When you need a car, you need a car. Your credit situation doesn’t always come into it. If your car is too old, will cost too much to repair or you need a car to get to work, you can still access competitive car loans, but knowing how to buy a car with bad credit isn’t always obvious.
Our Burford bad credit car loan team explains your options.
Bad credit car loans in Burford
Bad credit car loans are specifically for people with less than perfect credit. The reason for it doesn’t usually matter, it’s a situation many find themselves in. Often through no fault of their own.
Bad credit car loans are a product designed specifically to make sure you can get a car regardless of your credit score. As long as you can afford the loan and can prove it, you should qualify for one.
How to Buy A Car with Bad Credit in Burford
The process of applying for a bad credit car loan is much the same as for a standard loan.
Save your down payment
The more money you put down, the higher your chances of being able to buy a car with bad credit. A down payment will also reduce the loan amount and perhaps the term, which is also in your interest.
You’ll need to balance the time it takes to save the down payment with the cost of the delay in getting a car. Once you have an idea of what’s what, being putting money away in preparation.
Improve your credit score
If you have the luxury of time to save for a down payment, use that time to improve your credit score at the same time. Pay down debt if possible, use a credit card and pay off the balance each month to create a good payment history, close unused accounts and make sure there are no errors or omissions on your credit report.
Improving your credit score takes time so won’t always be possible but if you have the time, use it to improve your score.
Get your paperwork in order
Loans love paperwork. It works in your favour too. You can use paperwork to prove you can afford the loan, to prove your income, your outgoings and the fact you have a handle on your financial situation.
You’ll need proof of ID, proof of address, proof of income and of all debt. If you’re self employed, you’ll need more proof of income including your latest tax return and any other supporting paperwork.
Prepare your trade in
If you’re trading in a car to put towards your Burford auto loan, make sure it looks as presentable as possible. Give it a good clean, making any minor repairs, check the tires and wipers and try to prepare it for sale as much as possible.
You could sell it privately if you prefer but trade in prices are now much more competitive than they used to be.
When you’re ready to move forward with your loan, contact our team. We will be only too happy to help!
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns, please don’t hesitate to contact us here!