Buying Your Dream Car Even If You Have Bad Credit
Buying Your Dream Car Even If You Have Bad Credit
Posted on June 29, 2020
Buying a car is a dream come true for most people. You may need a new car to get to and from work, or perhaps you simply want a car that you have been fantasizing over for years. Whatever the reason, bad credit or no credit can put a damper on your car purchasing efforts. Here at Nexcar Auto Sales & Leasing, we work with all sorts of credit profiles, even those with bad credit, to help our customers get the car they deserve. If you have bad credit but are interested in getting a car loan, our tips can help you reach your goals.
Mind Your Score
Before you hit the car lot to search for the car of your dreams, take a moment to get a copy of your credit report. Once you have your report in hand, you will have a better idea of how much you can afford, how you can boost your existing score, and what type of approval you can expect to receive.
Raise Your Score
After reviewing your report, you can take a few steps to boost your score. Check for any inaccurate items on your credit report and have them removed. Pay off smaller bills and try to get current on any that are late. Both will help increase your score, which will help you secure a better loan for your new car. If you are not in a rush to buy a car, taking the time to improve your score will save you money and heartache later down the line.
Prepare a Down Payment
Another way to help make your new car dreams come true is by saving a generous down payment for your vehicle. Not only will your payments be smaller, but your financing rate will also be more affordable. Saving up a lump sum can be hard for some, but adding at least something upfront will show the lender that you are serious about your potential car loan.
Calculate Your Loan
Understanding how much you can pay before you apply for a loan is a great way to keep your spending on track. Sometimes, you may be offered a higher car loan than you imagined, but that doesn’t mean you can actually afford it. Pick a budget that you can afford and stick to it to avoid damaging your credit further by missing new car payments.
Trade-In Vehicles
If you already have a car that is still in good condition, you can trade that in towards the purchase of your next vehicle. Make sure to check the value and condition of your car online before offering it as a trade-in. This will help guarantee that you are offered the maximum value towards the purchase of your new car.
How We Can Help
Here at Nexcar Auto Sales & Leasing used car dealership, we understand the ups and downs that come with no credit and poor credit car loans. We understand that a lot of factors come into play that can affect a person’s score. Our specialists are happy to work with you to secure an affordable car loan regardless of your credit. To get started, give us a call at (416) 633-8188 today.