Can I Get a Bad Credit Car Loan?

Finance Paperwork with Glasses
 

Financing a car is a necessity for a huge number of drivers around Greensboro and beyond, but not everyone has a perfect credit score. A lot of drivers come to us and ask us, “Can I get a car loan with a poor credit score?” The answer is yes! The road to securing bad credit car loans is a little bumpier than the usual process, but it can absolutely be done. The finance team at Carolina Kia of High Point is here to make it as easy and convenient as possible for drivers to get financing for their next ride, and we’ve got all the details on securing a loan with a poor credit score in the guide below. The first thing you should do is apply for financing on our website, so our team can get you pre-approved and start working out a payment plan that fits your unique circumstances.

Securing Bad Credit Car Loans: Tips To Keep In Mind

You can definitely take out a car loan if your credit score needs improving, but there are some important things you should keep in mind during the process. Here are some quick tips:

  • Set a strict budget. When you’re determining how much you can afford to pay, don’t just include the price of the car–you should also consider things like registration fees, gas costs, service and maintenance costs, and insurance.
  • Make a bigger down payment if possible. Making a larger down payment at the start–if your financial situation allows for it–will lead lenders to see you more favorably as a borrower, as well as lowering your interest rate and your overall loan balance.
  • Clean up your credit report. Before applying, go through your latest credit report and look for things like outstanding debts or errors–they could be dragging down your credit score without you knowing. Dispute any errors you catch right away and pay off whatever debts you’re able to at the moment.
  • Be realistic. You may not be able to afford your dream car with your current financial circumstances, so try to focus on financing a reliable car with an affordable payment.
  • Shop around with lenders. If you’re not satisfied with the first lender that approves you–or if you just want to keep your options open–don’t be afraid to apply with many different lenders to compare their rates.

Improving Your Credit Score with Bad Credit Car Loans

Did you know that bad credit car loans are actually a way to improve your credit score? It’s true! If you secure a loan–even with a poor credit score–and you make your payments on time every month, you can start to raise your credit profile. The higher your credit score is, the easier it’ll become to secure low-interest loans and credit cards in the future.

Finance Your Next Ride with Carolina Kia of High Point!

If you have any questions about bad credit car loans, or want to learn more about your financing options, feel free to contact our office! You can also stop by our dealership to talk to a member of our team in person–we’re conveniently located near Kernersville and Thomasville.

 

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