Dealing with a bad credit history can take the process of purchasing a new or used car and make it a nightmare! Weather your bad credit is due to late payments, a bankruptcy, or divorce all that matters is that you begin to heal and find a dealer that is willing to give you that chance. Luckily, the team at All-Star’s Clayton area Dodge cars dealership understands your financing needs and has the help you will require to get that auto loan you need. Today, let’s talk about why dealerships lend to those with bad credit and also about how you can start prepping yourself to obtain an auto loan now.
Most understand that if someone approaches a lender for money and has shady credit that the lender is going to be hesitant to give them the loan. Yet, many new car dealers are more likely to give someone with bad credit a chance then you might think. Compared to a used car loan, a new car has more value to back the loan and also won’t require the repairs that a used car may need. When a dealership decides to give someone with bad credit a loan on a new car they are investing in the relationship and trust of that person. They will likely tell their friends and family about the experience they had and also come back later down the road to make more purchases.
If you are thinking about applying for a new car loan soon, you will need to start to prepare yourself now. First, you need to understand what your credit looks like by pulling a your credit report with Experian, Equifax, and TransUnion. Be sure to look for any errors on these reports and consider paying a few extra dollars to see your score. This will ensure that you understand just how bad the situation is before talking to the dealer.
Please join the Clayton area Dodge Cars team from All-Star for more tips on getting an auto loan with bad credit in the coming days!