If you have damaged credit this doesn’t mean you can’t buy a car. You might also be surprised at how affordable your car payments can be, despite a poor credit rating. With a little research, you can often find auto financing solutions that can help you get a reliable vehicle without breaking your monthly budget.
The first step is to pull your own credit report and credit score. Depending on how your credit was tarnished (i.e. a few missed payments vs. a bankruptcy) you might be surprised to find out that your score is not as horrible as you thought it was. You might also discover that there are mistakes on your report that can be quickly fixed and boost your scores. If possible, run your report at least three months before you plan to buy a car so that you will have time to make any necessary corrections or take action on any outstanding items.
The next step is to find and compare available auto loans. Believe it or not, you do have some negotiating power, even with a history of challenged credit. Experts recommend applying for an auto loan at the bank or credit union where you have your checking account. Sometimes these lenders will make special exceptions for long time customers who are steadily employed. If these lenders are willing to work with you, they will most likely offer the best percentage rates over the shortest time period.
Well-established financial institutions work with reputable car dealerships and through them offer affordable financing solutions. Because auto dealerships work with a variety of auto lenders they can offer a wider range of loan options than a single lender. The Honda of Atlanta financing center works with only reputable lenders and can help you find the best possible financing to fit your situation. Our easy Financing Application can help you get the ball rolling with pre-qualified loan approval.
We know it can be difficult to find affordable car financing with a bad credit history and that’s why we are here to help. Please contact our Atlanta Used Car Dealer Financing Center to learn more about low-credit financing options.