Not everyone finds it easy to achieve financial security. Sometimes even a small bump in the road can leave your credit score damaged. If you’re looking for a new vehicle and you have a poor credit rating, don’t give up hope! There are ways to help secure an auto loan with bad credit and even start repairing past credit mistakes for a healthier financial future. Learn how securing a sub-prime loan is not only possible but can actually help you moving forward!
First let’s talk about what a subprime loan is. A subprime loans are loan agreements that are negotiated and awarded to individuals who have had issues with repayment in the past. While the rate is higher than that of someone with good credit, it is possible to find an affordable loan agreement, especially if you are working with a reputable dealer or loan facilitator.
While it’s possible to get approved or pre-approved you can increase your odds even further by taking a few steps to improve your credit before you apply for your auto loan. Try ordering and checking your credit report. You want to be sure that you are familiar with your credit history, keeping track of any other outstanding payments that could be hurting you and you want to be able to ensure that the dealership gets all the correct information. You can also consider consolidating your debt and making sure that you make the minimum payment every month, even if you cannot pay your entire balance.
If these steps aren’t possible for you, or you find yourself unexpectedly needing an auto loan don’t panic! You can still reach out to a reputable lender and discuss your options!
Once you have secured a loan, making consistent and on time monthly payments will do wonders for your credit. You are now demonstrating that you are trustworthy and rebuilding your reputation as a borrower. This is essential to your success as a borrower in the future. Finding an affordable repayment plan is crucial and is possible so don’t give up! Work with someone who will work with you to create a customized plan. Your lender will report your progress and you can watch your credit rating rise! This won’t happen overnight but you can see your score rise over the term of your agreement.
If you’re looking for a sub-prime auto loan and have bad or poor credit, there are choices for you! Frank Myers Auto Maxx in Winston-Salem, NC can help you create a customized repayment plan that works with your unique circumstance. Let your auto loan guide you to better credit, and secure personal transportation. We look at all your options and have access to a variety of financing packages to make sure that we can help as many people get on the road as possible.
