Bad Credit Car Loans – What to Expect

Hands Holding Car and Money

 

If your credit score needs some work, you may be wondering if it’s possible to get a bad credit car loan. You’ll be pleased to know that the answer is yes! What’s more? It’s an incredibly easy way to boost your credit score if you make your monthly payments on time! Learn how to get a car loan with bad credit near Kernersville below, and don’t hesitate to contact the finance experts at Carolina Kia of High Point if you have any questions.

Average Credit Score to Finance a Car

Before we get into how to get a car with bad credit, let’s see what health category your credit score falls under. This is an important detail to know, as you will have to pay higher interest the lower your credit score is.

  • Superprime: 781 to 850
  • Prime: 661 to 780
  • Non-prime: 601 to 660
  • Subprime: 501 to 600
  • Deep Subprime: 300 to 500

How to Get a Car Loan with Bad Credit

If your credit score falls within the deep subprime category, don’t worry! You can still get a bad credit car loan. Here is what you will need to do: 

  • Bring Proof: Bring any documents that demonstrate your ability to pay off your car loan. These include pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re currently employed. 
  • Use Collateral: Greensboro lenders want to know you are good for the money they’re loaning you. You are more likely to qualify for a bad credit car loan and a better interest rate if you own a home or are able to put down at least 25% on your down payment. 
  • Focus on Positives: Your odds of securing auto financing are higher if you can demonstrate that you make positive financial decisions (never missing credit payments, etc).

Contact Carolina Kia of High Point for More Information

If you still have questions or concerns about how to get a car with bad credit, please don’t hesitate to reach out. Our finance experts will be happy to walk you through your financing options and help decide if a bad credit car loan is suitable for you. We’re just a short drive from Thomasville, so stop by or contact us today! Feel free to explore car buying tips from Carolina Kia of High Point in the meantime.

 

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