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How to Get a Car Loan with Bad Credit

Bad Credit
 

If you’re interested in financing a vehicle in the North Pole area, you’ve come to the right place! At Chevrolet GMC Of Fairbanks, our finance team can help you secure e1 car loans, military car loans, or even no credit car loans! You might think that you can’t finance a vehicle if you have a poor credit score, but it’s actually perfectly possible. While it’s easier to secure a loan if you have a good credit score, there are plenty of options you can take if your credit score needs work. Our team has put together a guide outlining everything you need to know about bad credit car loans below – check it out!

 

How to Get a Car With Bad Credit: Five Methods

If you want to finance a vehicle in Fort Wainwright but you’re worried about your credit score, there are a few different methods you can take, as well as some key things to keep in mind:

  • Determine how much you can afford to pay. No matter what your credit score may be, the first step to financing a vehicle is to take stock of your financial situation. Don’t just factor in the starting price of the vehicle–also consider expenses like annual registration fees, maintenance, insurance, and gas costs.
  • Make a bigger down payment if possible. If you’re able to, making a larger down payment than requested will help lenders see you in a more favorable light as a borrower. A larger down payment also means you won’t have as much to pay each month, which leads to less interest paid overall.
  • Try to clean up your credit report before applying for a loan. Carefully go over your credit report before applying for a loan, and keep an eye out for any errors that could be accidentally dragging down your credit score. Additionally, see if you can pay off any outstanding debts–every little bit helps improve your credit score.
  • Be honest about what kind of car you should buy. You may not be able to afford your dream car yet, and that’s okay! It’s better that you find a vehicle that you can afford right now rather than holding out for something down the road.
  • Shop around with lenders. If you get an offer from a lender and it’s not what you expected, don’t be afraid to apply to different lenders around Eielson Airforce Base to see if you can get a better deal.

Improving Your Credit Score with a Car Loan

A lot of drivers don’t realize this since it sounds a bit counter-intuitive, but taking out bad credit car loans can actually improve your credit score! As long as you make your payments on time and in full each month, your credit profile and credit score will improve. This will give you more borrowing power down the road, which in turn means it’ll be easier to secure lower-interest loans and credit cards.

Finance Your Next Vehicle with Chevrolet GMC Of Fairbanks!

If you have any questions about how to get a car with bad credit, don’t hesitate to contact our finance team! We can also help you with no credit car loans, military car loans, and e1 car loans if you’re interested. If you’re ready to move forward with the buying process, you can get pre-approved right from our website.

 

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