Can You Finance a Car with No Credit?
While you might have heard that financing a car with no credit isn’t possible, don’t give up on becoming a car owner just yet. Our team is here to help you find car financing solutions in the Carrollton area! Contact our Finance Center to learn more about pre-owned vehicle specials and financing under $300, and read on below for our guide to financing a car with bad credit.
Financing a Car with No Credit or Bad Credit
As you start your search for bad credit car finance options, there are a few things to keep in mind. First, you should assume that the lease offers you receive will have a higher down payment and interest rates than the average lease deal. To review your budget with a finance expert, stop by Scott Evans Chrysler Dodge Jeep Ram near Douglas County. If your financial situation has stabilized recently, but you’re still saddled with a bad credit rating, the following tips can help you get a car loan:
- Investigate all your options. Don’t start your search assuming you won’t be approved. If you make your case clearly and prove your current financial stability, lenders are a lot more lenient than you might think!
- Don’t take the very first offer. Again, don’t assume that the first offer is the only one you’ll receive. You’ll get the best deal by comparing your options.
- Boost your credit score. There are a lot of small things you can do right now to give your credit score a boost, like using a credit card on small bills that you immediately pay off, and getting a credit card with a higher debt limit. Some credit rating systems factor in the unused portion of your credit line, awarding you with a higher score.
- Get your financing apps done quickly. Keep in mind that your credit rating can take a hit when you apply for financing, so we recommend keeping your loan applications within a 14-day period so that lenders see the higher score.
- Negotiate! Dealerships want to find a financing deal that fits your budget! Bring proof of your current financial situation and employment. Many dealerships consult with a variety of lenders, so the first offer you receive won’t be the only one. Hold out until you have multiple offers to choose from, and see if you can work out better terms.
- Prepare for higher costs. Higher interest rates and larger down payments are inevitable when you finance a car with bad credit. However, keeping up with those payments is a terrific way to build your credit score back up!
- Consider leasing a used vehicle. A lease deal may have higher monthly payments, but can be cheaper than buying in the long run. Used vehicles will cost significantly less, but you can get a great quality used car that serves all your commute and travel needs around Villa Rica.
Discover Flexible Financing Options with Scott Evans Chrysler Dodge Jeep Ram
When financing a car with no credit is an option, you don’t have to give up on getting a great quality vehicle for your Douglas County commute! Browse our inventory of used vehicles under 15k, learn how to check the mileage on a used car and how to get car financing with a bad credit score to determine if it’s a good buy. When you’ve found your favorites, contact us to set up a test drive. You can also get the financing process going from home with our online financing application! If you’re still looking for more info, check out our guide on whether to lease or buy!