How to Get a Car Loan With Bad Credit

Handing car keys to customer

You need a car — but you’re worried that past credit damage or a lack of credit history are going to hold you back. Many Rice Lake drivers ask us about how to get a car loan with bad credit or no credit. Fortunately, you have options! Securing a car loan may be a bit more difficult than normal, but your credit score shouldn’t stop you from finding a quality vehicle to meet your needs. Learn more about how to get a car with bad credit or no credit, and then contact the auto financing experts at Don Johnson Motors to explore all your options.

Tips for How to Get a Car with Bad Credit

Our number one tip for how to get a car with bad credit in Hayward? Be prepared: know your budget and be aware that your down payment and interest payments are likely to be higher than average. Before you negotiate terms with your lender, keep in mind these pointers for how to get a car loan with bad credit:

Don’t Assume You Won’t Be Approved

Sometimes you have more options than you know, so be sure to do your research. Other financing options may benefit you more than a one-size-fits-all solution.

Improve Your Credit Score

Starting the car buying process early will give you time to improve your credit score. A wholesale rehabilitation of your score could take many months, but there’s a lot you can do right now to budget your score into the next credit rating category. Pay off as many small debts as you can and set up payment plans to chip away at larger debts. Using your credit card for daily expenses and paying it off immediately can also boost your score quickly — as long as your credit usage on the card is under 30%.

Apply for Loans the Smart Way

Sending out applications for auto financing can negatively impact your credit score. To avoid that drop impacting your auto loan approval, finish all of your auto loan applications within a 14-day period.

Car shopping

Don’t Accept Just Any Offer

Apply to multiple lenders and wait for all the offers to come in before making a choice. Even if your credit needs work, you’re likely to receive more than one offer!

Be Prepared for Higher Costs

Whether you have bad credit or no credit, keep in mind that lenders may ask you for a larger down payment and higher interest payments than normal.

Find Bad Credit Lease and Financing Options in Rice Lake

The friendly auto finance team at Don Johnson Motors is here to make the car-buying process as hassle-free as possible. Get in touch to learn about lease and finance options for Hayward and Cumberland buyers with bad credit or no credit, or use our online tools to apply for financing and value your trade-in.

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