Bad Credit Car Loans Akron OH
Bad Credit Auto Loans at Fred Martin Dodge Chrysler Jeep RAM
Everyone’s daily use of a car varies greatly. It may serve as your way to get to work. It may be key in getting your family to and from all of their activities. You may use it for specific work needs. Regardless, a vehicle can play an important role in day to day needs, so for many, it is important to have something that is reliable and safe. We all know purchasing a car is a big expense, and in most cases, a loan is needed to make the purchase. For those that have bad or no credit, you may assume that getting auto financing just isn’t a reality. We, at Fred Martin, would like to offer you some good news – it IS possible to get a car loan when you have a poor credit score. Yes, many lenders will turn someone away if their credit score is not high enough, but here at our Barberton car dealership, we welcome you! Fred Martin Dodge Chrysler Jeep RAM is proud to consider all customers for a car loan, even those with poor credit. Are you interested in getting started in your car buying process? Here are some helpful tips to follow:
Step #1: Get your Credit Report and know your score
For anyone that is applying for an auto loan, the lenders first will check your credit. When it comes to deciding on the amount of loan they will give you, credit score is not the only factor, but it’s an important one. A credit score is an indication of an individual’s creditworthiness. How is your score determined? Things like past credit experiences, loans you have taken, credit cards used, how much you owe, and if you have been paying on time are all taken into account. You can request a copy of your credit report from various websites. Before you visit the dealership, take a look at your report, know exactly what your score is, and also to check for inaccuracies. You are entitled to a free credit report every 12 months from the three major consumer reporting companies. You can request a copy from AnnualCreditReport.com. If you have flexibility in your time frame for purchasing a car, it is worth it to do anything you can to improve your score before applying for a loan. You can do this by paying your bills on time, try to catch up with any missed payments, and to keep your balance as low as possible on revolving credit.
Step #2: Determine your budget, and stick to it
The next step after you know your credit score is to determine a budget for your car purchase. This is a very important step because, if you already have not-so-ideal credit, the last thing you want to happen is to get in over your head with your car payments, and get behind. Take some time to look at your entire financial picture. How much is in your budget that can be towards a monthly car payment? Just as important to determining a good budget, you need to stick with it. It is easy to get into the dealership and be wowed by the latest tech features, or to fall in love with that sports car you have always wanted. Don’t assume going over budget by a few thousand will be ok. The truth is, if you make a smart car purchase, and pay that bill on time every month, it can actually help improve your credit score. The last thing you want is for the opposite to happen. In the end, you should be proud of a vehicle purchase! You should be enjoying your accomplishment, rather than stressing out over payments you can’t afford.
Step #3: Do Your Research
So now you know the general price range you are looking in. Now is the fun part! You get to explore all of your different options for a potential car purchase. You can look at your dealership’s online inventory to get started, or even visit the lot to look at the cars in person. There are so many different types of vehicles out there so it is wise to make sure you are getting something that fits your daily needs. Make a list of the things that are most important to have in a vehicle. How much passenger space do you need? Will you be carpooling to work or with kids? How much cargo space is needed? Is a large SUV really necessary, could a smaller crossover work? Is good fuel efficiency is a top priority. Or are you looking for power? And others yet find that style and design are of great importance. Once you know the basic body type of vehicle you are looking for, you can narrow your choices down to a few models. Now, spend some time online researching the various trim levels and features, read expert and consumer reviews to learn about the pros and cons of each model. Once you know your credit score, have decided on a budget, and have a short list of possible vehicles, its time to take a test drive! Visit the dealership and take a good look at the vehicle. This is a big purchase, so you want to make sure you get it right. If you feel you have found the vehicle you want, you can speak with a member of our finance team. We look forward to making your dream of owning a vehicle come true.
Bad Credit Car Loans for the Akron, Barberton OH Area
Bad credit is something that can happen to anyone. Regardless of the cause of it, there are various ways to improve your credit. It is something that can take time, but there are steps that can be taken to help build good credit. While many hesitate to even apply for an auto loan, places such as Fred Martin will gladly take into consideration folks whose credit isn’t great. The good news is that if you can qualify for a car loan, and you keep up with your payments, it can actually help improve your score. To have a successful experience, it’s important to know your exact budget, know your credit score, and determine what your true needs are in a vehicle. You can get your car shopping process started today. Give us a call, or fill out our secure pre-approval form to see if you qualify for a bad credit car loan.