Posted Thursday, April 15, 2021
According to a recent YouGov/ScoreSense® study, 53% of Americans have been turned down for a loan, credit card, or vehicle due to their credit score. For many of us, a poor credit score can make it harder to get loans for the investments in life we really need, like a reliable car.
Do you have a less than ideal credit score? If so, you’re probably wondering how to find cars for sale with bad credit, or if it’s even possible. The good news is that it is possible, and you have more options than you might think!
Below, we’ll cover everything you need to know so you can find the perfect vehicle for your needs and get an auto loan no matter your credit score.
The first step before looking into auto financing options is to determine what your credit score is at this moment. There are several easy ways to check credit reports and your score, so let’s go over some options.
Most credit cards and loan statements will have your credit score on them. If you can’t find it on your paper statement, try looking online. You may need to opt-in to this choice.
You can obtain your score from credit reporting companies. You can get a free yearly report on your credit from Experian, Equifax, and TransUnion.
Free credit score websites let you view your score without paying a fee.
Credit counselors can also get your score for you and go over what the number means, as well as how to improve it.
It’s a good idea to get a credit report from all three credit reporting companies (Experian, Equifax, and TransUnion) so you can compare them and look for errors.
Different lenders will use varying ranges when it comes to defining “good credit” and “bad credit,” making this question all the more confusing.
In general, you can follow these FICO score ranges:
By the way, FICO stands for Fair Isaac Corporation. Most credit unions and lenders use the FICO model to help determine credit risk. Aside from FICO, you may have heard of VantageScore, which is another credit score model.
If you have bad credit, used cars might be the better option for you. Buying used cars provides many benefits, such as saving you money and giving you the option of smaller loan amounts.
If you need a reliable vehicle to get to and from work, but you’re on a tight budget, go through a company that offers bad credit car finance options.
What kind of cars for bad credit are out there? How do you avoid getting a lemon? You might be surprised by what kind of options are open to you, even with poor credit.
When buying a pre-owned vehicle, you have a larger variety of vehicles and brands open to you. At Autos 4 Less, for example, we have dozens of makes and models for sale.
Do your research and work with the company to learn about the vehicle’s history for greater peace of mind. In fact, the FTC suggests getting a vehicle history report before you buy.
This report can tell you everything about ownership history, as well as if it was in any accidents. You can also learn about any repairs and whether the vehicle you want was ever declared as salvage.
There are multiple services that offer a vehicle history report. Some will only provide info to a car dealership, however.
You may also want to get a vehicle inspection. Do your research before entering the dealership, and put together some questions to ask. It’s a good idea to compile some questions about your credit score, your eligibility for an auto loan, more about loan amounts, and so on.
Now that you know your credit score and where you stand, it’s time to find a vehicle and a loan. Perhaps you’ve tried searching for bad credit auto dealers, but you’re still not sure if you’ll get approved.
You know about bad credit financing, but what if you’re a buyer with no credit history at all?
Thankfully, there are car dealerships out there that work with you, whether you have no credit or bad credit. At Autos 4 Less, we can help people with poor credit get car loans with a favorable interest rate and finance terms.
What do you think of when you hear the words “bad credit car dealership”? Your first thought might be that you only have limited options here.
However, you should know that you have plenty of options for financing. We can help you find the right solution for your needs since we work with over fifty lenders.
We specialize in getting people approved for a car loan no matter their credit score. Loan application is easy, and there are many car financing options available.
Are you wondering what your monthly car payments could be?
Choose your target budget and use a payment calculator to figure out how much you can spend on a monthly payment before even stepping into the dealership. You can even adjust the length (up to 84 months) you’d like for your payment plan.
Getting an auto loan can improve your credit and boost your credit rating too! All you need to do is make the necessary payments on time. Soon, you’ll have both a quality vehicle and a better credit rating.
Finding cars for sale with bad credit doesn’t have to be a challenge. Using the information we’ve put together in this post, you’ll be able to find a vehicle and a loan in no time.
Remember, the first step is to find out where you stand. Afterward, you can do your research, plan your budget, and find an auto dealer that will work with you!
Are you ready to take the next step in the car buying process? If you’re in the Tacoma, WA area, leave it to us at Autos 4 Less. Conveniently located in Puyallup, we can help you get pre-approved and find the best financing options.
If you have questions about bad credit car loans or you want to get started, call us today at 253-840-5167.