts, on time and in full.
Once you have saved enough money for the down payment, your credit score should be enhanced for you to get better rates of interest.
- Shop Around – You can ship around while bringing your credit score and the report. Those who request for the credit report as well as score, simply has minor negative impact upon your FICO score. If you are shopping around a lot and have that bad score, this could surely add up. One way for you, to prevent the excessive credit inquiries from impacting your credit score negatively is to make them unnecessary by bringing your own score. Simply show your score to the dealer’s finance director and don’t let them do any credit check until you have gotten the deal.
- Look for Lenders – There are lenders providing financial assistance even for those people with bad credit. These people do not only provide loans and leases. This is for the reason that they could also help you by helping you get better rates by arranging a pre-approved loan with the lender. This could be done by looking for reliable online lenders who also specialize in financing cars for those with poor credit scores.
Getting a car can be easy, even if you have bad credit. Just take these tips and get your car easily.