Bad credit causes uncertainty in your life, especially when you need to make a big purchase. Thankfully, there are still ways to get into a used car if you have bad credit. Here are some tips that should help you find that next car fast.
Understand What Your Current Credit Score Is
Before you do anything, you need to know your credit score. There are free resources to help you with this such as the Ford Black Book Credit Estimator. These tools even help you to raise your credit score with some simple suggestions. Sometimes, just making a few of the past due payments shows lenders that you are ready to be responsible.
Understand the Monthly Payment and Interest Rate
Most of the time you can get a car loan with bad credit, you just have to be willing to pay a higher interest rate. This also increases your monthly payment. Lending to someone with bad credit is risky to the lender, so they need to make it worth their time.
Take the time to understand the offer you receive. Sometimes it’s best to take a shorter term loan so you pay less interest overall. Unfortunately, this means you will pay a higher car payment each month.
Avoid Shady Lenders
You’ll see car dealers that work mainly with people that have bad credit. While this might look good, it’s dangerous. They are preying on the weak and are prepared to charge you extremely high-interest rates. This makes it difficult to pay off your loan and they will take the car back from you as soon as you miss a payment.
Get Pre-Approved for a Car Loan at Jimmy Granger Ford Lincoln Natchitoches
If you find yourself having trouble with bad credit, visit us at Jimmy Granger Ford Lincoln Natchitoches. We have the tools to get you a fast approval and our experts know the best ways to rebuild your credit. We understand life happens, so we want to get you into a car without a lot of hardship. Enjoy a test ride of your next Ford vehicle and we will work out all the details for you.
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