Getting approved for a used car loan can be difficult if you have bad credit. Traditional financial institutions such as banks and credit unions generally view you as “high risk,” and will charge you with ridiculously high interest rates, and that is if they will even grant you a loan. However, it does not have to be as bad as you may think. There are lenders out there specializing in car loans for bad credit, who know that you are so much more than your credit history and would be willing to take a chance on you.
At Mid-Rivers Motors, we offer car loans for bad credit with guaranteed financing. To learn more and to shop our used cars and pickup trucks for sale, come by our St. Peters showroom or call us at 636-970-6800.
Getting Car Loans for Bad Credit: What You Can Do
Having poor credit history can be a major stumbling block to getting approved for a car loan, but it shouldn’t prevent you from owning the car or truck you need and want. Here are five tips to follow to get car loans for bad credit.
- Clean up your history: Sometimes lenders make mistakes and provide the credit bureaus with inaccurate information. If you do find an error on your credit report, file a dispute to have it removed from your record. Pay off past due accounts and don’t commit to a major credit obligation in the months leading up to your application for used car financing.
- Be realistic: If you are shopping around for a used car even though you have poor credit, it’s probably because it is a necessity rather than a luxury. Know how much you can afford to pay by computing how much money you are left with after you pay the bills each month.
- Shop around: Before making your final purchase, shop around for the best deals. When it comes to car loans for bad credit, financing from used car dealerships such as Mid-Rivers Motors is frequently your best bet.
- Be honest: Answer questions truthfully because all the information you provide will be verified. Sidestepping questions about your income or job status will only make the loan specialist suspicious, killing off your chances of getting approved for a car loan for bad credit.
- Go basic: Forget the bells and whistles. You may not really need the leather seats, sunroof, or high-tech sound system which can increase the amount of your loan. Choose a basic car that has all the features you need. Make payments on time and use the car loan for bad credit to improve your credit history. Soon enough, you will be able to afford and buy the car that you really want.
Mid-Rivers Motors: Where Car Loans for Bad Credit Get Approved
Itching to finally get behind the wheel? Mid-Rivers Motors offers truly guaranteed financing – if you work, then you will drive! Check out our online inventory to see our used cars and trucks, which we offer at great rates. If you are ready to buy, fill out our online application form to apply for a car loan for bad credit and a specialist will be in touch with you right away.
To learn more about our financing and our used cars and pickup trucks for sale, please call us at 636-970-6800, and we’ll be more than happy to assist you.