If you’ve ever gone out to the garage and discovered that your car has lived its last day, you may not know what to do if your credit is less than great. We all go through financial hard times financially and because of this, you can still get a car loan by following these few simple steps.
Come into MacNeil Motors and find out about bad credit car loans. You may find that your dealership is much more likely to offer you a car loan because the terms of these loans often don’t last for more than several years. However, while you can still get car financing.
Put Down a Larger Down Payment
If you don’t feel good about the interest rate you are offered, try putting down a larger down payment. Since your interest rate is based on your credit score, in addition to other factors, a larger down payment can convince your financer that you are in fact a good candidate for a loan and are serious about paying the car off.
Remember, it doesn’t hurt to wait a little bit to repair your credit or save up a little bit more to add to your down payment before you try applying for a car loan again. But, you should also not wait too long. Purchasing a used car after your credit score has seen better days is one of the best ways to rebuild your score and get it back up to where you want it to be.