We will show you the steps to take that’ll help you easily buy a car with low credit. Don’t worry; this is not some gimmicky approach where you need to get a cosigner in order to get a loan, but you will need to do some work.
Review your credit report from both Equifax and TransUnion
Step one to easily buy a car with low credit is getting your credit report from TransUnion and Equifax. You could have conflicting credit reports and scores, so you must look over these reports in detail.
If there is any incorrect information, you must go through the dispute process for that particular agency.
The law requires that the agency must correct any legitimate mistakes in a timely manner, but you will need to go through the proper channel.
Are there any accounts that are past due or going to collections? These need your immediate attention; while you are waiting for the dispute process to remove the errors in your report, focus on getting these accounts current.
The reason we need you to get these accounts current is you will need to show prospective lenders that you had some credit issues in the past but are making amends.
This approach will not raise your score from 580 to 720 overnight, but you need to show you are in control of your finances.
Getting your income documents in order
Once you have sorted out your credit score, the next thing you must focus on is your finances. Again, prospective lenders will be more receptive if you show you have a substantial income and you are organized.
If you haven’t prepared a budget in quite some time, you can do it now. After you have prepared your budget, download your latest bank statements and salary slips.
Prospective lenders are going to ask for these documents, so you should have them prepared in advance.
Having the right expectations
Your credit is not in prime territory, so you will not qualify for a new car loan. New car prices can exceed $50,000, and factoring in a high-interest car loan; it would become prohibitively expensive.
There are some excellent used cars available in the market, some with their warranty intact.
However, you should clearly define what your current and project vehicle needs are for at least two years. After two years, if you have been responsible for your finances, you will be able to qualify for a new car loan.
Securing the best bad credit car loans
To secure the best bad credit car loans, you will need to work with a reputable local car dealership that specializes in these loans.
You can find these dealerships online; however, make it a point to meet with them in person.
The dealership will take their time to understand your unique circumstances and select the lender that is the best choice.
Even when other lenders have said “no” in the past, the dealership will be able to get a lender to say “yes”!
We’ve shared the steps on how to get a car loan with bad credit; you need to take the next step and contact the dealership.
Click here to get approved for your next car loan online today! we have a team of credit specialists ready to help you with buying a car with poor credit score, and will work with you no matter your credit score.
For any questions or concerns, please don’t hesitate to contact us here!