Von Schledorn Auto Group Official Blog
How to Get an Auto Loan with Bad Credit
By Product Expert | Posted in Finance Info, Tips and Info on Saturday, August 27th, 2016 at 1:24 pm
At EVS Auto Group, we understand the uphill battle that is often associated with auto credit. In fact, we brought it up a few months back, and we’ve helpfully embedded the link below. Yet, fixing your credit is truly only half the battle. Today, we’re going to get into what someone with bad credit needs to know about buying a car, and how little things can help you secure reliable transportation.
How to Get a Bad Credit Auto Loan | West Bend, WI
Don’t Shoot for the Moon
What we mean by this is that, with a bad credit auto loan, you’re ideally trying to get yourself into reliable transportation. That should be the goal, first and foremost. In the process, you’ll help your credit, and if you do well with making your payments, you could conceivably get the car of your dreams next time around. For this time, though, get what you need.
Know Your Credit Score
Obviously, it’s probably your credit score that has led you to seek out a bad credit loan. Still, there are so many buyers who truly don’t know what their credit report says, and look at us with shock when we tell them that their credit is actually better than they thought it was. Credit numbers change all the time, and if you’ve been diligent with your bills, it might be improving.
Read More: How to Rebuild Your Credit
Work to Improve It
If you go into your credit report, you can generally see just what is killing it. Maybe it’s a utility bill from college. Could be there’s another John Miller out there whose outstanding dental bill was mistakenly put on your credit report. Whatever the case, the only way to fix what ails you is to get in there and do it. Pay off what you can, and make anything outstanding current if possible.
Down Payments are Key
When you’ve found a car that you’d like to buy, it helps to be able to pay a small amount of what it’s worth. As they say, money talks. In this case, what it says is that you’re serious about buying the car in question, and that you’re capable of saving when you need to. Second to a down payment, having a car that you can trade helps as well. It proves that you’ve got skin in the game.
Be Prepared and Forthcoming
As with any transaction in life, there are going to be questions asked and paperwork to complete. In these cases, don’t embellish your earnings or be dishonest, because these things will be verified. Additionally, it’s good to have pay stubs, utility bills and such, which help get the ball rolling.
At EVS Auto, we love to help our friends around Fond du Lac and West Bend find a reliable vehicle, and we have the great used inventory to prove it. Check out our inventory, and click on the button below to begin with financing!
