Reliable transportation is a basic necessity for American families, but bad credit doesn’t mean you can’t get a car loan with terms that will not break your monthly budget. Below are a few tips to help you figure out how to buy a car even when you have bad credit.
1. Don’t Assume the Worst and Check Your Credit Score
Don’t just assume that your credit is bad or take someone else’s word for it. You can easily check for yourself by pulling your three reports for free at AnnualCreditReport.com. Take time to go through your reports, check for any inaccuracies and have them corrected immediately. Do this before you apply for a loan as it will help you save not only money but annoyance. Knowing your score allows you to clearly proceed with your financial situation and give you more confidence in the loan process.
2. Set Your Financial Expectations
If your credit score is poor, then it’s important be realistic about the car you’re looking for. Trying to purchase expensive vehicles that are out of your financial league is going to make getting a loan that much harder. The next step is to be practical about what you need and what you want and you will stand a better chance of getting the best bad credit car loans Glendale has to offer. Once your have worked to boost your credit rating and financial situation, you can land that dream car.
3. Clean Up Your Act With Better Financial Practices
So your credit is not so good, but when you actually know you credit score and you have set your expectations it is time to start good habits. Start right away, by paying bills on time. By attempting to maintain a clean payment history before applying for a loan will give the creditor more reason to lend to you. This will also help your credit score, and anything you can do to raise your score will help you.
4. Choose a Realistic Car
No doubt, it’s tempting to want something fancy, but you also want to avoid something that’s small or too junky-looking. A luxury car would be extremely expensive and would possibly interfere with your chances of on track financially. You also don’t want a car that you will be dumping your paycheck into repairs. Look for a car that is more middle of the road. Look for a fuel-efficient and reliable economy car (i.e. an eight-year-old Toyota Camry). You may qualify to purchase a more expensive car, but choosing an average car until your credit score improves will help you keep on budget.
Bad Credit Car Loans Phoenix AZ
With so many options to choose from, it’s nice to have a little guidance from the experts. Come into any one of Auto Action AZ’s lots and check out the inventory of great used cars and trucks today–we finance everyone!