Improve Your Credit Before Car Shopping
Once you know where your credit score falls, you'll want to see about improving your score as much as possible before applying for an auto loan. You can improve your score by paying off debts or bills past due. While this isn't going to completely change your score, it can help to add some positives to your credit.
Get A Sense Of The Current Interest Rates
When you're browsing for your next car, you should also be aware of the current interest rates that are available with auto financing. That way, you can prepare for your payments and know what is expected of you down the road when it comes to paying off your loan.
Determine What You Can Afford
If you've got bad credit, figuring out a budget is highly important. Most dealerships have payment calculators on their website, so you'll want to use this to your advantage and get a sense of what your monthly payments will look like. That way, you'll be able to figure out the right financing option that's going to get you the vehicle you want without breaking the bank.
Make A Significant Down Payment
Once you've locked down an affordable option, and you begin negotiating the terms, you'll need to figure out your down payment. The higher your down payment, the lower your monthly payments. Making a significant down payment can help balance out the interest, fees, and taxes and keep your monthly payments where you want them throughout the length of your loan.
Get Started On Finding Your Next Car
Now that you're aware of how to get auto financing with bad credit, you're ready to get started on the search for the right vehicle. You can always take a look at our inventory at Ray Price Chevrolet. We're happy to help drivers find the vehicle that's right for them, no matter their credit score. Stop by and see us soon!
Ray Price Chevrolet is here to help drivers in Mount Pocono, Tobyhanna, Scranton, Stroudsburg and East Stroudsburg along on the journey towards their next car.
